United States Virtual Mental Health Services Market by Component (Software and Services), by Disorder (Anxiety Disorder, Bipolar Disorders, Eating Disorder, Post-traumatic stress disorder (PSTD), Substance Abuse Disorder, and Others), by Age Group (Children & Adolescents, Adult, and Geriatric), End User (Patients, Payers, and Providers), and by Region and Competition, Forecast & Opportunities 2018

Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format

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United States Virtual Mental Health Services Market by Component (Software and Services), by Disorder (Anxiety Disorder, Bipolar Disorders, Eating Disorder, Post-traumatic stress disorder (PSTD), Substance Abuse Disorder, and Others), by Age Group (Children & Adolescents, Adult, and Geriatric), End User (Patients, Payers, and Providers), and by Region and Competition, Forecast & Opportunities 2018

Forecast Period2024-2028
Market Size (2022)USD 1.63 billion
CAGR (2023-2028)10.09%
Fastest Growing SegmentAnxiety Disorder
Largest MarketMid-West

Market Overview

Key Market Drivers

Technological Advancements is Driving the Demand of the Market

The use of advanced telehealth platforms with comprehensive security measures, encrypted communications, and HIPAA-compliant protocols allowed for confidential and secure video conferencing between mental health professionals and patients.

Increasing Mental Disorders Will Drive the Demand of the Market

Mental disorders, also known as mental illnesses or psychiatric disorders, refer to a wide range of conditions that affect a person's thoughts, emotions, behavior, and overall mental well-being. These disorders can significantly impact a person's ability to function in daily life and interact with others. Modern lifestyles often involve high levels of stress due to factors like work pressure, financial concerns, and social demands. Chronic stress can contribute to the development of mental health conditions.

Sedentary lifestyles, poor nutrition, and lack of exercise can impact physical health and contribute to mental health problems.

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COVID-19 Pandemic Has Increased the Need of the Market

The COVID-19 pandemic has had a profound impact on mental health, Lockdowns, social distancing, and quarantine measures aimed at curbing the spread of the virus led to increased feelings of isolation and loneliness, which can exacerbate mental health issues.

Key Market Challenges

Access and Equity

Access and equity are significant challenges in the United States virtual mental health services market.

Misdiagnosis and Treatment Limitations

Virtual interactions may not capture all nonverbal cues and body language that mental health professionals typically rely on during in-person sessions. This can affect their ability to fully understand the patient's emotions and experiences.

Privacy and Security Concerns

Mental health services in the U.S. are subject to the Health Insurance Portability and Accountability Act (HIPAA), which mandates strict privacy and security standards for patient health information. Virtual platforms need to adhere to these regulations to maintain patient confidentiality.

MIR Regional

Key Market Trends

Focus on Personalization

Focusing on personalization is indeed a trend in the United States virtual mental health services market. Personalization involves tailoring mental health services to the individual needs, preferences, and circumstances of each patient.

Segmental Insights

Component

In 2022, the United States Virtual Mental Health Services Market was dominated by the software segment and is predicted to continue expanding over the coming years. Furthermore, web-based software is becoming increasingly popular due to its ability to provide reliable information, as well as its increased productivity, ease of use, and affordability. Mental health services are now accessible to a wider range of people than ever before due to the emergence of user-friendly applications.

Disorder Type

In 2022, the United States Virtual Mental Health Services Market was dominated by the anxiety order segment and will probably expand in the forecasted years.

Age Group

In 2022, the United States Virtual Mental Health Services Market was dominated by the adult’s segment and will probably expand in the forecasted years.

End-Use Industry Insights

In 2022, the United States Virtual Mental Health Services market was dominated by patients’ segment and is predicted to continue expanding over the coming years.

Regional Insights

The Midwest region has established itself as the leader in the United States Virtual Mental Health Services market. The growth of the virtual mental health sector can be attributed to the improvement of virtual mental health tools, as well as the increasing public awareness of virtual mental health resources. Additionally, the growing prevalence of mental illness in the region can also be attributed to the increased need for virtual mental health services.

Recent Developments

  • In April 2023, Talkiatryhas partnered with New Jersey's largest health insurer to expand psychiatricservices to over 200 million insured lives in 43 markets. Talkiatry is one ofthe nation’s leading providers of in-network, quality psychiatric care.Talkiatry’s virtual mental health services are now available to HorizonHealthcare Services’ commercial members as Talkiatry continues its nationalexpansion to reach more patients with quality psychiatric care.
  • In 2022, The launch of anew behavioural health care clinic has been announced by Quartet Health, apremier provider of technology and services for mental health care. Faced witha nationwide crisis in mental health capacity, the clinic's goal is to bridgethe gaps in care and provide rapid access to quality behavioural healthcareservices for all, particularly for those suffering from moderate to severemental health conditions (SMI).
  • In 2021, Hims & Hershealth, Inc., the multidisciplinary telehealth platform dedicated to deliveringmodern, personalized health and wellness journeys to consumers, today announcedthe addition of individual online therapy to its existing mental health offerings.Designed to complement existing services, such as online psychiatry and freeeducational support groups, the new, individualized therapy offering addsconvenience, comfort and cost-saving to mental health services focused onpersonalization and accessibility.

Key Market Players

  • Mantra Health
  • Hims & Hers Health, Inc.
  • Doximity
  • 98point6 Inc.
  • Talkiatry
  • Talkspace Inc.
  • Quartet Health Inc.
  • Mindbloom Inc
  • Sesame Inc.

In this report, the United States Virtual Mental Health Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below

  • Virtual Mental Health Services Market, By Component
  • Virtual Mental Health Services Market, By Disorder Type

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  • Virtual Mental Health Services Market, By Age Group

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  • Virtual Mental Health Services Market, By End User

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  • Virtual Mental Health Services Market, By region

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