Telepsychiatry Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Telepsychiatry refers to medical services that allow patients and psychiatrists to interact directly. These services also include the provision of mental health counselling and expertise from primary care professionals. Telepsychiatry is a type of telemedicine that makes it easier to provide care by using telecommunications systems like video conferencing. Growing prevalence of psychiatric disorders along with shortage of psychiatric consultants, high cost of expert consultaions and penetration of advanced technologies are expected to drive market growth during the forecast period.

MARKET SCOPE

The Global Telepsychiatry Market Analysis to 2031 is a specialized and in-depth study of the healthcare industry with a special focus on the global market trend analysis. The report aims to provide an overview of the telepsychiatry market with detailed market segmentation by service type, age group and end-use. The report provides key statistics on the market status of the leading telepsychiatry market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on service type the market is segmented as, Routine telepsychiatry, forensic telepsychiatry, crisis telepsychiatry, and in-home telepsychiatry.
  
•   Based on age group the market is segmented as, adult, pediatric and adolescent, geriatric population.
  
•   Based on end-use the market is segmented as, community mental-health centers, specialty care settings, skilled nursing facilities, homecare and others.
  

MARKET DYNAMICS

Drivers:

•   Increasing prevalence of psychiatric disorders and mental illness.
  
•   Shortage of psychiatric consultants, high cost of expert consultaions are expected to create significant growth opportunities for the market.
  
•   Increased internet penetration, increased adoption of smartphones and advancements in healthcare framework.
  
•   Advantages of telepsychiatry such as patient centric care, less cost of consultation, regular followups are also expected to spur the market growth.
  

Restraints:

•   However, presence of stringent regulations and security and privacy concerns of data are likely to restrain market growth during the forecast period.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The telepsychiatry market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the telepsychiatry market in these regions.

IMPACT OF COVID-19 ON TELEPSYCHIATRY MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. According to the current market situation, the report further assesses the present and future effects of the COVID-19 pandemic on the overall market, giving more reliable and authentic projections In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

MARKET PLAYERS

The report covers key developments in the telepsychiatry market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from telepsychiatry market are anticipated to lucrative growth opportunities in the future with the rising demand for telepsychiatry in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the telepsychiatry market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Array
  
•   Alina TeleHealth
  
•   Iris Telehealth, Inc
  
•   Advanced Telemed Services
  
•   innovate
  
•   SOC Telemed
  
•   FasPsych, LLC
  
•   Encounter Telepsychiatry
  
•   TELEMYND
  
•   Genoa Healthcare
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Telepsychiatry Report Scope