The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

1. Market Growth Overview

The telepsychiatry market has experienced an exponential surge in recent years, witnessing remarkable growth from $9.85 billion in 2023 to $12.38 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 25.7%. This growth in the historic period can be attributed to several factors, including heightened mental health awareness, a shortage of mental health professionals, improved access to healthcare in rural areas, evolving telehealth regulations, and the demonstrated effectiveness of telepsychiatry.

2. Future Projections and Trends

The market is poised for continued growth, with expectations to reach $28.7 billion in 2028 at a CAGR of 23.4%. Key drivers in the forecast period include the escalating mental health crisis, the adoption of school-based telepsychiatry, increased focus on telepsychiatry research and outcomes, workforce mental health concerns, and addressing global health challenges. Noteworthy trends in the upcoming years include the heightened adoption of telepsychiatry services, remote medication management, digital mental health apps, telepsychiatry software, and the integration of artificial intelligence (AI) and machine learning.

3. Surging Demand for Mental Health Treatment

• The telepsychiatry market is witnessing an upsurge due to the growing demand for mental health treatment.
• Psychologists report a significant increase in demand for the treatment of anxiety and depression.
• According to the American Psychological Association, 84% of psychologists treating anxiety disorders noted increased demand since the pandemic, compared to 74% in the previous decade.
• Depression prevalence also increased, with 72% of psychologists reporting a rise, compared to 60% in 2020.

View More On The Telepsychiatry Market Report 2024 – https://www.thebusinessresearchcompany.com/report/telepsychiatry-global-market-report

4. Key Players in the Telepsychiatry Market

• Major companies contributing to the telepsychiatry market include:
  • Aramark Corporation
  • Alere Inc.
  • Flatworld Solution
  • Integrated Medical Transport LLC
  • 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.
  • LMND Medical Group Inc.

5. Technological Advancements Driving Market Trends

• Zoom’s Integration:In December 2021, Zoom Video Communications Inc., in collaboration with Cerner Corp., launched an integration option facilitating easier access to telehealth within Cerner’s EHR. This includes in-chart notifications, invite links for additional participants, and seamless session accessibility.
• Quartet Health’s Acquisition:Quartet Health acquired InnovaTel Telepsychiatry in December 2021, enhancing care delivery capabilities and complementing its network of clinicians.

6. Market Segmentation

• The telepsychiatry market is segmented based on:
  1. Type:Routine Telepsychiatry, Forensic Telepsychiatry, Crisis Telepsychiatry, In-Home Telepsychiatry
  2. Age Group:Adult, Pediatric and Adolescent, Geriatric
  3. End-Use:Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Other End-Users
  4. Regional Dynamics
• North America:Emerged as the largest region in the telepsychiatry market in 2023, showcasing the significant impact of telepsychiatry solutions in the region.

In conclusion, the telepsychiatry market stands at the forefront of transforming mental healthcare. The growing demand for mental health treatment, coupled with technological innovations and strategic acquisitions, underscores the industry’s pivotal role in addressing the evolving landscape of mental health challenges globally. As the market continues to evolve, it is expected to play a crucial role in providing accessible and effective mental health services to diverse populations.

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