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.
Growth Factors:
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.
Report Coverage
Report Scope | Details |
Market Size | USD 37.8 Billion by 2027 |
Growth Rate | CAGR of 25.7% From 2021 to 2027 |
Base Year | 2020 |
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.
Regional Insights
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.
Competitive Rivalry
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.
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 Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
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.
Secondary Research
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:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Telepsychiatry Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Telepsychiatry Market, By Product
7.1. Telepsychiatry Market, by Product Type, 2020-2027
7.1.1. In-home Solutions
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Forensic Solutions
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Routine Solutions
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Crisis Solutions
7.1.4.1. Market Revenue and Forecast (2016-2027)
7.1.5. Others
7.1.5.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Telepsychiatry Market, By Age Group
8.1. Telepsychiatry Market, By Age Group, 2020-2027
8.1.1. Adult
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Pediatric and Adolescent
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Geriatric
8.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Telepsychiatry Market, By End-use
9.1. Telepsychiatry Market, By End-use, 2020-2027
9.1.1. Community Mental Health Centers
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Specialty Care Settings
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Skilled Nursing Facilities
9.1.3.1. Market Revenue and Forecast (2016-2027)
9.1.4. Homecare
9.1.4.1. Market Revenue and Forecast (2016-2027)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2016-2027)
Chapter 10. Global Telepsychiatry Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.1.3. Market Revenue and Forecast, By End-use (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.1.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.1.5.3. Market Revenue and Forecast, By End-use (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.2.3. Market Revenue and Forecast, By End-use (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.2.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.2.5.3. Market Revenue and Forecast, By End-use (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.6.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.2.6.3. Market Revenue and Forecast, By End-use (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.7.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.2.7.3. Market Revenue and Forecast, By End-use (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.3.3. Market Revenue and Forecast, By End-use (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.3.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.3.5.3. Market Revenue and Forecast, By End-use (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.6.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.3.6.3. Market Revenue and Forecast, By End-use (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.7.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.3.7.3. Market Revenue and Forecast, By End-use (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.4.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.4.5.3. Market Revenue and Forecast, By End-use (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.6.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.4.6.3. Market Revenue and Forecast, By End-use (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.7.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.4.7.3. Market Revenue and Forecast, By End-use (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.5.3. Market Revenue and Forecast, By End-use (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.4.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.5.4.3. Market Revenue and Forecast, By End-use (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.5.2. Market Revenue and Forecast, By Age Group (2016-2027)
10.5.5.3. Market Revenue and Forecast, By End-use (2016-2027)
Chapter 11. Company Profiles
11.1. InSight Telepsychiatry
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Telemynd
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. e-Psychiatry
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Advanced Telemed Services
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. American Telepsychiatrists
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Iris Telehealth
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. MDLIVE Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. innovaTel Telepsychiatry
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. SOC Telemed
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Encounter Telehealth, LLC
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
Glossary of Terms