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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Telepsychiatry Market Report Snapshots
Telepsychiatry Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of about USD 11.8 billion in 2023, driven by the increasing prevalence of mobile health across the globe.
The market is anticipated to grow at a CAGR of 23.03% during the forecast period of 2024-2032, likely to reach a market value of USD 75.9 billion by 2032.
The rising prevalence of mental health disorders, triggered by the stressful lifestyles and unhealthy lifestyles, has propelled the demand for telepsychiatry services.
The major market trend involves the growing integration of artificial intelligence tools in telepsychiatry platforms. In April 2023, BlockAI.Care launched an artificial intelligence powered mobile health tracking platform.
Based on service types, the market is divided into in-home solutions, forensic solutions, routine solutions, and crisis solution, among others.
Major end users include community mental health centres, specialty care settings, skilled nursing facilities, and homecare, among others.
Videoconferencing, store-and-forward and remote patient monitoring are common technologies available in the market.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Key players involved in the market are Telehealth, Epsychiatry Pty. Ltd., CB Information Services, Inc., eVisit, Advanced TeleMed Service, innovate, 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 and SOC Telemed.
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