Global Telepsychiatry Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2030
  • Published Date: Sep, 2023
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  • Pages: 200
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  • Report Summary
  • Table of Contents
  • Segmentation
  • Methodology
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Telepsychiatry enables direct communication between patients and psychiatrists for various treatments like individual, family, and group therapy. It also provides session recording in images or audio-video files, allowing for remote care and review later, making it a valuable tool for patient care. It has been gaining traction as a valuable tool for addressing the growing demand for mental health services, particularly in light of the increased need for mental health care during events like the COVID-19 pandemic.

Global telepsychiatry market was valued US $10.69 Bn in 2022 and is expected to reach US $62.91 Bn by 2030, growing at a CAGR of 24.8% during the forecast period 2023-2030.

COVID -19 Impact on Telepsychiatry Market

The COVID -19 pandemic has a significant impact on telepsychiatry market globally. These solutions helped healthcare settings in multiple ways. Most states have mandated stay-at-home for non-essential workers, causing significant physical and mental health impacts. A KFF tracking poll found 47% of Americans experiencing negative mental health effects as of March 2020, with over 21% experiencing major negative impacts. The COVID-19 pandemic has led to increased stress, ineffective communication, and interruptions in work, affecting employees' mental health and causing prolonged stress and psychosomatic diseases. Telepsychiatry has played a significant role in sustaining employees' emotional and mental well-being, and the pandemic is expected to positively impact the global growth of the telepsychiatry market.

Telehealth has become a significant tool in combating the COVID-19 pandemic, with virtual visit service providers experiencing significant growth. For example, Teladoc Health Inc. reported a 60% increase in virtual consultations, reaching 2 million in just three months. Government organizations are also embracing telehealth through new policies and reimbursement guidelines. The Federal Communications Commission in the U.S. and the Ministry of Health and Family Welfare in India have established programs to help healthcare institutions deploy telemedicine technology. Strong government support is expected to narrow barriers to telemedicine adoption, opening new growth opportunities in post-pandemic situations.

Factors Driving the Telepsychiatry Market

Drivers

Increasing Awareness Regarding Mental Disorder

Mental health awareness is crucial for managing mental disorders, as 1 billion people worldwide have mental illnesses in 2021. Depression, caused by factors like anxiety, substance abuse, and bipolar disorder, can have devastating consequences. Caregivers, friends, and loved ones can provide better support to patients struggling with mental health issues. Awareness also creates opportunities for fundraising, outreach, and awareness events. A chatbot has been developed to help people cope with stress and anxiety, removing hesitation from patients.  The article 'Provision of Care Real World Telemental Health Providers' published in May 2021 highlights that most providers offer telemental health services to adults with anxiety, depression, and trauma-related disorders in individual therapy formats. Recent studies on youth suicide reveal risk factors, including genetic, biological, psychological, and social factors. The increase in suicide tendencies in young adults and teenagers increases demand for mental health treatment, boosting the telepsychiatry market growth.

Further, the telepsychiatry Industry is growing due to increased awareness of psychiatric disorders and advancements in telepsychiatry. Mental disorders like depression and anxiety drive the demand for psychiatric treatment. The growth of telecommunication networks and government support is expected to expand the industry further. The government initiatives to increase the mental health initiatives is one also contributing towards the growth in the global market. The WHO Special Initiative for Mental Health (2019-2023) aims to raise $60 million to provide universal health coverage for mental health conditions in 12 priority countries, ensuring quality and affordable care for 100 million more people. In April 2020, MyDoc partnered with First Medicine Corporation to offer free telemedicine access in the U.S., enhancing its geographic reach and market positioning.

Challenges

Denial of Mental Health

Most of the population, often hesitant to seek help due to a taboo attitude towards mental health issues, may hinder market growth. Mental illness is a significant stigma, even among those who don't intentionally deny it. Admitting to the illness brings shame to oneself, and it is often considered a significant narcissistic injury, despite the misconceptions of others. Numerous people deny being mentally ill and accept treatment, believing that medication helps with discomforts like sleeplessness. This may be because patients are suffering uncomfortable feelings and medication could help. Admitting mental illness may be humiliating and unnecessary, as patients may feel uncomfortable and need to accept their condition. Some patients prefer in-person care, and certain procedures, such as physical examinations and lab tests, still require in-person care.

