Global Telepsychiatry Software Market Highlights Over 2022 - 2031
The global telepsychiatry software market is estimated to garner a substantial revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the increasing prevalence of mental health disorders, such as anxiety, depression and drug use. According to the World Economic Forum, about 275 million people in the world suffer from anxiety disorders. Around 62% of those suffering from anxiety are females (170 million), compared with 105 million male sufferers.
Along with this, growing remote patient monitoring across the world, and rising technological developments associated with offering telepsychiatry solutions are also expected to drive market growth in the upcoming years. Furthermore, escalating healthcare expenditure, especially in developed and developing nations, and surging usage of artificial intelligence (AI) and analytics in digital health systems are projected to offer ample growth opportunities to the market in the near future.
The market is segmented by application into private practice, long-term care facilities, and emergency rooms, out of which, the private practice segment is anticipated to hold the largest share in the global telepsychiatry software market. This can be accounted largely to the growing emphasis of patients to receive psychiatric care at their own location. Apart from this, this software is widely being used by medical professionals to provide mental health specialty care to remote areas, which is also predicted to boost the market segment growth in the future. Additionally, on the basis of type, the real-time communication telepsychiatry software segment is assessed to acquire the largest share during the forecast period owing to the rising usage of video calls for consultation as a result of their high convenience and affordability. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Telepsychiatry Software Market Regional Synopsis
Regionally, the global telepsychiatry software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing healthcare IT spending, and increasing number of initiatives to spread awareness about mental health issues in the region. In 2020, the health spending in China reached a value of approximately USD 1,200 billion, up from USD 990 billion in 2019 and USD 900 billion in 2018 respectively.
Moreover, the market in North America is expected to grab the largest share during the forecast period owing to the high rate of deployment of advanced healthcare technologies in the region. In addition, increasing adoption of home care by patients, and rise in penetration of smartphones are also projected to fuel the market growth in the region in the coming years.
The global telepsychiatry software market is further classified on the basis of region as follows:
Our in-depth analysis of the global telepsychiatry software market includes the following segments:
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FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of mental health disorders, and growing remote patient monitoring across the world.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Valant, Mend VIP, Inc., OnCall LLC, Smoky Mountain Information Systems Inc., CMETRIC Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The private practice segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Absence of proper broadband services in lower economic regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing healthcare IT spending, and increasing number of initiatives to spread awareness about mental health issues in the region.
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