Telepsychiatry Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The telepsychiatry market size has grown exponentially in recent years. It will grow from <b>$9.85 billion in 2023 to $12.38 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. </b> 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 <b>$28.7 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. </b> 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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Segmentation & Regional Insights
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

<b>North America</b> was the largest region in the telepsychiatry market in 2023. 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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Major Driver Impacting Market Growth
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 2021, according to the American Psychological Association, a US-based professional organization that represents psychologists, nearly 84% of psychologists who treat anxiety disorders said they have seen increased demand for anxiety treatment since the pandemic when compared with the last decade when it was 74%. Also, 72% of psychologists said that there was an increase in depression prevalence compared with 60% in 2020. Therefore, the increase in demand for mental health treatment is driving the growth of the telepsychiatry market.

Key Industry Players
Major companies operating in the telepsychiatry market include <b> Aramark Corporation, Alere Inc., Flatworld Solution, Integrated Medical Transport LLC, 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. </b>

The telepsychiatry market report table of contents includes:

1. Executive Summary

2. Telepsychiatry Market Characteristics

3. Telepsychiatry Market Trends And Strategies

4. Telepsychiatry Market – Macro Economic Scenario

5. Global Telepsychiatry Market Size and Growth

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31. Global Telepsychiatry Market Competitive Benchmarking

32. Global Telepsychiatry Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Telepsychiatry Market

34. Telepsychiatry Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Aramark Corporation

Alere Inc

Flatworld Solution

Medical Transport LLC

ABM Industries Inc

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