Telepsychiatry Market Size, Share & Trends Analysis Report By Product (In-home Solutions, Forensic Solutions), By Age Group, By End Use- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Telepsychiatry market gathered revenue around USD 6.1 Billion in 2020 and market is set to grow USD 37.8 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 25.7% during the prediction period 2021 to 2027.
The growth can be attributed to increase in the patient pool of anxiety, stress, and mental illnesses. For instance, according to the National Alliance on Mental Illness, in 2018, 43.3% of U.S. citizens received treatment for mental illness. Moreover, rising suicidal deaths are further anticipated to drive the market growth. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2017, suicide was the 2nd leading cause of death in people aged between 10-34 years and 4th leading cause for individuals between 35 and 54 years in U.S. Additionally, the rapidly evolving technological advancements and mobile penetration are fueling the market growth.
The novel coronavirus is having a significant economic impact on most sectors, including the healthcare industry. Governments all over the world are responding to the threat of COVID-19 with all essential measures, such as nationwide lockdowns, social distancing, and large-scale quarantine to reduce the spread of the virus. Most states have declared mandatory stay-at-home for non-essential workers, which has impacted physical and mental health of several patients. According to KFF tracking poll, around 47% of Americans staying at home have reported negative mental health effects by March 2020. Out of them, over 21% have reported major negative impact on their mental health.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Telepsychiatry market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Telepsychiatry market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 37.8 Billion by 2027|
|Growth Rate||CAGR of 25.7% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Product; age group; end use And Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||InSight Telepsychiatry; Telemynd; e-Psychiatry; Advanced Telemed Services; American Telepsychiatrists; Iris Telehealth; MDLIVE Inc.; innovaTel Telepsychiatry; SOC Telemed; Encounter Telehealth, LLC|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Telepsychiatry market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the market with a revenue share of around 38% in 2019. This growth can be attributed to increase in smartphone penetration, favorable reimbursement policies, and the presence of a large number of industry players. Moreover, the pandemic eventually gave a much-needed push to this technology. CMS and FDA considered telemedicine and the virtual care service as the backbone of the COVID-19 response strategy which is further fueling the revenue for telepsychiatry.
Asia Pacific is expected to exhibit lucrative growth over the forecast period. Factors such as increasing awareness amongst patients, rising smartphone adoption, and favorable government initiatives are contributing to the increased adoption of this service in the region. On March 11, 2020, The Japanese Ministry of Economy, Trade, and Industry (METI) launched free remote consultation services in collaboration with Line and Medpeer, which is expected to increase the revenue. Moreover, the Ministry of Health and Family Welfare, India launched new guidelines to provide remote consultation via video call, chat, and telephone in order to serve people in remote areas during lockdown and cope up with their mental health.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Telepsychiatry Market include: InSight Telepsychiatry; Telemynd; e-Psychiatry; Advanced Telemed Services; American Telepsychiatrists; Iris Telehealth; MDLIVE Inc.; innovaTel Telepsychiatry; SOC Telemed; Encounter Telehealth, LLC
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Product
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
- By Age Group
- Pediatric and Adolescent
- By End-use
- Community Mental Health Centers
- Specialty Care Settings
- Skilled Nursing Facilities
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Telepsychiatry market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Telepsychiatry market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Telepsychiatry markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Telepsychiatry Market Study:
- Growth of Telepsychiatry in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Telepsychiatry and How to Navigate
- Key Product Innovations and Regulatory Climate
- Telepsychiatry Consumption Analysis
- Telepsychiatry Production Analysis
- Telepsychiatry and Management