Telepsychiatry Market To Worth USD 34.25 Billion By 2031 | Coherent Market Insights

(MENAFN- GlobeNewsWire - Nasdaq) Global telepsychiatry market is estimated to be valued at USD 9.58 Bn in 2024 and is expected to reach USD 34.25 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 20% from 2024 to 2031.

Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global telepsychiatry market size is estimated to be valued at USD 9.58 billion in 2024 and is expected to surpass USD 34.25 billion by 2031, growing at a CAGR of 20% from 2024 to 2031.

The growth of the telepsychiatry market is majorly driven by the rising demand for telepsychiatry services and shortage of psychiatrists. Telepsychiatry addresses the shortage of mental health professionals in the remote areas. This provides virtual psychiatry consultations and care. It allows people in rural areas to access mental healthcare services. They no longer need to travel long distances for treatment.

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Telepsychiatry also reduces the stigma associated with visiting a psychiatrist in-person. This encourages more people to seek psychiatrist help virtually.

Market Trends:

Growth in Digitization of Healthcare Services: Increasing adoption of digital health technologies across the healthcare industry drives market growth. Various telehealth platforms offer integrated telepsychiatry solutions. These are aiding in improved access and delivery of mental health services.
Rise in Prevalence of Mental Disorders: Mental health issues such as depression, anxiety, schizophrenia etc. is rising globally.

Telepsychiatry Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$9.58 billion
Estimated Value by 2031	$34.25 billion
Growth Rate	Poised to grow at a CAGR of 20%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By Age Group, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	. Shortage of Psychiatrists . Growing acceptance of Telehealth Services
Restraints & Challenges	. Reimbursement issues . Confidentiality and privacy concerns

Market Opportunities:

The growing demand for virtual therapies and online consultation is a key opportunity in the telepsychiatry market. With advancements in technology, various telepsychiatry platforms now offer virtual therapies. It includes cognitive behavioral therapy and exposure therapies over video. This allows patients to receive evidence-based treatments from the comfort of their homes.

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Virtual therapies are gaining traction. These overcome geographical barriers and stigma related to in-person visits. The convenience and accessibility of virtual therapies are expected to increase their usage in the future. More people are likely to turn to these therapies as a result.

The rise of cloud-based telepsychiatry solutions is another major opportunity in this market. Cloud platforms allow healthcare providers to deliver mental healthcare services. These services are provided remotely through live video sessions. They offer benefits such as secure storage for patient health records and seamless file sharing between doctors and patients. Additionally, they provide flexible access and options for remote monitoring.

Several telepsychiatry vendors are focusing on developing advanced cloud-based platforms. It includes prescription management, billing and reimbursement support. This is expected to push the adoption of their solutions.

Key Market Takeaways :

The global telepsychiatry market is anticipated to witness a CAGR of 20% during the forecast period 2024-2031. This is owing to the growing acceptance of virtual care amidst healthcare digitalization.

On the basis of products, the in-home solutions segment is expected to hold a dominant position in 2024. This is owing to the increasing popularity of receiving mental healthcare services from home.
On the basis of age group, the adult segment is expected to hold a dominant position over the forecast period. This is due to the high prevalence of mental illnesses among adults.

By end user, the community mental health centers segment is expected to hold a dominant position. This is due to the rise in adoption of telepsychiatry solutions by these centers.

North America is expected to hold a dominant position over the forecast period. This is due to favorable reimbursement policies and growing awareness regarding mental health in the region.

Competitor Insights

- Teladoc Health
- American Well
- Doctor On Demand
- MDLive
- Amwell
- HealthTap

Recent Developments:

In June 2024, Wheel launched Horizon, an AI-powered telehealth solution. It is designed to provide patient care insights and ease provider burdens.

In March 2023, Royal Philips announced the launch of Philips Virtual Care Management. It is a comprehensive suite of solutions designed to help healthcare providers, players, and employers.

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Detailed Segmentation-

By Product:

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

By Age Group:

• Adult
• Pediatric and Adolescent
• Geriatric
  

By End User:

• Community Mental Health Centers
• Specialty Care Settings
• Skilled Nursing Facilities
• Homecare
• Others
  

By Regional:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

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