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The telepsychiatry market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of 24%, as per The Business Research Company’s market report!

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The Telepsychiatry Market Size In 2022 And Forecast

The global telepsychiatry market is expected to grow from $6.02 billion in 2021 to $7.65 billion in 2022 at a compound annual growth rate (CAGR) of 27.2%. The global telepsychiatry market size is expected to grow to $18.11 billion in 2026 at a CAGR of 24%

The telepsychiatry market consists of sales of telepsychiatry services by entities (organizations, sole traders, and partnerships) that are used for providing psychiatric assessment and care, usually through videoconferencing.

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Increase In Demand For Mental Health Treatment Is Driving The Growth Of The Telepsychiatry Market

For instance, in 2021, according to the American Psychological Association, a US-based professional organisation that represents psychologists, nearly 84% of psychologists who treat anxiety disorders said they have seen increased demand for anxiety treatment since the pandemic when compared with the last decade when it was 74%. Also, 72% of psychologists said that there was an increase in depression prevalence compared with 60% in 2020. Therefore, the increase in demand for mental health treatment is driving the growth of the telepsychiatry market.

Competitive Landscape And The Regional Analysis Of The Telepsychiatry Market

Major players in the telepsychiatry market are AllScripts Healthcare Solutions Inc., Cerner Corporation, Sodexo S.A., LogistiCare Solutions LLC, The Allure Group, Aramark Corporation, Alere Inc., Flatworld Solution, Integrated Medical Transport, ABM Industries Inc., Advanced Telemed Services, American Telepsychiatrists, Encounter Telehealth LLC, InnovaTel Telepsychiatry, SOC Telemed, and Telemynd.

Additionally, as per TBRC’s research – North America was the largest region in the telepsychiatry market in 2021 holding the largest market share.

The Telepsychiatry Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the telepsychiatry market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the telepsychiatry market.

Technological Advancement – A Key Trend In The Telepsychiatry Market

Major companies operating in the telepsychiatry market are focused on developing new technological solutions to strengthen their position.

Telepsychiatry Market Segmentation By The Business Research Company

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, Others

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