Telepsychiatry Market Revenue, Business Growth, Demand, and Applications by 2026
Telepsychiatry is a branch of telemedicine that includes psychiatric assessment, counseling, patient education, and management of medicines. Telepsychiatry provides direct patient-psychiatrist communications and is used for various types of treatments, including individual therapy, family therapy, or group therapy. Telepsychiatry also provides services, such as session recording in the form of images or audio-video files, for later reviewing the file. This technology can be used for remote care of patients.
The Major Players Covered in this Report:
PetSmart Inc. (The U.S.)
Petco Animal Supplies, Inc. (The U.S.)
General Mills, Inc. (The U.S.)
Mars Incorporated (The U.S.)
Petmate Holdings Co. (The U.S.)
KONG Company (The U.S.)
Champion Petfoods LP (The U.S.)
Blue Pet Products Inc. (The U.S.)
Colgate-Palmolive Company (The U.S.)
Unicharm Corporation (Japan)
Blue Buffalo Pet Products Inc. (the U.K.)
Trupanion (The U.S.)
Zoetis Inc.(The U.S.)
Idexx Laboratories Inc.(The U.S.)
The telepsychiatry market was valued at USD 5,490 million and is expected to grow with a CAGR of 5.6%.
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Pet Care Products
Veterinary Care Products
Live Animal Purchase
By Distribution Channel
Increasing Prevalence of Mental Health Disorders Globally to Prompt the Need for Telepsychiatry
Increased levels of anxiety and stress globally have surged the need for telepsychiatry due to surging rates of suicides and mental disorders. For instance, 43.3% of the people in the U.S. received mental illness care in 2018, as per the National Alliance on Mental Illness. For instance, as per the data published by the CDC, in the U.S. (2017), suicide was the second foremost cause of death in people aged between 10–34 years and the fourth leading cause for people aged between 35 and 54 years.
The novel coronavirus has had a massive financial effect on the healthcare sector. Governments across the globe are reacting to COVID-19's danger with all the necessary steps, such as national lockdowns, social distancing, and large-scale quarantine, to minimize virus spread. Most states have made non-essential workers obligatory stay-at-home, which has affected many patients' physical and mental health. Around 47% of Americans staying at home reported adverse mental health effects by March 2020, according to the KFF tracking poll. Over 21% of them indicated negative effects on their mental health.
Regional Analysis For Telepsychiatry Market:
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
In this study, the years considered to estimate the market size of the Telepsychiatry are as follows:
History Year: 2014-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year 2021 to 2026
The study objectives of this report are:
To study and forecast the market size of the Telepsychiatry in the global market.
To analyze the global key players, SWOT analysis, value, and global market share for top players.
To define, describe and forecast the market by type, end-use, and region.
To analyze and compare the market status and forecast among global major regions.
Analyze the potential of the global market and the advantages, opportunities and challenges, constraints, and risks of key regions.
Identify the key trends and factors that are driving or holding back market growth.
To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
Strategic analysis of each submarket in light of individual growth trends and market contributions.
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Complete analysis of the strategic strategy and growth of key players
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