Telepsychiatry Market is predicted to grow at a CAGR of 12.50% during the forecast period to 2029

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Telepsychiatry refers to the use of telemedicine in the field of psychiatry via telecommunication technology, most likely video conferencing. It provides many services, including patient education, therapy, medication management, and psychiatric evaluations. It also allows for direct communication between the patient and a psychiatrist. Telepsychiatry plays an important role in providing cost-effective, patient-centered, and highly effective interventions for patients in need of psychiatric care. It has been shown to be effective in treating eating disorders, anxiety, schizophrenia, and substance abuse. Nursing homes, mental health centres, primary care centres, schools, and prisons are some of the places where telepsychiatry services can be provided.

Data Bridge Market Research analyses that the telepsychiatry market which was USD 6.02 billion in 2021, is expected to reach USD 15.45 billion by 2029, at a CAGR of 12.50% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Some of the major players operating in the telepsychiatry market are:

Telehealth (U.S.) Epsychiatry Pty. Ltd. (U.S.) CB Information Services, Inc. (U.S.) eVisit (U.S.) Advanced TeleMed Services (U.S.) innovaTel (U.S.) American Telepsychiatrists (U.S.) Encounter Telepsychiatry (U.S.) JSA Health Telepsychiatry, LLC (U.S.) Arcadian Telepsychiatry, LLC (U.S.) Genoa (Italy) FasPsych, LLC (U.S.) General Electric (U.S.) TeleSpecialists (U.S.) Chiron Health (U.S.) Zipnosis (U.S.) Medtronic (Ireland) Iris Telehealth Inc. (U.S.) MDLIVE (U.S.) SOC Telemed (U.S.) Global Telepsychiatry Market Dynamics

Drivers

Rising demand for telepsychiatry is a driver The rising demand for telepsychiatry among the population as well as healthcare providers as it is a convenient and cost-effective business model, its ability to enhance care coordination, and satisfaction among the caregivers and parents regarding the quality of care provided by telepsychiatry are some of the major factors boosting the growth of the global telepsychiatry market.

Moreover, as per the study of WHO, around 7.5 percent of the Indian population is living with one or other form of mental disorder and by 2020, it is estimated that about 20 percent of the Indian population will be suffering from mental illness. Such a rising prevalence of mental disorders is driving the growth of the market.

Government initiatives are fostering growth The government has also taken steps to encourage the use of telepsychiatry services. For instance, the US government has expanded telehealth consultations to nearly 62 million Medicare beneficiaries. Furthermore, due to the pandemic, restrictions on telehealth, including telepsychiatry, have been temporarily lifted, such as the removal of the penalty for HIPAA violations. As a result of all of the beneficial decisions made by the government during the pandemic, the global telepsychiatry market is expanding.

Opportunities

Increasing prevalence of mental health disorders Globally, rising levels of anxiety and stress have increased the demand for telepsychiatry, as have rising rates of suicide and mental disorders. According to the National Alliance on Mental Illness, 43.3% of people in the United States received mental illness care in 2018. For instance, suicide was the second leading cause of death in people aged 10-34 in the United States (2017), and the fourth leading cause in people aged 35-54. These are the certain factors which helps the market to grow.

To get more insights into the market analysis, browse the research report summary @– https://www.databridgemarketresearch.com/reports/global-telepsychiatry-market

Global Telepsychiatry Market Scope

The telepsychiatry market is segmented on the basis of product, age group and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

In-home Solutions Forensic Solutions Routine Solutions Crisis Solution Others Age Group

Adult Pediatric Adolescent Geriatric End-Use

Community Mental Health Centers Specialty Care Settings Skilled Nursing Facilities Homecare Others Telepsychiatry Market Regional Analysis/Insights

The telepsychiatry market is analysed and market size insights and trends are provided by country, product, age group and end-use as referenced above. The countries covered in the telepsychiatry market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the telepsychiatry market due to the high investment in the healthcare sector and rising adoption of telepsychiatry technology in the region, increasing penetration of IT in the healthcare sector and the rising prevalence of mental health disorders. Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the growing adoption of smartphones and dearth of well-established infrastructure in emerging countries.

Browse Complete TOC at- https://www.databridgemarketresearch.com/toc/?dbmr=global-telepsychiatry-market

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.