SAN FRANCISCO, July 21, 2020 /PRNewswire/ -- The global telepsychiatry market size is expected to reach USD 36.3 billion by 2027, expanding at a 24.7% CAGR, according to a new report by Grand View Research, Inc. Increasing mental health disorder and advancement in healthcare IT are key driving factors for this market.
Key suggestions from the report:
- In terms of revenue, in-home solutions dominated the application segment in 2019 owing to its increased usage in home care settings and growing smartphone penetration
- On basis of age group, adults dominated the segment as of 2019 owing to increasing incidence of anxiety and depression within this age group
- On basis of end use, community mental health centers held the largest revenue share in 2019 owing to increase in number of such facilities and its growing popularity
- Some of the key industry players include InSight Telepsychiatry, Arcadian Telepsychiatry, Iris Telehealth, Advanced Telemed Services, e-Psychiatry, American Telepsychiatrists, Encounter Telehealth
Read 110 page research report with ToC on "Telepsychiatry Market Size, Share & Trends Analysis Report By Product (In-home Solutions, Forensic Solutions), By Age Group, By End Use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/telepsychiatry-market
Virtual consultation help in significantly reducing the travel time and is one the primary reasons for its growing acceptance among patients. According to the National Institute Of Mental Health, in 2018 one in five adults in U.S. had a mental illness. There has been a significant rise in telemental health visits over the past decade in the developed countries such as U.S., U.K., Germany, and Spain and the trend is expected to continue during the forecast period, thereby contributing to the adoption of virtual mental health consultation by hospitals and healthcare settings. Moreover, the usage of smart surveillance cameras and analytical software can notify the caregivers in terms of changes in activity or lack of movement in patients with mental health diseases, which is increasing the adoption.
Grand View Research has segmented the global telepsychiatry market on the basis of product, age group, end-use, and region:
- Telepsychiatry Product Outlook (Revenue, USD Million, 2016 - 2027)
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
- Telepsychiatry Age Group Outlook (Revenue, USD Million, 2016 - 2027)
- Pediatric and Adolescent
- Telepsychiatry End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Community Mental Health Centers
- Specialty Care Settings
- Skilled Nursing Facilities
- Telepsychiatry Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- List of Key Players of Telepsychiatry Market:
- InSight Telepsychiatry
- Advanced Telemed Services
- American Telepsychiatrists
- Iris Telehealth
- MDLIVE Inc.
- innovaTel Telepsychiatry
- SOC Telemed
- Encounter Telehealth, LLC
Find more research reports on Healthcare IT Industry, by Grand View Research:
- Smart Healthcare Market – Rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems.
- Telemedicine Market– Telemedicine solutions hold great opportunities as they help in improving clinical management, reduce variations in diagnosis, and make effective care delivery by enhancing quality and access to healthcare services.
- Tele-Intensive Care Unit (ICU) Market – Continuous rise in the demand for remote monitoring and growing old age population has been the vital driving factors in the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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