Global In-Home Telepsychiatry Solutions Market Size (2023-2030)

The In-Home Telepsychiatry Solutions Market was estimated to be worth $6.2 billion in 2022, and it is projected to reach $ 31.24 billion by the end of 2030, with a CAGR of 22.4 % during the forecast period (2023 - 2030).

The primary drivers projected to propel the in-home telepsychiatry market are the increase in awareness of mental health disorders and the ease of accessing telepsychiatry solutions compared to traditional ways.

Industry Overview:

Psychiatry is the field of medicine and science that relates to dealing with mental disorders. It deals with problems related to mental health by analyzing them, diagnosing them, and trying to find cures for them. It involves all forms of therapy and medication as and when necessary. The telepsychiatry solutions as the name suggest deal with psychiatry but with the aid of different telecommunication devices. It is also often referred to as tele mental health. The therapy services can be offered virtually in the form of telephonic conversations, over a video call, or through text whenever necessary. There are several solutions for the same but the in-home telepsychiatry market is the most popular option. People can receive help over the phone from the comfort of their own homes. This is very viable for people who find it difficult to spare time out of their days to physically visit a therapist. It is also beneficial for people who prefer talking over the phone to in-person visits, as the comfort of their homes feels safer.

COVID-19 Impact on the In-Home Telepsychiatry Solutions Market:

The COVID-19 pandemic, which resulted because of the coronavirus, took the world by storm very quickly. It was an extremely infectious and contagious virus. To prevent its spread, governments all across the globe, imposed lockdowns across national and international borders and some even imposed a curfew after sundown. During the early stages people were only allowed to go out for essentials and gatherings of all kinds were to be stopped. This took a major toll on the mental health of thousands of people. Humans require connection as a means to operate in a healthy manner which was more or less taken away. Because of this, the in-home telepsychiatry solutions market observed a major boom. Several people saw their loved ones die from a distance which caused severe damage to their emotional and psychological health. Because of this, therapy became a sort of essential practice for a lot of people to push through the pandemic. The in-home telepsychiatry solutions became a means for a lot of people which helped the market. In the future, because of the rising awareness and modern working practices, the market is estimated to grow even further.

Market Drivers:

The increase in awareness of mental health disorders is poised to drive the market growth for In-Home Telepsychiatry Solutions:

In recent times, a greater number of people have been suffering from mental health disorders. A lot of organizations attribute this rise to the constant exposure to the internet and everything it has to offer. This has helped the in-home telepsychiatry market grow. Beyond that, more and more people are becoming aware of mental health disorders. In several communities, talking about mental health or discussing mental disorders was considered taboo. But this has changed considerably in recent times. People are taking steps to voluntarily venture into therapy and are encouraging everyone around them to do the same. Various government initiatives are sparking up conversations regarding the importance of mental health. More people are coming to the realization that taking care of one’s own mental health is as important as taking care of their physical health, if not more. Because of this rise in awareness throughout the population, the in-home telepsychiatry market is estimated to show a boom.

The ease of accessing telepsychiatry solutions compared to traditional ways help to drive market growth:

The telepsychiatry solutions are majorly dependent on obtaining a trusted therapist. The professional that is chosen will be privy to the most vulnerable parts of an individual. Therefore, people are very concerned with choosing the right therapist. The in-home telepsychiatry solutions offer several different therapists that specialize in different mental health disorders like PTSD, anxiety, and more. This can ensure that a person finds the right match and someone that can help them grow. The telepsychiatry solutions are virtual, that is they can be done from the comfort of one’s home. People can choose their own timings and the schedule can be easily adjusted as the needs change. Several regions don’t have a variety of in-person therapists to offer owing to various different factors. Therefore, the ease of access that telepsychiatry solutions provide in various different forms is helping the growth of the market.

Market Restraints:

The In-Home Telepsychiatry Solutions Market's growth is being stifled by the expenses of accessing the solutions and competition from traditional sources:

For a lot of people across communities, the awareness about mental health is increasing. But despite this, they do not consider it an essential or a need. The in-home telepsychiatry solutions are relatively cheaper in most cases but people still hesitate to spend money towards the betterment of their mental health. More governmental help and initiatives can help solve this issue. On the other hand, many people are uncomfortable sharing their thoughts over a phone call. They prefer to see their psychiatrist or therapist face-to-face. They experience more comfort in this manner as it gives them a physical place to ground. However, several traditionalists believe that nothing can compete against in-person appointments. These factors are slowing down the expansion of the global in-home telepsychiatry solutions market.

IN-HOME TELEPSYCHIATRY SOLUTIONS MARKET REPORT COVERAGE:

Market Segments:

This research report on the global In-Home Telepsychiatry Solutions Market has been segmented based on age group, end user, and region.

In-Home Telepsychiatry Solutions Market- By Age Group

• Adult
• Pediatrics
• Adolescent
• Geriatrics

By age group, adults are estimated to hold the largest market share at about 60%. Thousands of adults went through severe trauma and distress during the pandemic which has resulted in many mental health issues. A US mental health organization stated that around 16 million adults in the US suffer from depression. This segment is also predicted to continue to grow during the forecast period of 2023-2030 and in the future as well.

In-Home Telepsychiatry Solutions Market- By End User

• Community Mental Health Centers
• Skilled Nursing Facilities
• Specialty Care Settings
• Homecare
• Others

Community mental health centers held about 1/3^rd of the total market share. This can be observed due to the absence of in-person professionals to provide personal help and it is also observed to be a cheaper option. Homecare is the fastest-growing segment as more and more people choose to receive care from the comfort of their own homes.

In-Home Telepsychiatry Solutions Market- By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

North America held the largest market share at about 40% of the total market value. This can be attributed to the increased exposure to smart devices, different technological developments, and post-pandemic mental health repercussions.

Asia-Pacific is estimated to be the fastest-growing market during the forecast period of 2023-2030. This can be owed to the rising awareness regarding mental health in people and the availability of a larger number of in-home telepsychiatry solutions.

Major Key Players in the Market

1. Advanced Telemed Services
2. American Telepsychiatrists
3. Iris Telehealth
4. MDLIVE Inc.
5. innovaTel Telepsychiatry
6. SOC Telemed
7. Encounter Telehealth, LLC
8. e-Psychiatry
9. InSight Telepsychiatry
10. Telemynd

Market Insights and Developments

• In June 2020, the Office of Information and Technology in the Veterans’ Association worked towards increasing the telepsychiatric care provided to veterans with the help of telecommunications and has helped about 5.2 million veterans in the process.
• In April 2021, Swedish digital health start-up Kry, ventured into the field of telehealth and telepsychiatry by offering services and software to patients and connecting them to over 6000 trained professionals.