Telecommunication technology has revolutionized a variety of fields in the last several decades. Telemedicine uses information technology and telecommunications equipment to deliver medical diagnoses over long distances. The telepsychiatry market is one of the most important constituents of telemedicine. It all comes down to using telecommunications equipment to provide clinical evaluation and treatment. Psychiatrists and their patients are connected by video conferencing technology. Telepsychiatry can be provided by organizations that serve as middlemen or by individual medical professionals.
Psychiatrists needing a fast second opinion can get profit from the telepsychiatry market. Psychiatrists have the benefit of rapidly starting care and sharing their experience, so their patients can be assured that the doctor’s diagnoses are right. Telepsychiatry allows a psychiatrist to attain a greater number of patients with less time, making the most of their time. Telepsychiatry eliminates the need for both the doctor and the patient to travel. All they need is an internet connection, which saves the additional expenses. Rapidly developing mobile network connectivity, allowing doctors in small villages and semi-urban areas to assess and treat patients conveniently.
Key Dynamics of the Telepsychiatry Market
- One of the major drivers of the telepsychiatry market, especially in developed countries such as the U.S. has been the shortage of psychiatric doctors specializing in adolescent & child psychiatry.
- Based on the product type segment, the in-home solutions segment is anticipated to exhibit the fastest growth in terms of revenue share. Growing preference for healthcare treatments offered to patients in their homes is turning out as a major factor fueling the growth of the in-home solutions segment.
- Developed countries such as U.K., U.S., Spain, and Germany are witnessing a tremendous rise in telemental health visits and this trend is predicted to continue in the coming years, thereby boosting the adoption of virtual health assistance services.
- Rapid technological innovations in telehealth services coupled with increased adoption of technology-driven solutions in the medical field help to bridge the gap between physicians and the rural population will propel the market.
- To contain the spread of COVID-19, governments across the globe have imposed strict social distancing rules. This scenario has resulted in a rise in the adoption of telepsychiatry among healthcare providers and patients who were previously using the traditional process of physical visits for consultation.
Regional Scenario for Telepsychiatry Market
North America currently dominates the global market in terms of sales and is projected to do so in the near future. The target market in this area is growing due to the increasing acceptance of telepsychiatry technology and well-established architecture. In addition, telepsychiatry’s growth in North America is aided by substantial investment in the healthcare sector. Over the forecast period, the Asia Pacific market is projected to develop rapidly in terms of revenue. The regional market is expected to grow owing to improving healthcare infrastructure in developing countries and the growing adoption of smartphones.
Competitive Landscape of the Telepsychiatry Market
Virtual consultation provides a great benefit of reduction in travel time and is among one of the major factors increasing its acceptance among patients, which in turn, creating growth avenues for the market players. Some of the key players present in the telepsychiatry market are Advanced Telemed Services, Iris Telehealth, InSight Telepsychiatry, e-Psychiatry, Encounter Telehealth, Arcadian Telepsychiatry, and American Telepsychiatrists.
Deep-dive Insights on Telepsychiatry Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/telepsychiatry-market/request-for-sample