The global telepsychiatry market size was valued at USD 6,183.4 million in 2022 and is poised to grow at a significant CAGR of 17.6% during the forecast period 2023-29. Increased morbidity of mental health issues and the availability of smartphone and the internet is attracting the population to seek help for their mental illness in a private, one-to-one, comfortable environment and time, which is boosting the growth of the global telepsychiatry market. The global Telepsychiatry market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.  

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The global telepsychiatry market segmentation:
1) By Area of Use: Direct Patient Care, Consul-station, Training & Education, and Research
2) By Type: Synchronous and Asynchronous
3) Communication Mode: Telephone, Instant Messaging Chat Rooms, Video Conferencing, and Others
4) Type of Mental Illness: Depression, PTSD, Panic Disorder, Schizophrenia, Substance Abuse, and Others
5) End User: Hospitals, Psychiatry Clinics, Primary Health Centre, and Others

Many psychological and societal factors contribute to the reluctance of those with mental health disorders to seek assistance. Additionally, there is a rise in the number of PTSD patients who, by nature of their disorder, are unwilling to discuss their issues. Telepsychiatry is therefore emerging as the principal remedy for the social strain of mental health problems. The need for telepsychiatric services is growing quickly because of bringing the solution to private, face-to-face, and bedroom comfort zones. Additionally, following the pandemic, telepsychiatric services can reach their patients more readily than previously because of the accessibility of the internet and smartphones, which will increase the telepsychiatric market share in the anticipated time. Telepsychiatry service through video conferencing mode is more effective in treatment than the other from as video conference allows both the psychiatrist to see and talk with each other in the live call which makes understanding the problem easier for the psychiatrist. Thus, the Video conferencing segment is anticipated to hold a major share and shape the telepsychiatry market size.

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North America dominated the Telepsychiatry market, followed by Europe and the Asia-Pacific region. The high prevalence of mental health problems in the region and advantage of telepsychiatry in privacy question will attract the patients to seek help confidentially. In the busy schedule of modern society telepsychiatry services provide flexible timings and comfort zones. All these factors will boost the telepsychiatric market size in the forecast period in this region. Moreover, corporate companies are also taking note of the importance of mental health for the productivity of their employees which also extends the global telepsychiatric market in the forecast period.

The telepsychiatry market key players are InSight Telepsychiatry, TELEMYND, e-Psychiatry, Advanced Telemed Services, American Telepsychiatrists, Iris Telehealth, MDLIVE Inc., innovaTel Telepsychiatry, SOC Telemed, and Encounter Telehealth LLC.

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