Other challenges include Regulatory concern, privacy and securities issues are some other challenges that restricts the growth of the market.

Trends

High Growth of Telehealth Technologies 

Telehealth aims to improve healthcare accessibility and safety for patients. It has proven successful in delivering appropriate care, reducing adverse events, and preventing symptoms from going unnoticed. Digital innovations like smart wearables, the internet of things, advanced analytics, and smartphone penetration are shaping the industry's growth. The integration of AI and ML algorithms is also enhancing personalized healthcare services. The eased regulations for telehealth have increased access to virtual therapy and other mental health services, supporting the growth of the segment. The shortage of psychiatry beds further increases the need for virtual consultation services, further boosting the segment's growth.

The internet age has significantly transformed telemedicine, enabling remote healthcare delivery to patients in homes, workplaces, or assisted living facilities. The growth of the telemedicine market is driven by the rise in chronic disease prevalence and the need for patient management, which is expected to positively impact revenue. Additionally, the rise of telecommunications networks and reduced healthcare costs are expected to drive Telepsychiatry market growth.

Other trends include government initiatives for telehealth or digital health, Continuous development of advanced technologies.  

Telepsychiatry Market Segmentation 

By Product

By type, the market is divided into crisis solutions, forensic solutions, in-home solutions, routine solutions, and others. The in-home segment dominated the market in 2022 with the market share of 35% and will continue to be the major market share contributor during the forecast period. The in-home segment of telepsychiatry is high in demand for several reasons, as it plays a crucial role in providing mental health treatment at home or at the place where patient resides. The in-home solution saves time by providing convenient consultations, and with evolving privacy and security guidelines, patient confidence in virtual consultations increases, expected to boost revenue in the future.

Forensic telepsychiatry solution is experiencing the highest CAGR during forecasted period. Telepsychiatry solutions provide mental health services for correctional facilities and prison inmates, reducing healthcare costs and time spent escorting them to treatment centres are the major factor that is injecting growth in the market. Further, the crisis solution segment is gaining popularity due to the COVID-19 pandemic, as many people face mental health disorders at home. Many players are offering free services, expected to increase adoption.

By Age Group

The age group level is divided into adult, geriatric and paediatric and adolescent segment

In 2022, the adult age group dominated the telepsychiatry market hold around 58% of market share. The adult telepsychiatry solutions is high in demand because rising depression, anxiety, and stress level among adults. Adults' reliance on smartphones and online services is increasing demand for virtual consultations for mental health. The pandemic, driven by social distancing and job losses, thereby boosting the adoption of telepsychiatry services. Mental health disorders patients often adopt harmful lifestyles, necessitating continuous monitoring to reduce loneliness. Remote monitoring can provide continuous monitoring, early warning signs, and follow-up appointments, thereby increasing demand for telepsychiatry to track these conditions. The telepsychiatry market is expected to grow primarily in adults due to the rising prevalence of depression and anxiety. The Centers for Diseases Control and Prevention reports that one in six adults will experience depression, with approximately 16 million US adults suffering from it annually. This trend is expected to further boost the segment over the forecast period.

By End-user

By end-users, the global telepsychiatry market can be divided into community mental health centers, homecare, skilled nursing facilities, specialty care settings, and others. 

The community mental health centres segment dominated the market in 2022 and will continue to dominate the market by 2030. The homecare segment is predicted to experience significant growth due to an increase in healthcare expenditure and the number of community mental health centres, as well as a rise in private healthcare organizations investing in telepsychiatry services. The high growth in remote patient monitoring at homecare facilities is boosting the growth in the high growth of home care telepsychiatry market. The implementation of this strategy can enhance patients' access to mental health specialty care, particularly in rural areas or paediatric settings.

By Region

By region, the market is divided into North America, Europe, APAC, and Others. Others is further divided into Middle Eastern and South America.

