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Opportunities to Offer a Variety of Telebehavioral Health Services Will Drive New Growth in Digital Health
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The latest report in the Frost & Sullivan's telehealth series finds that telemental health services and communications enablers are poised to increase in utilization because they offer a therapeutic environment similar to traditional in-person methods, minus the time and costs associated with traveling to a treatment site—assuming one is even available. Overall telemental health market revenue is expected to increase at a compound annual growth rate of 22.5% from 2016 to 2021. This report reviews the data that illustrates the magnitude of mental health and substance abuse issues prevalent across the United States coupled with the documented lack of nearby mental health professionals in many locations. The research shows examples of several ongoing programs that have made strides despite a variety of barriers, such as the lack of a standard reimbursement process across states, that must be overcome for these services to achieve their full potential.This report also covers a mix of pure-play telemental health specialists and telehealth companies that have extended their service to include telebehavioral health services, including InSight Telepsychiatry, American Well, Teladoc, MDLIVE , Vidyo, and WeCounsel.Major questions this report will answer include: • What are the latest trends impacting the telemental health space? • How is the telemental market segmented, and who are the major participants in each segment? • What combination of economic supply and demand factors and mental health condition and substance abuse prevalence statistics appear to make the wide-scale adoption of telemental health inevitable? • What are the competitive characteristics of the telemental health market, and who are some of the key vendors serving the market and the segments? • What is the 5-year revenue outlook for the market and the major segments?Frost & Sullivan found that telemental health services have the potential to become the most successful telehealth application within the next five years. The industry will benefit from the prevalence of mental health and behavioral issues. By 2021, telemental health services will gain recognition as a proven solution to the challenge faced by people who have little or no access to mental health professionals.
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