Pune, 16, Dec, 2022: The report published by Maximize Market Research on the Telepsychiatry Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market Research expects the market to grow from US$8.2 billion in 2021 to US$48.9 billion in 2029, at a CAGR of 23 percent.
Telepsychiatry Market Scope and Research Methodology
Based on a review of both primary and secondary data, the study includes estimates for the market’s size and growth rate, as well as for current and anticipated trends in Telepsychiatry. The research carefully analyses the domestic, regional, and global markets for Telepsychiatry. Market analysts are carried out at the local, regional, and global levels to learn more about market penetration, competitive structure, price, and demand analysis. The main market players in the Telepsychiatry sector are identified by region in order to conduct a market competition study. Revenues, financial standing, portfolio, technical advancements, mergers and acquisitions, joint ventures, and strategic alliances of the major players are also discussed. Also included are growth forecasts for recent market entries as well as an estimate of the company’s future. Such a study offers a fundamental understanding of the Telepsychiatry market, which stakeholders, investors, market participants, followers, and new entrants can use to develop investment and marketing plans.
The estimates for the market size and different segment sizes were confirmed using the bottom-up methodology. The Telepsychiatry market is divided into segments based on product, age group, end-use, and regions to find factors that affect market growth. The data were obtained using both secondary and primary data collection techniques. The main techniques included questionnaires, surveys, and phone interviews with business owners, thought leaders in the industry, and marketing experts. This includes trade journals, white papers, annual reports, and press releases from companies that manufacture and supply goods to the industry, as well as commercial databases, websites run by several organisations, and the websites of the government.
SWOT analysis was conducted to identify the strengths and weaknesses of the Telepsychiatry market, while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Telepsychiatry market.
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Telepsychiatry Market Overview
An approach to provide psychiatric services to those who live far from a psychiatrist and would rather receive them at home is through telepsychiatry. Convenience and improved accessibility are just two benefits of telepsychiatry. Patients can get a range of healthcare treatments using telemedicine, which uses video-based technology. Using telepsychiatry, psychiatrists can speak with patients directly on the phone or through video conferencing. Recordings of medical documents are preferred by certain persons. The key drivers increasing the telepsychiatry market’s growth include rising healthcare expenses, technological advancements, a rise in remote patient monitoring, and an increase in mental diseases.
The telepsychiatry market is growing as a result of the rising elderly and medically underserved populations (especially in rural areas), the prevalence of chronic conditions, the advantages of telehealth given the current shortage of medical professionals, as well as technological advancements in communications. The development of the telepsychiatry market is hindered by regional variances in rules, the potential for fraud, and the use of social media for treatment delivery.
Telepsychiatry Market Dynamics
The primary forces driving the growth of the telepsychiatry market are rising healthcare expenses, technological advancements, growing remote patient monitoring, and an increase in mental diseases. By enhancing the management of chronic diseases, lowering travel times, sharing the staffing of health professionals, and having fewer and shorter hospital stays, telepsychiatric solutions contribute to lower healthcare costs while increasing efficiency. Telepsychiatry is the practise of providing psychiatric care via telecommunications technology, and it has the potential to reduce costs and improve access to mental health services, according to an article titled “Economic evaluation and costs of telepsychiatry programmes: a systemic review” that was published in August 2020.
The use of telemedicine methods raises serious problems with healthcare fraud. A patient or a doctor may suffer harm in several different ways, such as when the insurance company pays the doctor using the patient’s name and accounts or when institutional providers who are not authorised or listed utilise inappropriate coding and billing practises for fictitious claims. The credibility and trust people have in telehealth services can be damaged by such fraudulent practises. Victimized patients also frequently disclose their unfavourable experiences in the media, which hinders the entry of many new players and slows the growth of the telepsychiatry business.
Telepsychiatry Market Regional Insights
In 2021, North America held a 42% revenue share, dominating the market. Increased smartphone adoption, advantageous reimbursement practises, and the existence of several industry participants can all be credited for this growth. Additionally, the epidemic gave this technology a much-needed boost. The core of the COVID-19 response strategy, according to CMS and FDA, is telemedicine and virtual care services, which are driving telepsychiatry market revenue.
Asia Pacific is expected to have substantial growth during the forecast period. Increased patient awareness, growing smartphone penetration, and supportive government activities are all factors that are causing this service to be used more frequently in the area.
Telepsychiatry Market Segmentation
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
By Age Group:
- Pediatric and Adolescent
- Community Mental Health Centers
- Specialty Care Settings
- Skilled Nursing Facilities
Telepsychiatry Market Key Manufacturers:
- Epsychiatry Pty. Ltd.
- CB Information Services, Inc.
- Advanced TeleMed Services
- American Telepsychiatrists
- Encounter Telepsychiatry
- JSA Health Telepsychiatry, LLC
- Arcadian Telepsychiatry, LLC
- FasPsych, LLC
- General Electric
- Chiron Health
- Iris Telehealth Inc.
- SOC Telemed
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Key questions answered in the Telepsychiatry Market are:
- What is Telepsychiatry?
- What is the growth rate of Telepsychiatry Market for the forecast years?
- What is the nature of competition in Telepsychiatry industry in developed and developing economies?
- Who are the key players in the Telepsychiatry Market?
- Who are the market leaders in Telepsychiatry in Europe?
- Who are the market leaders in Telepsychiatry in USA and Canada?
- Who are the market leaders in Telepsychiatry in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Telepsychiatry Market?
- Who held the largest market share in Telepsychiatry Market?
- What are the factors for the growth of Asia-Pacific region in Telepsychiatry Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Age Group, End-use, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Telemedicine Market– Telemedicine Market size is expected to reach USD 342.17 Bn by 2029 at a CAGR of 22.3 percent during the forecast period. The main goal of telemedicine solutions is to increase access to basic healthcare while improving healthcare quality and patient safety.
Telerehabilitation Market – Telerehabilitation Market size is expected to reach USD 12.31 Bn by 2029 at a CAGR of 14 percent during the forecast period. The growing geriatric population raises healthcare costs significantly; however, the incorporation of telehealth measures such as telerehabilitation is expected to lower healthcare costs significantly, contributing to the telerehabilitation market growth during the forecast period.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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