The North America led the market in 2022 with the market share of 39.2% owing to factors such as a high adoption rate of digital health technologies, huge growth potential in telehealth and telemedicine. This has created a greater need for interoperable solutions that can seamlessly integrate various healthcare systems, ensuring efficient data exchange and improved patient care. Further rising mental disorders across U.S. and Canada is also contributing towards the high share and growth of North America market. The US market is expected to grow due to the rise in depression, anxiety, and mental illnesses among the population. A report by the Centers for Disease Control and Prevention shows that the percentage of US adults with symptoms of anxiety and depressive disorders increased nationwide from August 2020 to February 2021, indicating a significant increase in the mental health. 

However, the APAC is the fastest growing market during the forecast period. It is because many APAC countries are experiencing rapid economic growth and increased investments in digital health technologies. As healthcare facilities and digital health adoption expand in the region, the need for telehealth and telemedicine solutions has increased rapidly, thus benefiting the market positively. Increased healthcare digitalization is expected to grow due to increased government initiatives and increased telehealth services. The Indian government's eSanjeevaniOPD, launched in 2020. The Asia-Pacific region's growing telehealth and remote patient monitoring services is also expected to boost market growth.

Competitive Landscape

The global telepsychiatry market is highly fragmented with the presence of several large to small and medium-sized players. This fragmentation contributes to a moderately competitive landscape within the market and as a result, companies are continuously working towards diversifying product portfolio, improving product functionality, easing implementation, competitive pricing, better customer support, and industry-specific expertise to gain a competitive edge. 

Major Players

  • InTouch Health
  • AMC Health
  • MDLIVE
  • Teladoc Health
  • American Well
  • Doctor On Demand
  • e-Psychiatry
  • Iris Telehealth
  • Encounter Telehealth
  • Regroup Therapy
  • Advanced Telemed Services
  • iTelepsychiatry

Recent Developments in the Telepsychiatry Market

April 2023: Springfield Hospital has partnered with Dartmouth Health Connected Care to utilize three telehealth services: TeleNeurology and TelePsychiatry in the emergency department, and TeleICN for newborn babies in the emergency department, enhancing telehealth services.

April 2023: ReKlame Health has launched a new alcohol use disorder (AUD) program in New York City, providing at-home access to medication for BIPOC communities, along with telepsychiatry appointments, as part of a mental health treatment plan.

February 2023: East Carolina University and the United Health Foundation have formed a $3.2 million partnership to provide mental health care to children and adolescents. The United Health Foundation is investing in the ECU Center for Telepsychiatry and e-Behavioral Health to expand the North Carolina Statewide Telepsychiatry Program, focusing on youth mental health challenges, as part of their ongoing commitment to North Carolina.

February 2023: Governor Roy Cooper has announced a $3.2 million grant for the North Carolina Statewide Telepsychiatry Program, which will expand to provide mental health services to underserved children in six community-based paediatric and primary care clinics in rural and underserved areas of the state.

January 2023, Array Behavioral Care has closed equity round of $25 million, led by CVS Health, to expand modern behavioural health care across the continuum, with existing investors also contributing additional capital.

November 2022: Options MD, a telehealth startup offering high-quality care for treatment-resistant depression, has raised $2.35 million, bringing their total pre-seed funding to nearly $4 million.

In December 2021, cerebral telehealth company and Alto Neurosciences biotech company signed partnership to utilize patient remote monitoring for mental healthcare monitoring.

