Market Trends of Global Telepsychiatry Industry
This section covers the major market trends shaping the Telepsychiatry Market according to our research experts:
Adult segment is Expected to dominate the market over the forecast period
There is an increase in demand for virtual consultation for mental health during the COVID-19 pandemic owing to social distancing, job losses, etc. which is increasing the adoption of telepsychiatry. According to the National Library of Medicine Telepsychiatry, the psychological impact of COVID-19 quarantine has serious side effects, such as depression and anxiety. The COVID-19 quarantine reduces the availability of psychiatric and psychological interventions and the evidence base for telepsychiatry is growing among adults and adolescents. A growing body of literature suggested the use of telepsychiatry to provide mental health services and improve quality care.
Adults dominated the market growth during the forecast period. The increasing level of depression and anxiety in adults is boosting the demand for telepsychiatry in this age group. According to the Centers for Diseases Control and Prevention in Updates in February 2022, at some point in their lives, one out of every six adults will experience depression. Every year, approximately 16 million adults in the United States suffer from depression. Thus, the growing trend of depression in adults anticipated to boost the segment over the forecast period. According to the article titled ' Prevalence of depression, anxiety and insomia' published in August 2021, Anxiety was found to be prevalent in 23.2% of people, followed by depression in 22.08%, and insomnia was found to be prevalent in 38.9%. of the people. Furthermore, adults are very much likely to use smartphones and online services, which can help propel the market demand. Patients with mental health disorders have a tendency to drift toward harmful lifestyle choices very easily. Hence, these people need continuous monitoring via remote monitoring that can help them curb the feeling of loneliness . Additionally, early warning signs, follow-up appointments using telepsychiatry will in turn fuel the market demand.
North America is projected to have a Prominent Growth Rate
North America's market is driven by the high occurrences of chronic diseases, increasing healthcare expenditure, technological developments, rising geriatric populations, and growing awareness of remote monitoring. The advent of mobile health services in this region provides growth opportunities for telepsychiatry. Several Americans are now using mobile wellness applications. As per the latest survey conducted by the Pew Internet & American Life Project, currently, 9% of all smartphone users in the United States have downloaded an application to track or manage their health. The widespread consumer interest in telepsychiatry and the increasing adoption rate of mobile health applications and telemedicine devices drive the market growth.
Additionally, the increasing depression, anxiety, and various mental illness among the United States population are expected to boost the growth of the market. In October 2021, according to the report published by the Centers for Disease Control and Prevention titled "National and State Trends in Anxiety and Depression Severity Scores Among Adults During the COVID-19 Pandemic the United States, 2020-2021" stated that the United States Census Bureau Household Pulse Survey data indicate that the percentage of US adults with symptoms of anxiety and depressive disorders increased nationwide from August 2020 to February 2021. Moreover, as per the same source, the average anxiety severity scores increased 13% from August to December 2020. From August 2020-to February 2021, the percentage of adults with recent symptoms of anxiety or a depressive disorder increased from 36.4% to 41.5%, and the percentage of those reporting unmet mental health care needs to be increased from 9.2% to 11.7%. Increases were largest among adults aged 18-29 years and those with less than high school education
Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.
