Virtual medical aid has been working wonders in offsetting limitations associated with physician consultation physically. As psychiatric conditions are volatile and render substantial emotional trauma upon patients, in recent times with technological milestones at a place, psychiatrists and patient counselors thoroughly depend on virtual means to deliver effective consultation to patients, in the comfort of their homes.
The trend is a commonplace practice across matured economies and is soon trickling down to developing nations as well, at the backdrop of improved mindfulness and favorable healthcare development initiatives by federal governments. The overall market value of global telepsychiatry market is estimated to be worth USD 6.38 million by 2025, surpassing its historical value of USD 1.65 million in 2028.
Asia Joins the League of Digital Health Services with Enormous Funding Aid
Countries in Asia are witnessing rampant funding, which in return is paving way for intense competition amongst healthcare providers, eying market dominance. A recently compiled research report by Galen Growth Asia concludes that Asia ranks second in digital healthcare system close behind the US. The report further affirms that Asia has in 2018, amassed a whopping USD 6.3 billion for integrating healthcare and digitization. Developments as such are ripe triggers for prompt adoption of telemedicine, thus manifesting growth in global telepsychiatry market.
Psychiatric conditions such as major depression is a mental disorder that affects normal activities of patients, thereby decreasing the quality of life. According to a recently conducted report, approximately 17 million US adults are patients of major depression.
Restructured Reimbursement Models to Supplement Prompt Adoption in Telepsychiatry
Further, according to WHO, an estimate of over 450 million people are victims of mental disorder, thereby compromising on holistic health and well-being. WHO further affirms the availability of accurate therapeutics for most of the conditions, but the crisis lies in lack of acceptance amongst patients and kin alike. Therefore, characterized by a stark gap in instances of mental disorders and their subsequent treatment, the global burden of mental health is on the rise.
On the back of surged episodes of mental disorders in the US, the Healthcare Financing Administration is contemplating restructuring of telemedicine execution models. The refurbished models are aimed at improving access and availability of therapeutics and attention.
Relaxing stringency in physical visits and consultation, besides improving holistic and timely attention. Additionally, the institution is also considering reimbursement policies to encourage digitized patient-psychiatrist interaction. Therefore, technology-based care and therapeutics models are likely to get the necessary boost, further reflecting mass scale adoption and concomitant growth in global telepsychiatry market.
Illinois Mandates New Bill for Advanced Telepsychiatry Assistance to Combat Opioid Abuse
Further, into advances in telepsychiatry, Illinois has recently mandated optimal remunerative policies for mental healthcare executed by telehealth. This vital step is expected to further encourage advances in improving mental healthcare, especially opioid cases. The bill is likely to not only ease the financial burden but is instrumental in encouraging acceptance of such conditions and subsequent therapeutics. This development will bring qualified clinical psychologists, social workers, certified nurses, and other mental health professionals on a common platform to render effective therapeutics in behavioral corrections and mental disorders, aided by connected technologies. These developments are poised to leverage million dollar growth in global telepsychiatry market in years to come.
Geriatric Instances of Mental Disorders Likely to Increase Reliance in Telepsychiatry
Geriatric wellbeing is strongly governed by not only their physical functionality but also their psychological state. Conditions such as sleeping disorders, depression, and anxiety are becoming very common amongst older adults. Several studies are underway to define a clear and workable treatment pattern to address such conditions. Several studies opine the capabilities of telehealth in addressing some of these conditions amongst senior citizens battling with critical mental illness. Mobility challenges rampant amongst older generation visibly reduce physical appointments with physicians. The condition has therefore paved the way for telepsychiatry amongst the geriatric population. Benefits surrounding telepsychiatry are ample such as easy and convenient access to consultations, effortless scheduling, appointment confirmation, and billing are just to name a few.
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