Telepsychiatry Market to Grow at a CAGR of 24.6% during 2022-2030 - Business Market Insights

The market crossed the US$ 10.71 billion mark in 2022 and is expected to hit US$ 62.24 billion by 2030, recording a CAGR of 24.6% during the forecast period.

The telepsychiatry market has been significantly growing with the increasing penetration of internet

Increasing prevalence of psychiatric disorders and mental illness, increased adoption of smartphones and advancements in healthcare framework, and advantages of telepsychiatry such as patient centric care, less cost of consultation, regular follow-ups are some of the major factors driving the market's growth. According to the DataReportal, an online reference library, reported that around 5.03 billion people around the world are having access to the internet equivalent to 63.1 percent of the world's total population. However, the people located in Southern and Eastern Asia, and in Africa are having less internet access compared to people in other regions but the numbers are growing gradually. Thus, the growing mobile penetration indicates the surge in internet and mobile application access, complementing the telepsychiatry market's growth during the forecast period.

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Increasing geriatric population is driving the growth of telepsychiatry market due to the increasing mental health problems. According to World Health Organization (WHO), over 20% of adults aged 60 and over suffer from a mental or neurological disorder. Furthermore, according to the World Health Organization (WHO), the global population of people aged 60 years and older is constantly increasing, and it will double to around 2.1 billion from 1 billion in 2020. Also, the same age group is expected to be approximately 1.4 billion by 2030. Likewise, the number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Thus, the rising geriatric population is creating a demand for telepsychiatry owing to high mental illness among older people, bolstering market growth.

Major key players covered in this Telepsychiatry Market report:

• Array Behavioral Care
• Telemynd
• e-Psychiatry
• Advanced Telemed Services
• American Telepsychiatrists
• Iris Telehealth
• MDLIVE Inc.
• innovaTel Telepsychiatry
• Access TeleCare
• Encounter Telehealth, LLC

Service Type:
• Routine Telepsychiatry
• Forensic Telepsychiatry
• Crisis Telepsychiatry
• In-Home Telepsychiatry

Age Group:
• Adult
• Pediatric and Adolescent
• Geriatric Population

End Use:
• Community Mental Health Centers
• Specialty Care Settings
• Skilled Nursing Facilities
• Homecare

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Telepsychiatry Market: Competitive Landscape
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, during the forecast period of 2022 to 2030.

Major Key Points of Telepsychiatry Market
• Telepsychiatry Market Overview
• Telepsychiatry Market Competition
• Telepsychiatry Market, Revenue and Price Trend
• Telepsychiatry Market Analysis by Application
• Company Profiles and Key Figures in Telepsychiatry Market
• Market Dynamics
• Methodology and Data Source

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Leading market players and manufacturers are studied to help give a brief idea about them in the report. The challenges faced by them and the reasons they are on that position is explained to help make a well informed decision. Competitive landscape Telepsychiatry market is given presenting detailed insights into the company profiles, developments, merges, acquisitions, economic status and best SWOT analysis.

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