The telepsychiatry market is thriving on account of the relevance of telemedicine industry in the contemporary scenario. Provision of healthcare services, medical advice, and diagnosis via videoconferencing comes under telemedicine. As a sub-segment of this, telepsychiatry involves group and individual therapies, medication, psychiatric tests, and patient counselling via electronic channels. Mental health has become a grave issue in recent times, and a number of cases of depression, mental trauma, and mood disorder are coming to light each day. The National Alliance on mental Illness, U.S., estimates that 20% of the population aged between 13-18 years battle mental health issues. A report by Transparency Market Research (TMR) titled ‘Telepsychiatry Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025’ elucidates several factors that contribute to the growth of the market.
Suicidal tendencies amongst youngsters as well as adults have become a major concern of the healthcare fraternity. This has shifted the focus on mental health, thus, bolstering the market for telepsychiatry across the globe. Furthermore, the benefits such as reduced costs, low waiting times, and easy follow up further escalate demand within the market. The favorable reimbursement policies with regards to treatment of mental illnesses is also an important factor contributing to market growth. The market for telepsychiatry has a range of specialists to choose from and this reduces hassles for the patients. Despite the affluence of the market, the reluctance to resort to telepsychiatry instead of direct consulting could hamper market growth.
The global market for telepsychiatry is segmented based on the type of product, end-user, and region. Based on regions, the market spans across Latin America, Asia Pacific, North America, the Middle East and Africa, and Europe. Amongst these, North America reigned the market in 2016 and is expected to continue on its streak of supremacy.
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