Global Telepsychiatry Market Report and Forecast 2024-2032

Global Telepsychiatry Market Outlook

The global telepsychiatry market size was valued at USD 11.8 billion in 2023, driven by the rising prevalence of mobile health technologies across the globe. The market is expected to grow at a CAGR of 23.03% during the forecast period of 2024-2032, with the values likely to rise from USD 14.5 billion in 2024 to USD 75.9 billion by 2032.

Telepsychiatry: Introduction

Telepsychiatry is the process of providing mental health consultations from a certified psychiatrist to patients with the help of distance technology, such as video conferencing. It involves several services such as individual or group therapy, medication management, psychiatric evaluations as well as patient education. Telepsychiatry can be video and audio-based, depending on the patient’s convenience. It is an effective way to reduce mental health associated stigma and logistic delays in treatment.

Global Telepsychiatry Market Analysis

The telepsychiatry market demand observed a significant upswing owing to sudden COVID-19 outbreak. Staff shortage, quarantine, and isolation propelled people to consider video consultations for medical assistance. It enabled shorter waiting periods and easy access to skilled mental health professionals.

With the rising prevalence of artificial intelligence and healthcare convergence, the market has flourished with AI and digitally equipped healthcare platforms. These platforms help the user create customized and comprehensive physical and mental health profiles. In April 2023, an artificial intelligence powered and blockchain ecosystem supplier called Oraichain, launched a healthcare platform called BlockAI.care, to promote telepsychiatry services.

The telepsychiatry market value is driven by the increasing investments in telehealth services. In June 2023, CQuence Health announced an investment partnership with Intercept Telehealth, which is a leading tele-critical care provider. Together, they aim at addressing serious neurological conditions by offering consultations on tele-neurology, tele-stroke and more. It also allows continuous access to certified intensivists and critical care nurses to facilitate early intervention and constant virtual monitoring.

Global Telepsychiatry Market Segmentation

Market Breakup by Services Type

• In-home Solutions

• Forensic Solutions

• Routine Solutions 

• Crisis Solution

• Others

Market Breakup by Mode of Communication

• Videoconferencing

• Store-and-Forward

• Remote Patient Monitoring

Market Breakup by End User

• Community Mental Health Centers

• Specialty Care Settings

• Skilled Nursing Facilities

• Homecare

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Telepsychiatry Market Overview

The United States is anticipated to lead the telepsychiatry market share with a robust and technologically advanced healthcare ecosystem. The region is experiencing a noteworthy surge in digital health-based services attributed to growing profile expansions of new companies. There is significant focus on upskilling the staff to use all the latest technologies in the market. Europe is another major market for telepsychiatry with a considerable amount of trained mental health care providers, psychiatrists, and psychologists in the region.

The Asia-Pacific is expected to witness substantial telepsychiatry market growth with rising infrastructure development to integrate digital advancements into the medical ecosystem. Increasing government and non-profit organization efforts to reduce mental health stigma is a significant factor fueling market growth in the region.

Telepsychiatry is also undergoing major developments in Middle East South Africa and Latin America. In January 2023, a United States based telehealth leader, Caregility set up their services in Saudi Arabia. In South Africa, Eagle Intelligent Health and Mobicel partnered to provide live consultation to patients via Eagle Intelligent Health app. With rising adoption of telehealth and telepsychiatry services, the market value is expected to rise exponentially in the forecast period.

Global Telepsychiatry Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Telehealth

• Epsychiatry Pty. Ltd. 

• CB Information Services, Inc. 

• eVisit 

• Advanced TeleMed Service 

• innovaTel 

• American Telepsychiatrists 

• Encounter Telepsychiatry 

• JSA Health Telepsychiatry, LLC 

• Arcadian Telepsychiatry, LLC 

• Genoa 

• FasPsych, LLC 

• General Electric 

• TeleSpecialists 

• Chiron Health 

• Zipnosis 

• Medtronic 

• Iris Telehealth Inc. 

• MDLIVE 

• SOC Telemed 

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Telepsychiatry Market Report Snapshots

Telepsychiatry Market Size

Telepsychiatry Market Analysis

Telepsychiatry Companies