Global Telepsychiatry Market size to reach US$ 6.8 Bn by 2025 at a CAGR of 22.3%
Noida, Uttar Pradesh, India, March 22 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Amidst the COVID-19 pandemic, telepsychiatry services have gained increased attention and witnessed unprecedented growth across the globe. Governments have stimulated academic institutions, entrepreneurs, professional associations, and companies to provide telemedical and telepsychiatry services and relaxed standing rules and regulations. Mental health professionals and companies are using WhatsApp, Facebook, Zoom, Skype, and other popular freely available platforms to deliver online psychiatric services rather than evolving a secure and dedicated hotline or mobile phone app with the assistance of digital health experts and IT professionals. The non-professional personnel can provide telepsychiatry services as there are no regulatory bodies in several low-income and middle-income countries, such as Bangladesh. Therefore, the COVID-19 pandemic led to the sudden growth in the telepsychiatry market across the globe. Continuous growth can now be expected in the market during the forecast period.
However, this type of basic telepsychiatry service increases popularity among mental health professionals and clients; therefore, it should not miscalculate the risk and long-term negative consequences of these sporadic, unplanned, and unsupervised services. Health professionals placed their privacy and personal life at risk by allotment their phone numbers and social media profiles publicly for telepsychiatry services. With the sharing of their personal information, health professionals could be exposed to overwhelming numbers of intrusive and unproductive calls and messages, leading to the growth of the telepsychiatry market.
Prior to COVID-19, most Asian governments discussed the costs and benefits of establishing telemedicine in the Asian region. However, once the pandemic struck, the benefits were obvious. Many governments, including South Korea, Japan, and Indonesia, have made online medical platforms available to the public to contain the virus while providing a continuation of care for those who required it. Following these promising developments, the Global Telepsychiatry Market is estimated to see healthy growth, pegged at a CAGR of around 22.3% throughout the forecast period 2020-2025.
The spread of the COVID-19 has forced most countries to consider drastic public health measures, including the closure of most mental health some inpatient units and outpatient services. This has suddenly generated the need to adapt and develop telepsychiatry care across the globe. However, not all health care services cope with this public health demand. The present study was set to create a practical and clinically helpful protocol for telemental health care to be applied in the context of the current COVID-19 pandemic.
Segmentation Overview of the Global Telepsychiatry Market
The telepsychiatry market is segmented based on the product, age group, and end user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook (In-home Solutions, Forensic Solutions, Routine Solutions, Crisis Solutions)
By Age Group Outlook (Adult, Pediatric and Adolescent, Geriatric)
By End User Outlook (Community Mental Health Centers, Specialty Care Settings, Skilled Nursing Facilities, Homecare, Others)
Key Players Insights
Telehealth, e-Psychiatry, InSight Telepsychiatry, LLC, eVisit, Advanced TeleMed Services, InnovaTel Telepsychiatry, California Telepsychiatrists, and American Telepsychiatrists, Psychiatry, Encounter Telepsychiatry, LLC, JSA Health Telepsychiatry, LLC, Arcadian Telepsychiatry, LLC, among others, are some significant players included in the research study of the global telepsychiatry market.
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