Telepsychiatry Market: Current Analysis and Forecast (2021-2027)
The telepsychiatry market is expected to register a CAGR of approx. 19% over the period of 2022-2028. Telemedicine is defined as the process of providing healthcare services via technology, primarily through videoconferencing. Telepsychiatry is a branch of telemedicine that provides a wide range of mental health services, including therapies such as individual, family, and group therapy, as well as medication management, psychiatric evaluations, and patient education. Telepsychiatry entails either direct communication between the psychiatrist and the patient or the psychiatrist assisting primary care providers who are trained in mental health. The growing demand for telepsychiatry can be attributed to an increase in the prevalence of mental diseases such as anxiety and depression across the globe. For instance, in 2020, according to World Health Organization (WHO), in September 2021, depression is a common illness worldwide, with an estimated 3.8% of the population affected, including 5.0% among adults and 5.7% among adults older than 60 years and approximately 280 million people in the world have depression. Owing to these glaring statistics changes in lifestyle and excess work pressure, there is an increase in the demand for telepsychiatry which would contribute to the growth of the market in the forthcoming period as well. Furthermore, the telepsychiatry market is anticipated to grow on account of the increasing remote patient monitoring and the adoption of telemedicine. However, some of the restraints in the market including the high cost of expert consultation are impeding the growth of this market all over the world.
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