The global telepsychiatry market is anticipated to be worth USD 36.3 billion by the year 2027, advancing at a CAGR of 24.7% during this period, according to a recent Grand View Research report. Telepsychiatry involves the application of telemedicine to the field of psychiatry, through delivery of psychiatric assessment and care, via telecommunications tools such as videoconferencing. Mental health has become a crucial aspect to ensure the wellbeing of a person, and more and more people have started talking about it, which was earlier considered a taboo in society. As such, institutions and organizations have led the initiative to tie up with leading telepsychiatry services, which has aided the appreciable growth of the industry. Additionally, telemedicine and remote healthcare systems have witnessed a drastic increase in popularity, and more so since the advent of smartphones, which is a big driver for the market.
The rising instances of mental health disorders across the globe have led to organizations putting an emphasis on telepsychiatry, as opposed to the conventional physical visits. Mental health issues, as opposed to the other ones, are not confined to a certain demographic, as they affect people of all ages and all genders. Moreover, physical health and mental health are very closely linked, as in, poor physical health can deteriorate mental health, and vice-versa. As such, taking care of one’s mental health, especially in today’s scenario, becomes extremely crucial. According to a research by US-based Mental Health First Aid published in February 2019, around 46.4% of adults in the country are expected to witness a mental health issue in their lifetime, with a one-year study of mental illness-afflicted adults showing that 14.4 percent had one disorder, 5.8 percent had two disorders, while 6 percent had three or more such disorders. Additionally, only 41% of the people in the US with a mental health disorder in 2018, received professional health care, or similar service. This points to a vast untapped demographic, which can be reached through telepsychiatry tools.
According to data compiled by SAVE (Suicide Awareness Voices of Education) from the CDC and WHO, approximately 123 people in the US commit suicide every day, with data from NAMI stating that only 50% of all Americans experiencing an episode of major depression receive some form of treatment. moreover, CDC data from 2017 states that suicide was the 2nd leading cause of death in people aged between 10-34 years and 4th leading for individuals between 35 and 54 years in the U.S. Shortage of psychiatry beds is another reason for the wider adoption of virtual consultation measures. The Psychiatric Services report stated that as of 2018, the US had a meagre 14 beds per 100,000 available for psychiatry cases, which is very low when compared to today’s demand. Telepsychiatry offers a highly consistent treatment to the patients through video calls, and telephonic chats and conversations, which reduces the huge burden of in-patient appointments.
The global telepsychiatry market is broadly segmented into product, age-group and end-use. The product segment comprises of in-home, forensic, routine, and crisis solutions, among others. The in-home segment has witnessed high demand as it offers solutions on fingertips, and saves valuable transit time. Forensic solutions are offered to prison inmates, as well as those at correctional facilities, and are witnessing steady growth in demand. The crisis solutions segment has observed drastic growth in the past 5-6 months, as the COVID-19 pandemic has forced people to stay at home, which has increased the prevalence of mental disorders. Moreover, competitors are offering free service during this period, which is expected to augment segment growth over the coming months.
In terms of age group, the industry is segmented into adult, pediatric and adolescent, and geriatric. The adult segment has shown an increased affinity for telepsychiatry services in recent years, as the cases of mental disorders continue to increase among this demographic. Work-related stress coupled with unhealthy lifestyles have led to increased prevalence of both physical and mental health issues in this demographic. Based on end-use, the market is classified into community mental health centers, specialty care settings, skilled nursing facilities, and homecare, among others. Community mental health centers are highly popular on account of their cost-effectiveness, efficacy, and high patient satisfaction rates. The homecare segment is expected to grow rapidly in the near future due to the rising smartphone penetration and the convenience it offers to both the psychiatrist and patients.
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Grand View Research has segmented the global telepsychiatry market on the basis of product, age group, end use, and region:
Telepsychiatry Product Outlook (Revenue, USD Million, 2016 – 2027)
Telepsychiatry Age Group Outlook (Revenue, USD Million, 2016 – 2027)
Telepsychiatry End-use Outlook (Revenue, USD Million, 2016 – 2027)
Telepsychiatry Regional Outlook (Revenue, USD Million, 2016 – 2027)
List of Key Players of Telepsychiatry Market
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