The global telepsychiatry market value is projected to hit $18.11 billion by 2026, a 300 percent increase from its 2021 value of $6.02 billion, according to a report by The Business Research Co. made available through the Research and Markets site.
The virtual psychiatric care market is expected to be valued at $7.65 billion by the end of 2022, a 27.2 percent increase from the market’s value of $6.02 billion in 2021, the report said.
The main drivers of market growth are an increasing demand for mental health treatment and advances in technology that make telehealth services more accessible, according to the report.
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