Table of Contents

  1. Executive summary
  2. MARKET INTRODUCTION

2.1               MARKET SCOPE

2.2               MARKET Definitions

  1. research methodology
  2. market outlook

4.1               Key Trends

4.2               TECHNOLOGICAL ADVANCEMENTS

4.3               GUIDELINES / REGULATIONS

4.4               COVID- 19 IMPACT ON GLOBAL TELEPSYCHIATRY MARKET

4.5               MARKET DYNAMICS

4.5.1                   Drivers

4.5.1.1               Rising incidence of mental health disorders

4.5.1.2               Increasing consumer demand and strengthening patient acceptance

4.5.2                   Restraints

4.5.2.1               Reimbursement challenges and licensure

4.5.3                   Opportunities

4.5.4                   Challenges

4.6               PriCing Analysis

4.7               VALUE CHAIN ANALYSIS

4.8               PORTER’S FIVE FORCE MODEL

4.8.1                   Threat of new entrants

4.8.2                   Threat of substitute

4.8.3                   Bargaining power of suppliers

4.8.4                   Bargaining power of buyers

4.8.5                   Intensity of competitive rivalry

  1. GLOBAL TELEPSYCHIATRY MARKET, BY PRODUCT, MARKET ESTIMATION AND FORECAST, 2019-2032), value (USD million)

5.1               INTRODUCTION

5.2               MARKET SHARE ANALYSIS

5.3               CRISIS SOLUTIONS

5.4               FORENSIC SOLUTIONS

5.5               IN-HOME SOLUTIONS

5.6               OTHERS

5.7               ROUTINE SOLUTIONS

  1. GLOBAL TELEPSYCHIATRY MARKET, BY AGE GROUP, MARKET ESTIMATION AND FORECAST, 2019-2032, value (USD million)

6.1               INTRODUCTION

6.2               MARKET SHARE ANALYSIS

6.3               adult

6.4               Geriatric

6.5               Pediatric and Adolescent

  1. GLOBAL TELEPSYCHIATRY MARKET, BY END USE, MARKET ESTIMATION AND FORECAST, 2019-2032, value (USD million)

7.1               INTRODUCTION

7.2               MARKET SHARE ANALYSIS

7.3               Community Mental Health Centers

7.4               Homecare

7.5               Skilled Nursing Facilities

7.6               Specialty Care Settings

7.7               Others

  1. GLOBAL TELEPSYCHIATRY MARKET, REGIONAL ANALYSIS MARKET ESTIMATION AND FORECAST, 2019-2032, value (USD million)

8.1               INTRODUCTION

8.2               NORTH AMERICA TELEPSYCHIATRY MARKET

8.2.1                   North America Telepsychiatry Market, By Country

8.2.1.1               US

8.2.1.2               Canada

8.2.1.3               Mexico

8.2.2                   North America Telepsychiatry Market, By Product

8.2.3                   North America Telepsychiatry Market, By Age Group

8.2.4                   North America TELEPSYCHIATRY Market, By End Use

8.3               EUROPE TELEPSYCHIATRY MARKET

8.3.1                   Europe Telepsychiatry Market, By Country

8.3.1.1               Germany

8.3.1.2               UK

8.3.1.3               France

8.3.1.4               Italy

8.3.1.5               Spain

8.3.1.6               Russia

8.3.1.7               Rest of Europe

8.3.2                   Europe Telepsychiatry Market, By Product

8.3.3                   Europe Telepsychiatry Market, By Age Group

8.3.4                   Europe Telepsychiatry Market, By Indication

8.3.5                   Europe Telepsychiatry Market, By End Use

8.4               ASIA PACIFIC TELEPSYCHIATRY MARKET

8.4.1                   Asia Pacific Telepsychiatry Market, By Country

8.4.1.1               China

8.4.1.2               Japan

8.4.1.3               India

8.4.1.4               Australia

8.4.1.5               Singapore

8.4.1.6               South Korea

8.4.1.7               Thailand

8.4.1.8               Indonesia

8.4.1.9               Malaysia

8.4.1.10           Philippines

8.4.1.11           Rest of Asia Pacific

8.4.2                   Asia Pacific Telepsychiatry Market, By Product

8.4.3                   Asia Pacific Telepsychiatry Market, By Indication

8.4.4                   Asia Pacific Telepsychiatry Market, By End Use

