Telepsychiatry Software Market size was over USD 9.37 billion in 2024 and is projected to reach USD 98.1 billion by 2037, growing at around 19.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of telepsychiatry software is assessed at USD 10.95 billion.
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.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
19.8% |
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Base Year Market Size (2024) |
USD 9.37 billion |
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Forecast Year Market Size (2037) |
USD 98.1 billion |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments
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By Type |
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By Application |
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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. Asia Pacific industry is poised to account for largest revenue share by 2037, impelled by 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.
North America Market Analysis
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.
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.
Author Credits: Abhishek Verma
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