How Has The Telepsychiatry Market Size Evolved In Recent Years?
The telepsychiatry market has seen considerable growth due to a variety of factors.
• There has been a significant surge in the telepsychiatry market in the past few years. The market, which stood at $12.45 billion in 2024, is expected to escalate to $15.59 billion in 2025, marking a compound annual growth rate (CAGR) of 25.3%.
Several factors have contributed to this growth during the historic period, including an increased awareness about mental health, a scarcity of mental health experts, accessibility to rural healthcare, telehealth regulations, and proven efficacy.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Telepsychiatry Market?
The telepsychiatry market is expected to maintain its strong growth trajectory in upcoming years.
• In the years to come, the telepsychiatry market is anticipated to experience a significant surge, expanding to $35.32 billion by 2029 at a whopping compound annual growth rate (CAGR) of 22.7%.
The predicted growth in this phase can be credited to factors such as a rising mental health crisis, utilization of telepsychiatry in schools, relevant research and outcomes, workforce mental health issues, and worldwide health challenges. The key trends expected to be noticeable during this period include enhanced utilization of telepsychiatry services, remote medication administration, digital mental health applications, telepsychiatry software, and innovations in artificial intelligence and machine learning.
What Are The Essential Drivers Behind The Growth Of The Telepsychiatry Market?
The surge in the necessity for mental health care is predicted to fuel the expansion of the telepsychiatry market in the future. Mental health pertains to an individual's cognitive, behavioral, and emotional stability. There has been a significant upsurge reported by psychologists in the need for treatment of ailments such as anxiety and depression. For example, in May 2024, the American Psychiatric Association, a nonprofit organization in the US, released data indicating that in 2024, 43% of adults felt more anxious than they did in the previous year, marking an increase from 37% in 2023 and 32% in 2022. Consequently, this heightened demand for mental health care is stimulating the growth of the telepsychiatry market.
How Is The Global Telepsychiatry Market Divided Into Key Segments?
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 Trends Are Reshaping The Future Of The Share Analysis Market?
Leading firms in the telepsychiatry sector are leveraging cutting-edge technologies like artificial intelligence to improve patient care, sharpen diagnostic precision, and optimize the provision of mental health facilities, ultimately making therapy more readily available and efficient for those who need it. Artificial Intelligence (AI) encompasses the reproduction of human cognitive processes by computerized systems. For example, in September 2024, Iris Telehealth, an American telepsychiatry firm catering to health systems and clinics, unveiled the Virtual Clinic and Iris Insights platforms. These creations aim to expand access to behavioral health services through pioneering technology. Iris Insights utilizes AI to boost the operational efficiency of behavioral health schemes. The Virtual Clinic is tailored to offer a patient-focused care model that perfectly blends into existing healthcare procedures.
Who Are the Key Players 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 are the Regional Insights into 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.
