Global Telepsychiatry Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Telepsychiatry Market 2021 (Includes Business Impact of COVID-19)
Global Telepsychiatry Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global telepsychiatry market report has been segmented on the basis of product type, end user, and region.
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The global Telepsychiatry market size was valued at USD$ 6.85 billion in 2020 and is projected to reach $62.73 billion by 2030, and is anticipated to expand at a CAGR of 24.80% over the forecast period from 2020 to 2030.


Global Telepsychiatry Market: Overview


Telepsychiatry is a part of telemedicine, which includes psychiatric evaluations, therapy, patient education, and medication management. Telepsychiatry offers direct interactions between patients and the psychiatrist. It is used for different types of therapies such as individual therapy, family therapy, or group therapy. Telepsychiatry also offers facilities such as session recording in form of images or audio-video file, for later reviewing the file. This technology can be used to treat patients in even remote places.


Global Telepsychiatry Market: Dynamics


The major factor driving growth of the global telepsychiatry market is increasing awareness regarding mental health and rising demand for mental health treatments among end users. Telepsychiatry provides patients treatment in their homes that helps to make them comfortable while receiving the treatment. It also eliminates the requirement of the patient to travel to hospital or clinics for receiving the treatment. These are also some of the factors fueling growth of the target market. Furthermore, growing adoption of telemedicine and reducing stigma against medical treatment for mental health are factors expected to boost growth of the global telepsychiatry market in the near future.

However, stringent regulations regarding treatment in various countries is a factor that may hamper growth of the global telepsychiatry market. In addition, the possibility of telepsychiatry being less effective than direct consultation is another factor that could affect its demand among end users in the near future. Nevertheless, growing adoption of technologically advanced solutions in the healthcare sector can create high revenue opportunities for players in the target market.


Global Telepsychiatry Market: Segment Analysis


Among the product type segments, the in-home solutions segment is expected to register high growth in terms of revenue in the near future. Increasing preference for healthcare treatment provided to their patients in their home is a factor propelling growth of the in-home solutions segment in the target market. Among the end user segments, the hospital segment is expected to register lucrative growth in terms of revenue over the forecast period.


Global Telepsychiatry Market: Regional Analysis


Currently, market in North America dominates the global market in terms of revenue and is expected to maintain its position over the forecast period. Increasing adoption of telepsychiatry technology as well as well-established architecture are factors fueling growth of the target market in this region. In addition, high investment in the healthcare sector is another factor supporting growth of the telepsychiatry in North America. The market in Europe is expected to account for second-highest share in terms of revenue in the near future. Market in Asia Pacific is expected to register high growth in terms of revenue over the forecast period. Lack of well-established infrastructure in developing countries and increasing adoption of smartphones are factors anticipated to boost growth of the target market in the Asia Pacific region.


Below are the active patents related to Telepsychiatry Market.


Patent Number: US8043224B2

Telemedicine system

Abstract

System for remote medical interaction with a patient, comprising: a tester, or a sensor, for acquiring medical data from a patient and a personal transmitter, associated with the tester, or a sensor, configured to automatically and wirelessly transmit the medical data.

Application File Date: 2006-03-28

Application Granted Date: 2011-10-25

Current Assignee: F Poszat HU LLC

Global Telepsychiatry Market Segmentation:

Segmentation by product type:

  
Forensic Solutions
  
Routine Solutions
  
In-Home Solutions
  
Crisis Solutions
  
Others

Segmentation by end user:

  
Community Mental Health Centers
  
Skilled Nursing Facilities
  
Specialty Care Settings
  
Hospitals


Key Market Players included in the report:


  
Advanced Telemed Services
  
American Telepsychiatrists
  
Arcadian Telepsychiatryamong
  
California Telepsychiatrists
  
Chiron Health, Inc.
  
Encounter Telepsychiatry, LLC
  
e-Psychiatry
  
eVisit, Inc.
  
FasPsych, LLC
  
GE Healthcare
  
Genoa
  
innovaTel Telepsychiatry
  
InSight Telepsychiatry, LLC
  
Iris Telehealth
  
JSA Health Telepsychiatry, LLC
  
MDLIVE Inc.
  
