Telepsychiatry Market | Growing Mental Health Issues World-Wide and Availability of Internet Taking Psychiatric Service at Patient's Comfort Zone

According to Precision Business Insights (PBI), the latest report, the telepsychiatry market is expected to be worth USD 7,427.1 million in 2022, growing at a 17.6% CAGR from 2022 to 2028. Increased morbidity of mental health issues and the availability of smartphone and the internet is attracting the population to seek help for their mental illness in a private, one-to-one, comfortable environment and time, which is boosting the growth of the global telepsychiatry market.

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Video Conferencing Segment to Flourish the Most in the Forecast Period:
Many psychological and societal factors contribute to the reluctance of those with mental health disorders to seek assistance. Additionally, there is a rise in the number of PTSD patients who, by nature of their disorder, are unwilling to discuss their issues. Telepsychiatry is therefore emerging as the principal remedy for the social strain of mental health problems. The need for telepsychiatric services is growing quickly because of bringing the solution to private, face-to-face, and bedroom comfort zones. Additionally, following the pandemic, telepsychiatric services can reach their patients more readily than previously because of the accessibility of the internet and smartphones, which will increase the telepsychiatric market share in the anticipated time. Telepsychiatry service through video conferencing mode is more effective in treatment than the other from as video conference allows both the psychiatrist to see and talk with each other in the live call which makes understanding the problem easier for the psychiatrist. Thus, the Video conferencing segment is anticipated to hold a major share and shape the telepsychiatry market size.

North American Region to Dominate the Telepsychiatry Market:
In 2020, North America dominated the Telepsychiatry market, followed by Europe and the Asia-Pacific region. The high prevalence of mental health problems in the region and advantage of telepsychiatry in privacy question will attract the patients to seek help confidentially. In the busy schedule of modern society telepsychiatry services provide flexible timings and comfort zones. All these factors will boost the telepsychiatric market size in the forecast period in this region. Moreover, corporate companies are also taking note of the importance of mental health for the productivity of their employees which also extends the global telepsychiatric market in the forecast period.

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Strategic New Product Launches, Mergers, Acquisitions, And Agreements Are the Key Strategies Adopted by Market Players:
The global Telepsychiatry market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In August 2022, Australian telehealth startup Coviu launches in the US. In July 2020, Eugenia launched Telepsychiatry Program in partnership with InSight + Regroup to improve the mental health care services in Lewis County. Through this partnership, they are trying to reach more people with mental health issues.

The telepsychiatry market is segmented based on area of use, type, communication mode, consumers, type of mental illness, end user, and geography:
Based On the Area of Use, The Market Is Segmented into the Following:
• Direct Patient Care (Diagnosis and Management)
• Consultation
• Training and Education
• Research

Based On Type, The Market Is Segmented into the Following:
• Synchronous
• Asynchronous

Based On Communication Mode, The Market Is Segmented into the Following:
• Telephone
• Instant Messaging Chat Rooms
• Video Conferencing
• Others

Based On Consumers, The Market Is Segmented into the Following:
• Children
• Adults
• Adolescents
• Elderly
• War Veterans
• Trauma Survivors
• Others

Based On the Type of Mental Illness, The Market is Segmented into the Following:
• Depression
• PTSD
• Panic Disorder
• Schizophrenia
• Substance Abuse
• Others

Based On End User, The Market Is Segmented into the Following:
• Hospitals
• Psychiatry Clinics
• Primary Health Centre
• Others

Based On Geography, The Market Is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

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Key players' profiles in the Telepsychiatry Market are InSight Telepsychiatry, TELEMYND, e-Psychiatry, Advanced Telemed Services, American Telepsychiatrists, Iris Telehealth, MDLIVE Inc., innovaTel Telepsychiatry, SOC Telemed, and Encounter Telehealth LLC.

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This release was published on openPR.