The global telepsychiatry market size is expected to reach USD 39.90 billion by 2028 according to a new study by Polaris Market Research. The report “Telepsychiatry Market Share, Size, Trends, Industry Analysis Report, By Product (In-home solutions, Forensic solutions, Routine solutions, Crisis solutions, Others); By Age Group (Adult, Pediatric & Adolescent, Geriatric); By End-Use; By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The current ongoing pandemic of COVID-19 has impacted several market sectors, including healthcare apps. Governments all across the globe have responded to this with all essential initiatives such as lockdowns, large-scale quarantine, and social distancing, to contain the infection. This has resulted in employee layoffs, which impacted the mental health of people driving the market for telepsychiatry.
As per the KFF poll, more than 47 percent of U.S. citizens have reported mental health issues and it is being reported that around 21 percent was due to job loss. Moreover, according to the statistics published by the National Alliance on Mental Illness, around 43.3 percent of the U.S. population had received treatment for mental disorders, in 2018.
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Market participants such as InSight Telepsychiatry, MDLIVE Inc., e-Psychiatry, SOC Telemed, Advanced Telemed Services, Telemynd, American Tele-psychiatrists, Iris Telehealth, innovaTel Telepsychiatry, and Encounter Telehealth, LLC. are some of the key players operating in the market for telepsychiatry. The companies in the market are introducing innovative apps and services to perform well in the crowded market.
For instance, in December 2020, the U.S.-based telehealth company, MeMD introduced telepsychiatry services to manage employee’s mental health issues amid the COVID-19 pandemic. It includes the “Healthy minds first program” providing employers and their employees to assess critical mental health behaviors. The launch is on the backdrop of the report published by the Center for Prevention and Health Services, which states that mental problems and drug abuse cost employers between USD 79 to 105 each year, collectively in the form of productivity, employee absence, and disability.
Previously, in October 2020, Teladoc Health introduced its new service Mental Health Care, enabling its employees to access the best lot of sleep therapists, psychologists, and psychiatrists through their phones, via mobile app. This new service will expand the company’s telehealth services, particularly into niche offerings, such as telepsychiatry.
Polaris Market research has segmented the telepsychiatry market report on the basis of product, age group, end-use, and region:
Telepsychiatry, Product Outlook (Revenue - USD Million, 2016 - 2028)
Telepsychiatry, Age Group Outlook (Revenue - USD Million, 2016 - 2028)
Telepsychiatry, End Use Outlook (Revenue - USD Million, 2016 - 2028)
Telepsychiatry, Regional Outlook (Revenue - USD Million, 2016 - 2028)