Medtronic
  
QoL Healthcare Company
  
SOC Telemed
  
Telemynd
  
TeleSpecialists
  
TPsychiatry
  
ZIPNOSIS


Below are the key development related to Telepsychiatry Market in 2020 and 2021.


July 2021: Amwell Enhances Virtual Care Platform with Two Acquisitions: SilverCloud Health and Conversa Health. Transactions Advance Amwell’s Strategy to Enable Health Systems’ and Health Plans’ Telehealth Programs with Ongoing Organic and Inorganic Platform Enhancements. Acquisitions Bring Proven Longitudinal Care and Behavioral Healthcare Capabilities, Expanding Amwell’s Ability to Improve Patient Care Between Visits Using Interactive Technologies. Amwell®, (NYSE: AMWL) a national telehealth leader, announced that it has signed definitive agreements to acquire SilverCloud Health, a leading digital mental health platform, and Conversa Health, a leader in automated virtual healthcare. By adding the technology of these two companies to its virtual care platform, Amwell is greatly enhancing the differentiated value it can bring to current and future clients. Each company brings unique, proven capabilities that will position Amwell to materially advance the reach and impact of care teams on patients’ lives through the use of interactive tools that strengthen the cohesion between physical and virtual care. “We believe that future care delivery will inevitably blend in-person, virtual and digital care experiences; and as such, we are uniquely building a global platform to support such advanced, coordinated care,” said Ido Schoenberg, Chairman and Co-CEO, Amwell. “By integrating SilverCloud Health and Conversa Health into our platform we are demonstrating Amwell’s fundamental and repeatable design to continually scale digital healthcare services across the different sites of care. These acquisitions will amplify the presence and reach of care teams and reaffirm that as the needs of the healthcare marketplace evolve, so too will the Amwell platform. Both SilverCloud Health and Conversa Health have shown they can enable a more efficient blend of in-person, virtual and digital care, and in turn have helped to lower operational and healthcare costs, as well as advanced care outcomes. With these acquisitions and in partnership with those on its platform, Amwell can accelerate its work to redefine the practice of medicine to include always-on healthcare companionship that makes the balance and transition between interactive, digital and in-person care more fluid. Source

June 2021: AI/ML to Acquire Interest in Digital Mental Health Provider, Tech2Health. Tech2Health is well positioned to provide support for the current mental health pandemic, utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center. Lead contract recently signed with a French multinational manufacturer, to provide mental wellness support to their 170,000 employees globally. Multiple pilot studies are pending with world-class medical facilities and insurers in Europe and South America. Historical track record/proof of business model - the Founders of Tech2Health utilized an earlier version of their digital wellness platform model to generate historical revenues totalling US$4.2 million, while providing services to leading health insurers such as Malakoff Humanis, Groupe Mutuel, Mapa, Apicil, and others. Source

May 2021: DarioHealth scoops up digital behavioral health company wayForward for $30M. DarioHealth is expanding its reach into the growing digital mental health market. The digital therapeutics company is acquiring PsyInnovations Inc., doing business as wayForward, for $30 million. Under the agreement, DarioHealth has agreed to pay $30 million, with $25 million due at closing and a future contingent payment of up to $5 million if behavioral health revenues from the company exceed a certain threshold in 2022. The upfront component of the purchase price will be paid by a combination of $6 million in cash and $19 million in shares of Dario common stock. WayForward is a behavioral health digital platform that includes artificial-intelligence-enabled screening to triage and navigate members to specific interventions, digital cognitive behavioral therapy, self-directed care, coaching and access to in-person and telehealth provider visits. The startup is currently providing its full suite of digital behavioral health services to approximately 20,000 members and 20 self-insured employers. Source

March 2021: Acquisition of Uprise, a World-class Digital Health Platform, Solidifies IBH’s Position as the Population Health Leader. IBH, a leader in population and digital health services, is proud to announce the acquisition of Uprise, a digital health platform delivering highly-personalized care through self-guided modules, live coaching, and in-person therapy. The Uprise acquisition comes after IBH’s recent acquisition of HMC HealthWorks in December 2020, which extended IBH into chronic condition management. Not only does this recent acquisition bolster IBH’s use of data science to treat its members, it also helps deliver care to more people at a time when traditional access is limited due to the pandemic. Source