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.
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:
September 2020- OnCall Health raised USD 6 million in Series A funding, which will be used by the company for expanding its reach by build out software that enables healthcare brands, systems, and startups to launch and scale their telehealth operations.
July 2020- Mend VIP partnered with athenahealth’s Marketplace Program for the creation of an integrated application that can help solve patient access by reducing no-show & cancel rates.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are increasing prevalence of mental health disorders, and growing remote patient monitoring across the world.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
Ans: Absence of proper broadband services in lower economic regions is estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Valant, Mend VIP, Inc., OnCall LLC, Smoky Mountain Information Systems Inc., CMETRIC Inc., and others.
Ans: 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.
Ans: The market is segmented by type, application, and by region.
Ans: 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.