8.4.5                   Asia Pacific Telepsychiatry Market, By Age Group

8.5               MIDDLE EAST & AFRICA TELEPSYCHIATRY MARKET

8.5.1                   Middle East & Africa Telepsychiatry Market, By Country

8.5.1.1               UAE

8.5.1.2               Saudi Arabia

8.5.1.3               South Africa

8.5.1.4               Rest of Middle East & Africa

8.5.2                   Middle East & Africa Telepsychiatry Market, By Product

8.5.3                   Middle East & Africa Telepsychiatry Market, By Indication

8.5.4                   Middle East & Africa Telepsychiatry Market, By End Use

8.5.5                   Middle East & Africa Telepsychiatry Market, By Age Group

8.6               SOUTH AMERICA TELEPSYCHIATRY MARKET

8.6.1                   South America Telepsychiatry Market, By Country

8.6.1.1               Brazil

8.6.1.2               Argentina

8.6.1.3               Peru

8.6.1.4               Rest of South America

8.6.2                   South America Telepsychiatry Market, By Product

8.6.3                   South America Telepsychiatry Market, By Indication

8.6.4                   South America Telepsychiatry Market, By End Use

8.6.5                   South America Telepsychiatry Market, By Age Group

  1. GLOBAL TELEPSYCHIATRY MARKET, COMPETITIVE Intelligence

9.1               COMPETITIVE POSITIONING

9.2               competitor benchmarking

9.3               COMpetitive Quadrant

9.4               market share analysis, 2022 (%)

  1. GLOBAL TELEPSYCHIATRY MARKET, COMPANY ANALYSIS

10.1           Advanced Telemed Services

10.1.1               Company Overview

10.1.1.1           Business outlook

10.1.1.2           Headquarter

10.1.1.3           Established/Incorporated

10.1.1.4           Headcounts/ Employee strength

10.1.2               Financial Overview

10.1.2.1           Sales/revenue

10.1.2.2           R&D expenditure

10.1.2.3           Business segment sales share

10.1.2.4           Regional sales share

10.1.3               Product Offerings 

10.1.4               SWOT Analysis

10.1.5               Key Developments (Expansion/New Product Development/Agreement/Mergers & Acquisitions, Partnership/Investment/Etc.)

10.2           American Telepsychiatrists

10.3           Encounter Telehealth, LLC

10.4           e-Psychiatry

10.5           innovaTel Telepsychiatry

10.6           InSight Telepsychiatry

10.7           Iris Telehealth

10.8           MDLIVE Inc.

10.9           SOC Telemed

10.10        TELEMYND

10.11        CB Information Services, Inc. (U.S.)

10.12        eVisit (U.S.)

10.13        JSA Health Telepsychiatry, LLC

10.14        Arcadian Telepsychiatry, LLC

10.15        Genoa

10.16        FasPsych, LLC

10.17        General Electric

10.18        TeleSpecialists

10.19        Chiron Health

10.20        Zipnosis

10.21        Medtronic

10.22        OTHERS

 

*Financials and Details May Not be Included in Case of Privately Held Company

Global Telepsychiatry Market Segmentation

Telepsychiatry by Type: Market Size & Forecast 2023-2030

  • In-home solutions
  • Forensic solutions
  • Routine solutions
  • Crisis solutions
  • Others

Telepsychiatry by Type by Age Group: Market Size & Forecast 2023-2030

  • Adult
  • Pediatric and adolescent
  • Geriatric

Telepsychiatry by Type by End-Use: Market Size & Forecast 2023-2030

  • Specialty care settings
  • Homecare
  • Other

Telepsychiatry by Geography: Market Size & Forecast 2023-2030

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • InTouch Technologies Inc.
  • MDLIVE Inc.
  • American Well
  • Teladoc Health Inc.
  • Doctor On Demand Inc.
  • eVisit
  • Amwell
  • Regroup Therapy
  • Wecounsel
  • Encounter Telehealth LLC
  • Teladoc Health
  • MeMD
  • Array Behavioral Care
  • Zoom Video Communications Inc.
  • VSee
  • Breakthrough Behavioral
  • Thriveworks
  • Virtuwell
  • iCliniq
  • JSA Health
  • PsychOnline
  • Synthesis
  • SOC Telemed
  • AristaMD
  • Quenza

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