The Business Research Company’s report on the Telepsychiatry Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the telepsychiatry market in recent years?
The increase in demand for mental health treatment is expected to propel the growth of the telepsychiatry market going forward. Mental health refers to the cognitive, behavioral, and emotional well-being of a person. Psychologists are reporting a large increase in demand for the treatment of anxiety and depression. For instance, in May 2024, according to the American Psychiatric Association, a US-based non-profit organization, in 2024, 43% of adults report feeling more anxious compared to the previous year, a rise from 37% in 2023 and 32% in 2022. Therefore, the increase in demand for mental health treatment is driving the growth of the telepsychiatry market.
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What is the projected market size of the telepsychiatry industry, and how is it expected to grow?
The telepsychiatry market size has grown exponentially in recent years. It will grow from $12.45 billion in 2024 to $15.59 billion in 2025 at a compound annual growth rate (CAGR) of 25.3%. The growth in the historic period can be attributed to mental health awareness, shortage of mental health professionals, rural healthcare access, telehealth regulations, demonstrated effectiveness
The telepsychiatry market size is expected to see exponential growth in the next few years. It will grow to $35.32 billion in 2029 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to mental health crisis, school-based telepsychiatry, telepsychiatry research and outcomes, workforce mental health, global health challenges. Major trends in the forecast period include increased adoption of telepsychiatry services, remote medication management, digital mental health apps, telepsychiatry software, ai and machine learning.
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Who are the key players driving competition 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 key trends are expected to drive the telemetry market during the forecast period?
Major companies operating in the telepsychiatry market are innovating advanced technologies such as artificial intelligence to enhance patient care, improve diagnostic accuracy, and streamline the delivery of mental health services, ultimately making treatment more accessible and efficient for individuals in need. Artificial Intelligence (AI) refers to the simulation of human intelligence processes by computer systems. For instance, in September 2024, Iris Telehealth, a US-based telepsychiatry company for health systems and clinics launched Virtual Clinic and Iris Insights platforms, aiming to enhance access to behavioral health services through innovative technology. Iris Insights is an AI-driven platform that enhances the operational effectiveness of behavioral health programs. The Virtual Clinic is designed to provide a patient-centered care model that integrates seamlessly into existing healthcare workflows.
Which key geographies are driving the growth of 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.
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What are the key segments driving growth in the telepsychiatry market?
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 defines the structure and scope of the telepsychiatry market?
Telepsychiatry refers to the delivery and assistance of clinical psychiatric care, including medical care, providing patient education, health information services, and self-care through telecommunications and digital communication technologies.
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