Telepsychiatry Market 2020: Business Opportunities, Current Trends & Industry Analysis by 2025 | InSight Telepsychiatry, American Telepsychiatrists, Iris Telehealth, SOC Telemed, Advanced TeleMed Services, FasPsych, Genoa Healthcare, Encounter Telehealth,

The global telepsychiatry market in 2018 was valued at USD 1,656.1 million and is expected to reach USD 6,380.3 million by 2025. Telepsychiatry is likely to solve actual barriers without adding costs to the services, by helping patients gain medical services at home without physically visiting the psychiatrist as majority of the population feels uncomfortable or is unable in visiting psychiatrists. Research over years has shown that patients are more comfortable talking to the psychiatrists over electronic media rather visiting physically. Telepsychiatry also reduces the cost of care for individuals, as patients do not lose working hours for transport or childcare associated with visiting the office of a specialist.

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Technological advancements have led to the growth of telemedicine market. For instance, the number of mobile health applications related to mental health services has increased significantly, with recent estimates suggest that approximately 6% of all mobile health applications developed focus on providing mental health services to users; while an additional 11% of mobile health applications developed are dedicated to providing stress management solutions.

The risks associated with using the internet in clinical psychiatry vary depending on the context and the extent of the role of internet in physician practice. Interactive websites, for example, present more risk opportunities (e.g. by compromising confidentiality) than basic, informative websites. E-therapy is one of the internet's most controversial uses, and for several reasons, doctors may be cautious about it.

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Given the prevalence of mental health & substance-dependence issues in adults & children, it is not astonishing that individuals, their families & society as a whole face an enormous emotional and financial burden. The economic effects of mental illness have an impact on personal income, the ability of ill people-and often their caregivers-to work, workplace productivity, and contributions to the national economy, as well as the use of treatment services and support.

Product wise, routine telepsychiatry dominated the global telepsychiatry market in the year 2018 and is expected to maintain its dominance till 2025. However, in-home telepsychiatry is projected to witness fastest growth over the forecast period. Over the past decade, forensic telepsychiatry has been increasingly used in countries such as the United States and England due to the ongoing growth of technologies that enable better access to mental health care in needed populations and improve the outcome of the work of technicians, while facing more demanding mental health facilities performance.

Pediatric and adolescents group stood as the key end-user segment in the global telepsychiatry market in 2018, and is also likely to witness fastest growth over the forecast period. In terms of regional demarcation, Europe held the maximum market share in 2018 owing to increased migration to and within the EU. Furthermore, Japan has been known as a place where mental health discussion was a taboo, but it is starting to change with the advent of advancements in mental health technologies and growing awareness. There is a growth in the number of mental health professionals including clinical psychologists, and care is expanding to a wider range of issues.

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Telepsychiatry to Attract Pediatric and Adolescent Segment In 2019

The cost related to mental health problems is estimated to be between 3% & 4% of the Gross National Product (GNP)

In developed countries, mental disorders, however, cost several billion dollars to national economies, both in terms of expenditure incurred & productivity loss

In addition, many companies have started to provide so-called "text therapy" services which allow users to chat with different types of licensed mental health professionals at a flat rate fee

Key players in this market include InSight Telepsychiatry, American Telepsychiatrists, Iris Telehealth, SOC Telemed, Advanced TeleMed Services, FasPsych, Genoa Healthcare, Encounter Telehealth, Arcadian Telepsychiatry, InnovaTel

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Key segments of the global telepsychiatry market

Product Overview, 2013-2025 (USD Million)

Routine Telepsychiatry
Forensic Telepsychiatry
Crisis Telepsychiatry
In-home Telepsychiatry

End-User Overview, 2013-2025 (USD Million)

Adult
Pediatric and Adolescent
Geriatric Population

Regional Overview, 2013-2025 (USD Million)

North America

Europe
Asia Pacific
Japan
China
India
South East Asia
Rest of the World

What does the report include?

Key drivers and restraints associated with the development of telepsychiatry market
Assessment of various challenges and risks associated with this industry
Segmentation of telepsychiatry market by product and end-user on global, regional, as well as on country level
Market estimates for key geographies mentioned in the table of contents

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