Telepsychiatry Market Growth Trends & Forecast till 2026

November 02, 2021

Stratview Research releases a new insightful report on the Telepsychiatry Market, that makes efforts at providing deep insights into numerous factors that are vital to the growth of this industry.

The information presented in this report will outline the present and upcoming trends in the market, analyst opinions and views, competitive landscapes, and key regions from a systematic perspective. This report on the Telepsychiatry Market provides an analysis of the key trends in business and forecasts the future directions of the market. The procedure and analysis used in this report assesses the strengths and weaknesses of market participants, key market drivers, and challenges. It identifies significant market players, provides split analyses, and forecasts, among other insights.

Market Dynamics

The market experts at Stratview Research identify and evaluate the criteria which are vital for studying a market: The key customers, product, affecting trends, pricing, competition, financing, and growth factors. The user can take a critical insight at how, why, and when the market is roaring high and also can find the loopholes in it.

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According to the present report, Telepsychiatry Market is projected to grow from USD 5.74 billion in 2020 to USD 21.36 billion by 2026 at a CAGR of over 24.5% during the forecast period.  

Key players mentioned in the report are -

Some of the major players mentioned in the report are listed below-

• InSight Telepsychiatry (The U.S),
• TELEMYND (The U.S),
• e-Psychiatry (The U.S),
• Advanced Telemed Services (The U.S),
• American Telepsychiatrists (The U.S),
• Iris Telehealth (The U.S),
• MDLIVE Inc. (The U.S),
• innovaTel Telepsychiatry (The U.S),
• SOC Telemed (The U.S), and
• Encounter Telehealth, LLC (The U.S).

Market Segments' Analysis

Product Trends

By product, the telepsychiatry market has been segmented into in-home solutions, forensic solutions, routine solutions, crisis solutions, and others.

• Under these, the in-home solutions segment witnessed the largest market share in 2020 and is likely to register the fastest CAGR in the following years.
• This is mainly attributed to the rising preference for telepsychiatry treatment at home. Moreover, an in-home solution saves valuable traveling time as there is no need to travel to the clinic.

Regional Trends

By region, the market in North America garnered the highest market share of almost 40% in 2020 and is projected to grow at a steady CAGR during the assessment period.

• This is mainly attributed to favourable reimbursement policies, the surge in smartphone penetration, and the presence of many industry players, which further augments the regional growth.
• In addition, the pandemic has driven the regional demand for telepsychiatry due to lockdown.

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Author : Meha Prasad