Market Size of Global Telepsychiatry Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 9.62 Billion |
Market Size (2029) | USD 24.03 Billion |
CAGR (2024 - 2029) | 20.10 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Telepsychiatry Market Analysis
The Global Telepsychiatry Market size is estimated at USD 9.62 billion in 2024, and is expected to reach USD 24.03 billion by 2029, growing at a CAGR of 20.10% during the forecast period (2024-2029).
The COVID-19 pandemic affected the demand of the telepsychiatry market during the pandemic period. Telepsychiatry has emerged as an essential component of healthcare during the COVID-19 pandemic. According to the article titled 'Telehealth has played an outsized role meeting mental health needs during COVID-19 pandemic' published in March 2022 over 20% of adults reporting poor mental health also report not receiving counseling or therapy during the pandemic. Telehealth has played a particularly significant role in meeting the need for mental health services. During the COVID-19 pandemic stress, ineffective communication at work, lack of clarity and direction, and interruptions during Work from Home resulted in the loss of resources like time and energy. All these factors disturbed employees' mental health leading to prolonged stress and psychosomatic diseases. Therefore to sustain employees' emotional and mental well-being telepsychiatry played a major role. Thus, the COVID-19 pandemic is expected to have a significant positive impact on the growth of the telepsychiatry market globally.
The major factors which are raising the growth of the telepsychiatry market include rising healthcare costs, technological innovations, increasing remote patient monitoring, and the rising mental disorders. Telepsychiatric solutions help decrease the cost of healthcare while increasing efficiency through improved management of chronic diseases, reduced travel times, shared health professional staffing, and fewer and shorter hospital stays. As per the article titled ' Economic evaluation and costs of telepsychiatry programmes: a systemic review' published in August 2020 telepsychiatry involved use of telecommunications technology to deliver psychiatric care and offers promise to reduce costs and increase access to mental health services, According to the article titled ' Provision of Care Real world telemental health providers' published in May 2021 most providers reported primarly offering telemental health services to adults with anxiety, depression and trauma and stresso-related disorders in individual therapy formats. In recent decades, several population-based psychological autopsy studies of suicides have been conducted revealing important information about the risk factors for youth suicide. The studies stated that numerous factors can contribute to suicide, they maybe caused by a highly unique, dynamic and complex interplay of genetic, biological, psychological and social factors. Thus, increase of suicide tendency in young adults and teenagers in turn increases demand for mental health treatment, thus boosting the telepsychiatry market growth.
Telepsychiatry Industry Segmentation
As per the scope of this report, telepsychiatry is the use of electronic communication and information technologies to provide or support clinical psychiatric care at a distance. It is a form of telemedicine that help provide psychiatric services. The Telepsychiatry Market is segmented By Product (In-home solutions, Forensic Solutions, Routine Solutions, Crisis Solutions, Others), By Age Group (Adult, Pediatric and Adolescent, Geriatric), By End-Use (Specialty Care Settings, Homecare, Other) and by Geography (North America, Europe, Asia-Pacific, Middle- East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
By Product | |
In-home Solutions | |
Routine Solutions | |
Crisis Solutions | |
Forensic Solutions |
By Age Group | |
Adult | |
Paediatrics | |
Adolescent | |
Geriatrics |
By End User | |
Specialty Care Settings | |
Homecare | |
Others |
Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Global Telepsychiatry Market Size Summary
The telepsychiatry market is poised for significant growth, driven by the increasing demand for mental health services and the adoption of digital health solutions. The COVID-19 pandemic has accelerated the integration of telepsychiatry into healthcare systems, highlighting its role in addressing mental health challenges such as stress, anxiety, and depression. The market is benefiting from technological advancements, rising healthcare costs, and the need for remote patient monitoring, which have made telepsychiatry a cost-effective and efficient solution for managing mental health disorders. The growing prevalence of mental health issues, particularly among adults, is further propelling the demand for telepsychiatry services, as these solutions offer convenient access to care and support for individuals facing psychological challenges.
North America is a key region driving the telepsychiatry market, supported by high healthcare expenditure, technological innovations, and a growing geriatric population. The increasing use of mobile health applications and telemedicine devices is enhancing the accessibility and adoption of telepsychiatry services. The market is moderately consolidated, with major players like SOC Telemed and Iris Telehealth holding significant shares, while smaller companies are expanding their presence through product innovations and competitive pricing. The partnership between telehealth and biotech companies, along with the introduction of digital health platforms, is expected to further enhance the market's growth trajectory during the forecast period.
Global Telepsychiatry Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Increasing incidence of mental health disorders
-
1.2.2 Rising consumer demand and increasing patient acceptance
-
-
1.3 Market Restraints
-
1.3.1 Reimbursement challenges and licensure
-
-
1.4 Porter's Five Force Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 By Product
-
2.1.1 In-home Solutions
-
2.1.2 Routine Solutions
-
2.1.3 Crisis Solutions
-
2.1.4 Forensic Solutions
-
-
2.2 By Age Group
-
2.2.1 Adult
-
2.2.2 Paediatrics
-
2.2.3 Adolescent
-
2.2.4 Geriatrics
-
-
2.3 By End User
-
2.3.1 Specialty Care Settings
-
2.3.2 Homecare
-
2.3.3 Others
-
-
2.4 Geography
-
2.4.1 North America
-
2.4.1.1 United States
-
2.4.1.2 Canada
-
2.4.1.3 Mexico
-
-
2.4.2 Europe
-
2.4.2.1 Germany
-
2.4.2.2 Unitedkingdom
-
2.4.2.3 France
-
2.4.2.4 Italy
-
2.4.2.5 Spain
-
2.4.2.6 Rest of Europe
-
-
2.4.3 Asia-Pacific
-
2.4.3.1 China
-
2.4.3.2 Japan
-
2.4.3.3 India
-
2.4.3.4 Australia
-
2.4.3.5 South Korea
-
2.4.3.6 Rest of Asia Pacific
-
-
2.4.4 Middle-East and Africa
-
2.4.4.1 GCC
-
2.4.4.2 South Africa
-
2.4.4.3 Rest of Middle-East and Africa
-
-
2.4.5 South America
-
2.4.5.1 Brazil
-
2.4.5.2 Argentina
-
2.4.5.3 Rest of South America
-
-
-
Global Telepsychiatry Market Size FAQs
How big is the Global Telepsychiatry Market?
The Global Telepsychiatry Market size is expected to reach USD 9.62 billion in 2024 and grow at a CAGR of 20.10% to reach USD 24.03 billion by 2029.
What is the current Global Telepsychiatry Market size?
In 2024, the Global Telepsychiatry Market size is expected to reach USD 9.62 billion.