Press release
Growing Demand For Mental Health Treatment: An Emerging Driver Transforming The Telepsychiatry Market Landscape
Telepsychiatry
What Is the Projected Growth of the Telepsychiatry Market?
In recent years, there has been a significant expansion in the size of the telepsychiatry market. It is projected to increase from $12.45 billion in 2024 to $15.59 billion in 2025, with a compound annual growth rate (CAGR) of 25.3%. Factors contributing to the growth in the historical period include increased awareness of mental health, a scarcity of mental health experts, access to rural healthcare, telehealth regulations, and proven efficiency.
In the ensuing years, the telepsychiatry market size is predicted to witness a significant escalation. It is projected to reach a valuation of $35.32 billion in 2029, growing at a compound annual growth rate (CAGR) of 22.7%. The escalated growth throughout the estimated period can be accredited to several factors such as the mental health crisis, the implementation of telepsychiatry in schools, research and results in telepsychiatry, mental health of the workforce, and challenges in global health. The period under forecast also signifies an uptrend in the acceptance of telepsychiatry services, off-site medication management, online mental health applications, telepsychiatry tools, and the use of artificial intelligence and machine learning.
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What Are the Different Telepsychiatry Market Segments?
The telepsychiatry market covered in this report is segmented -
1) By Type: Routine Telepsychiatry, Forensic Telepsychiatry, Crisis Telepsychiatry, In-Home Telepsychiatry
2) By Age Group: Adult, Pediatric and Adolescent, Geriatric
3) By End-Use: Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Other End-Users
Subsegments:
1) By Routine Telepsychiatry: Outpatient Services, Follow-Up Appointments, Medication Management
2) By Forensic Telepsychiatry: Competency Evaluations, Risk Assessments, Court-Ordered Evaluations
3) By Crisis Telepsychiatry: Emergency Consultations, Crisis Intervention Services, 24/7 Telehealth Hotlines
4) By In-Home Telepsychiatry: Home-Based Assessments, Personalized Treatment Plans, Family Therapy Sessions
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What Are the Primary Drivers Shaping the Telepsychiatry Market?
The anticipated surge in the need for mental health care is setting the stage for the expansion of the telepsychiatry market. Mental health encompasses a person's cognitive, emotional, and behavioral health. There has been a significant surge in the need for treatment of depression and anxiety, as reported by psychologists. For example, the American Psychiatric Association, a non-profit organization based in the US, stated in May 2024 that 43% of adults felt more anxious than they did in the prior year, an upswing from 37% in 2023 and 32% in 2022. Consequently, this surge in the requirement for mental health care is fueling the growth of the telepsychiatry market.
Which Companies Are Leading in the Telepsychiatry Market?
Major companies operating in the telepsychiatry market include Aramark Corporation, Alere Emotional Health LLC, Flatworld Solution, Integrated Telehealth Partners, ABM Industries Inc., Advanced Telemed Services, American Telepsychiatrists, Encounter Telehealth LLC, InnovaTel Telepsychiatry, SOC Telemed Inc., Telemynd, American Well Corp, Teladoc Health Inc., MDLive Inc., Talkspace Inc., MeMD Inc., PlushCare, ndian Hotels Company Limited, Cerebral Inc., Brightside Group Ltd., BetterHelp, AbleTo Inc., Spring Health Inc., Quartet Health Inc., Meru Health Inc., Lyra Health Inc., MindBeacon Holdings Inc., iCouch Inc., LMND Medical Group Inc.
What Are the Major Trends Shaping the Telepsychiatry Market?
Prominent businesses in the telepsychiatry industry are developing cutting-edge technologies such as artificial intelligence to augment patient care, sharpen diagnostic reliability, and expedite the provision of mental health services, ultimately making treatment more readily available and streamlined for those in need. Artificial Intelligence (AI) encompasses the replication of human cognitive processes using computer systems. As an example, Iris Telehealth, a telepsychiatry company based in the US serving health systems and clinics, introduced Virtual Clinic and Iris Insights platforms in September 2024. These platforms aim to broaden accessibility to behavioral health services using innovative technology. Iris Insights, an AI-powered platform, boosts the operational efficiency of behavioral health programs. The Virtual Clinic is fashioned to offer a patient-centric care model that dovetails effortlessly into current healthcare workflows.
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What Are the Top Revenue-Generating Geographies in the Telepsychiatry Market?
North America was the largest region in the telepsychiatry market in 2024. The regions covered in the telepsychiatry market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Telepsychiatry Market?
2. What is the CAGR expected in the Telepsychiatry Market?
3. What Are the Key Innovations Transforming the Telepsychiatry Industry?
4. Which Region Is Leading the Telepsychiatry Market?
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Scope of the Report:
This report focuses on the Telepsychiatry in Global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
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