Telepsychiatry Market Size, Share, Growth, Trends, and Global Industry Analysis: By Area of Use (Direct Patient Care, Consul-station, Training & Education, and Research), By Type (Synchronous and Asynchronous) By Communication Mode (Telephone, Instant Messaging Chat Rooms, Video Conferencing, and Others) By Type of Mental Illness (Depression, PTSD, Panic Disorder, Schizophrenia, Substance Abuse, and Others) By End User (Hospitals, Psychiatry Clinics, Primary Health Centre, and Others) and Region  

Telepsychiatry market size was valued at US$ 6,183.4 million in 2023 and is poised to grow at a CAGR of 17.6% from 2024-2030. There is a severe lack of specialist mental health care, which contributes to the infamous "Mental Health Gap," despite the high frequency of mental diseases and their potentially crippling effects. The rural-urban and tertiary-primary care difference is further exacerbated by the services' concentration in cities.

The two main options seem to be bolstering and extending the current human resources and infrastructure and incorporating mental health into primary care. However, both systems have a prolonged gestation time and are beset by logistical challenges. Telepsychiatry, often known as e-mental health, is the use of information and communication technology to deliver or assist psychiatric care over long distances, and it looks to be a potential solution in this situation.

A growing trend in mental health treatment is telepsychiatry, which uses videoconferencing to link patients with psychiatrists who are located elsewhere. In areas with little resources or in settings where in-person therapy is not possible, telepsychiatry is an efficient therapeutic intervention that increases access to high-quality care. There are opportunities for research in the development and validation of quantitative and qualitative indices to measure clinical service, satisfaction, and experience and thus ensure access to quality care, even though satisfaction with telepsychiatry is frequently reported as high among service users and service providers alike.

Mainly telepsychiatry was delivered in telephonic calls or text messages, but after the pandemic, with the advancement of video conferencing technology and people's habituation in online mode, the communication mode between the patient and psychiatrist shifted to video conferencing Mental health problems are still considered taboo or nothing serious in rural areas and some populations in urban areas. Though the awareness of mental health and its potential effect on one's lifestyle and career is still increasing, individuals seeking help fear to speak up in public for fear of being judged or isolated in society.

Here comes the big solution of telepsychiatry; with the increase of Video Conferencing technology and easy availability of the internet and smartphones, individuals in need of help can quickly seek the same privately and conveniently in a comfortable environment. As for solutions to mental problems needs, the patient's sense of comfort to speak up is of utmost necessity; the availability of service at the bedside and face-to-face discussion through video conferencing will drive the growth of the global telepsychiatry market size in the forecast period.

A study conducted on patients from 32 different countries shows that the number of patients seeking help for mental illness remains more or less constant both in 2019 and 2020 but not surprisingly, due to the pandemic, most of them are shifted to the online mode thus implying the growth potential of the global telepsychiatry market growth in the upcoming decade.

Moreover, the study also reveals that the global prevalence was 28% in the case of Depression, 26.9% in the case of anxiety, 24.1% in the case of PTSD, 36% for Stress, 50% for Psychological Disorders, and 27.6% for Sleep problems after the covid 19. According to WHO, 1 in 8 people globally is affected by Mental health issues. This percentage is going higher day by day due to social stress and other stress in modern society. This high prevalence along with an estimated high incidence rate will drive the global telepsychiatry market in the forecast period.

The rural and urban technological accessibility gaps are major problems in developing countries. Further, although anonymity is maintained per patient requirements people are still reluctant to seek medical help for mental problems as they think this will cure automatically and don't want to spend. Also, data security is the major issue inhibiting online services. The service provider has to ensure complete data privacy and security telepsychiatric processes. This uncertainty and drawbacks act as major restraints for the global telepsychiatry market to grow.

Telepsychiatry Market Key Developments

• In August 2022, Evoke Health Solutions announced to launch of Telehealth Services to Nigerians.
• In August 2022, Malaysia-based startup Qmed Asia launched a telehealth kiosk for corporate employers.