Dallas, Texas, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global telephsychiatry market is expected to reach annual growth rate of 23.6% and reach a market value of 43.92 Billion by 2029. Since covid-19 pandemic, there has been highest penetration in psychiatric care. The factors that drive forecasts of total-market size are strong continued uptake due to increased anxiety and stress disorder, favorable consumer preferences, tangible investments by start-ups and well-established businesses as opposed to pre-COVID-19 baseline.
Hike in amount and variation of services is the significant factor raising the customer demand for telepsychiatry. The key benefits that are propelling the adoption of telepsychiatry are equality of access to care and high levels of satisfaction among patients. Also, this is promote telepsychiatry as an adjunct to conventional care further fostering remarkable progress of global telepsychiatry market.
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The forces behind total-market demand for telepsychiatry are surge in consumer and provider preferences to safely access and deliver healthcare.
In addition to this, legal, ethical and administrative barriers in adopting telepsychiatry are likely to function a key barrier to the global telepsychiatry market. Also, misuse of telepsychiatry, stringent government regulations, low quality internet connectivity hamper the widespread implementation of telepsychiatry.
Report coverage & details:
| Report Coverage | Details |
| Base Year | 2022 |
| Historical Data | 2021-2022 |
| CAGR | CAGR of 23.6% during 2022-2029 |
| Segment Covered | Type, Age Group, End-Use, Regions |
| Type | in-home, forensic, routine, crisis, others |
| Age Group | adult, pediatric and adolescent, geriatric |
| End-Use | community mental health-care centers, specialty care facilities, skilled nursing facilities, home care, others |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
Nevertheless, telepsychiatry is expected to gain more market leadership in the coming years due to technology advancements, improving research capabilities resulting in innovative solutions and services. Additionally, changes in political, economic, and technological scenarios, development of hybrid models leading to traditional and telepsychiatric forms of care is also expected to boost the global telepsychiatry market.
Increasing consumer willingness towards using convenient medical solution, supportive regulatory policies leading increasing investment, government policies such as reimbursement enabling greater access, reinvention of virtual and hybrid virtual/in-person care models, greater access to healthcare, better outcomes, and affordable medical care are the key drivers increasing the demand for telepyschatry.
The global telepsychiatry market is classified into In-home Solutions, Forensic Solutions on the basis of product. Among these, the key segment that is exhibiting strength is In-home Solutions. Investments in this segment would possibly develop a winning strategy to the new players as well as established ones.
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Globally, North America heads the global telepsychiatry market. Growing participation of new organizations, tech innovations, changing regulations, and covid-19 like scenarios had a significant impact on growth of the North American telepsychiatry market. Also, new types of telepsychiatry care introduced in the U.S., market and companies are expecting explosive growth. Furthermore, groundbreaking innovations such as Pulsenmore ES™, device connectivity for patients without Wi-Fi or smartphones, and newly developed tool like Biobeat, North America is experiencing rapid growth.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Telepsychiatry Market by Type, 2022-2029 (USD Billion)
5. Telepsychiatry Market by Age Group, 2022-2029 (USD Billion)
6. Telepsychiatry Market by Application, 2022-2029 (USD Billion)
7. Telepsychiatry Market by Region, 2022-2029 (USD Billion)
8. Competitive Landscape
9. Company Profiles
10. Appendix
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