Global Telepsychiatry Market: Overview
Telepsychiatry is the application of telemedicine in the field of psychiatry through telecommunication technology, most probably video conferencing. It offers a broad range of services such as patient education, therapy, medication management, and psychiatric evaluations. It also enables direct interaction between the patient and a psychiatrist. For patients who need psychiatric care, telepsychiatry plays a vital role in offering cost-effective, patient-centric, and interventions that are highly effective. It is found to be an effective treatment for eating disorders, anxiety, schizophrenia, and substance abuse. Nursing homes, mental health centers, primary care centers, schools as well as prisons are some of the centers where services for telepsychiatry can be made available.
Global Telepsychiatry Market: Growth Factors
The rising demand for telepsychiatry among the population as well as healthcare providers as it is a convenient & cost-effective business model, its ability to enhance care coordination, and satisfaction among the caregivers & parents regarding the quality of care provided by telepsychiatry are some of the major factors boosting the growth of the global telepsychiatry market. Moreover, as per the study of WHO, around 7.5 percent of the Indian population is living with one or other form of mental disorder and by 2020, it is estimated that about 20 percent of the Indian population will be suffering from mental illness. Such a rising prevalence of mental disorders is spurring the growth of the market. Additionally, initiatives undertaken by government and private organizations by conducting programs & workshops in colleges, schools, communities, and corporates to raise the movement for mental health are driving the growth of the global telepsychiatry market. Furthermore, technological advancements in telehealth services that bridge the gap between the rural population and physicians will boost the market in the forthcoming years. However, hesitation to look for help as well as denial of mental health problems by the majority of the population which leaves the mental illness as the subject of taboo may hamper the growth of the market.
Telepsychiatry has been a revolutionary healthcare service that enables healthcare professionals to care for patients via video conferencing or video chat appointments. To control the spread of disease, the government imposed lockdown and social distancing rules. This resulted in increased adoption of telepsychiatry among patients, providers, and healthcare payers which were using the traditional method of face-to-face consultation for the treatment. The government has also taken initiatives to facilitate the adoption of telepsychiatry services. For instance, the government of the US has extended its telehealth consultations to almost 62 million Medicare beneficiaries. Moreover, due to the pandemic, the restrictions on telehealth including telepsychiatry have been uplifted temporarily such as the removal of the penalty for HIPAA violations. Thus, owing to all these beneficial decisions taken by the government during the pandemic, the global telepsychiatry market is growing at a substantial rate.
Global Telepsychiatry Market: Segmentation
The global telepsychiatry market is bifurcated based on age group, product, end-user, and region. Based on the age group, the market is categorized by pediatric & adolescent, adult, and geriatric. Based on the product, the global telepsychiatry market is divided into forensic solutions, crisis solutions, in-home solutions, routine solutions, and others. Based on end-user, the market is bifurcated into homecare, specialty care settings, community mental health centers, and others.
Global Telepsychiatry Market: Regional Analysis
North America holds the largest share in terms of revenue and is anticipated to grow with a high CAGR during the forecast period followed by Europe. In North America, the growth in the telepsychiatry market is attributed to the increasing penetration of IT in the healthcare sector, the rising prevalence of mental health disorders, as well as the initiatives taken by the government to adopt telehealth services during the covid-19 pandemic. On the other hand, Asia Pacific region is expected to grow at a substantial rate and become the fastest-growing region in the global telepsychiatry market. The growth in this region is expected due to an increase in the population accepting & seeking help for mental illness and government initiatives to monitor the rural population through video chat and video conferencing.
Global Telepsychiatry Market: Competitive Players
Iris Telehealth, Advanced Telemed Services, innovaTel Telepsychiatry, InSight Telepsychiatry, Encounter Telehealth, LLC, American Telepsychiatrists, Telemynd, MDLIVE Inc., e-Psychiatry, and SOC Telemed are some of the key players operating in the global telepsychiatry market.
Global Telepsychiatry Market: Regional Segment Analysis
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