Report Predicts Significant Growth in Telepsychiatry Market
A recent report by Transparency Market Research predicted strong growth in the telepsychiatry sector in the near future. The report argued that Increased demand for mental health treatment combined with barriers to access and a shortage of skilled professionals would lead to an increase in the demand for telepsychiatry services in the coming years.
This is expected to drive the telepsychiatry market. The various advantages offered by the adoption of telepsychiatry such as improved continuity of care and follow-up, reduced delays in care, reduction in transportation barriers, and the ability to avoid long waiting times at hospitals, aid in the growth of the telepsychiatry market.
In addition, lack of skilled professionals with the ability to treat mental illness, changing regulatory scenario such as the inclusion of certain reimbursement codes for telepsychiatry by Medicare, would contribute to the growth of the telepsychiatry market, as it would facilitate accessibility between the patient and the psychiatrist. In addition, telepsychiatry provides immediate availability of psychiatric interventions and assessments, access to a range of experts, and reduction in the stigma associated with mental health treatment, which would aid in driving the market during the forecast period.
The report also predicts that North America will be the fastest-growing region in the telepsychiatry market:
North America contributed to the highest share of revenues in 2016 and the trend is anticipated to continue during the forecast period. The strong growth in the region can be attributed to the growing acceptance of technology in the healthcare sector, better healthcare settings, and the well-established healthcare infrastructure.