Grand View Research, Inc. - Market Research And Consulting.According to report published by Grand View Research, the global telepsychiatry market size was valued at USD 5.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 24.7% from 2020 to 2027.
The global telepsychiatry market is anticipated to be worth USD 36.3 billion by the year 2027, advancing at a CAGR of 24.7% during this period, according to a recent Grand View Research report. Telepsychiatry involves the application of telemedicine to the field of psychiatry, through delivery of psychiatric assessment and care, via telecommunications tools such as videoconferencing. Mental health has become a crucial aspect to ensure the wellbeing of a person, and more and more people have started talking about it, which was earlier considered a taboo in society. As such, institutions and organizations have led the initiative to tie up with leading telepsychiatry services, which has aided the appreciable growth of the industry. Additionally, telemedicine and remote healthcare systems have witnessed a drastic increase in popularity, and more so since the advent of smartphones, which is a big driver for the market.
The rising instances of mental health disorders across the globe have led to organizations putting an emphasis on telepsychiatry, as opposed to the conventional physical visits. Mental health issues, as opposed to the other ones, are not confined to a certain demographic, as they affect people of all ages and all genders. Moreover, physical health and mental health are very closely linked, as in, poor physical health can deteriorate mental health, and vice-versa. As such, taking care of one's mental health, especially in today's scenario, becomes extremely crucial. According to a research by US-based Mental Health First Aid published in February 2019, around 46.4% of adults in the country are expected to witness a mental health issue in their lifetime, with a one-year study of mental illness-afflicted adults showing that 14.4 percent had one disorder, 5.8 percent had two disorders, while 6 percent had three or more such disorders. Additionally, only 41% of the people in the US with a mental health disorder in 2018, received professional health care, or similar service. This points to a vast untapped demographic, which can be reached through telepsychiatry tools.
According to data compiled by SAVE (Suicide Awareness Voices of Education) from the CDC and WHO, approximately 123 people in the US commit suicide every day, with data from NAMI stating that only 50% of all Americans experiencing an episode of major depression receive some form of treatment. moreover, CDC data from 2017 states that suicide was the 2nd leading cause of death in people aged between 10-34 years and 4th leading for individuals between 35 and 54 years in the U.S. Shortage of psychiatry beds is another reason for the wider adoption of virtual consultation measures. The Psychiatric Services report stated that as of 2018, the US had a meagre 14 beds per 100,000 available for psychiatry cases, which is very low when compared to today's demand. Telepsychiatry offers a highly consistent treatment to the patients through video calls, and telephonic chats and conversations, which reduces the huge burden of in-patient appointments.
The global telepsychiatry market is broadly segmented into product, age-group and end-use. The product segment comprises of in-home, forensic, routine, and crisis solutions, among others. The in-home segment has witnessed high demand as it offers solutions on fingertips, and saves valuable transit time. Forensic solutions are offered to prison inmates, as well as those at correctional facilities, and are witnessing steady growth in demand. The crisis solutions segment has observed drastic growth in the past 5-6 months, as the COVID-19 pandemic has forced people to stay at home, which has increased the prevalence of mental disorders. Moreover, competitors are offering free service during this period, which is expected to augment segment growth over the coming months.
In terms of age group, the industry is segmented into adult, pediatric and adolescent, and geriatric. The adult segment has shown an increased affinity for telepsychiatry services in recent years, as the cases of mental disorders continue to increase among this demographic. Work-related stress coupled with unhealthy lifestyles have led to increased prevalence of both physical and mental health issues in this demographic. Based on end-use, the market is classified into community mental health centers, specialty care settings, skilled nursing facilities, and homecare, among others. Community mental health centers are highly popular on account of their cost-effectiveness, efficacy, and high patient satisfaction rates. The homecare segment is expected to grow rapidly in the near future due to the rising smartphone penetration and the convenience it offers to both the psychiatrist and patients.
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Key Takeaways from the report:
- Creams held the largest revenue share of over 35.0% in 2018, with overnight moisturizers, under-eye creams, and under-eye primers emerging as the most popular products in this category
- Asia Pacific is expected to exhibit the highest CAGR 5.2% from 2019 to 2025 as a result of growing consumer awareness and purchasing power in developing economies like China and India
- North America dominated the anti-fatigue cosmetics market in 2018, accounting for 37.3% of the global revenue. This can be attributed to increased prevalence of skin fatigue among consumers in U.S. and Canada
- The online distribution channel is projected to expand at the fastest CAGR of 5.4% over the forecast period owing to a thriving e-commerce industry and growing consumer preference for purchasing cosmetics and personal care products online
- Key players include L’Oréal S.A.; Unilever; Shiseido Company, Limited; The Estée Lauder Companies Inc.; Bio Veda Action Research Co. (Biotique); Christian Dior SE; Nuxe, Inc.; Mesoestetic; Groupe Clarins SA; and The Ordinary.
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Trends and Developments:
- The COVID-19 pandemic has forced medical and health professionals to provide their services to their patients and clients in a virtual manner, in order to adhere to social distancing norms and reduce the patient visits to clinics and hospitals, which are already pressurized by the large number of admissions of coronavirus patients. As such, many people have been facing anxiety, stress and depression in this unprecedented scenario, and with the pandemic refusing to recede in many economies, these stay-at-home measures are expected to continue to the next year. A KFF tracking poll in March 2020 stated that 47% of Americans staying at home reported negative mental health effects, with 21% among those experiencing extreme issues. As such, telepsychiatry can be expected to go a long way in easing mental health issues for this group in the coming months.
- Governments in many countries have done their bit to ensure patients can avail any telepsychiatry service during the pandemic, as a measure of avoiding any extreme scenarios. For example, the HHS has waived the HIPAA penalties for using the NON-HIPAA compliant videoconferencing software, leading to increased telepsychiatry adoption in the US in recent months. Additionally, licensure requirements have also been waived, and this trend can be expected to continue in coming months. Indian and Japanese ministries have shown initiative by partnering with a number of providers, along with issuing guidelines regarding mental health, as a way to help people cope.
- Many companies undertake partnerships or acquisitions in order to expand their offerings to a wider audience. A recent example is the merger of InSight Telepsychiatry and Regroup Telehealth in December 2019, as well as the acquisition of Aligned Telehealth, a telepsychiatry vendor, by AmWell, in November 2019.
- In May 2020, Talkspace and Cigna launched a new commercial health plan partnership, wherein eligible customers can begin a messaging or live video session with a licensed clinician of their choice, through application of the same payment as that for an in-person visit. This development comes on the heels of the company’s Digital Employee Assistance Program (Digital EAP) launch, wherein employees can avail a range of digital wellness solutions, during the pandemic.
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Grand View Research has segmented the global telepsychiatry market on the basis of product, age group, end use, and region:
Telepsychiatry Product Outlook (Revenue, USD Million, 2016 - 2027)
- In-home Solutions
- Forensic Solutions
- Routine Solutions
- Crisis Solutions
Telepsychiatry Age Group Outlook (Revenue, USD Million, 2016 - 2027)
- Pediatric and Adolescent
Telepsychiatry End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Community Mental Health Centers
- Specialty Care Settings
- Skilled Nursing Facilities
Telepsychiatry Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Telepsychiatry Market
- InSight Telepsychiatry
- Advanced Telemed Services
- American Telepsychiatrists
- Iris Telehealth
- MDLIVE Inc.
- innovaTel Telepsychiatry
- SOC Telemed
- Encounter Telehealth, LLC
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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