News Classic

• 82% of Canadians worry the housing crisis is impacting our overall health and well-being
• 78% believe the inability to own a home is contributing to the wealth gap in Canada
• 66% of Gen Z Canadians have considered delaying starting a family because they can’t afford a suitable home

TORONTO, Nov. 12, 2024 (GLOBE NEWSWIRE) —  Habitat for Humanity Canada, the country’s only national affordable homeownership organization, has released its third annual Affordable Housing Survey, revealing Canadians’ attitudes towards the homeownership gap and the nation’s deepening housing crisis. The vast majority of Canadians (84%) now say that buying a home feels like a luxury and 88% of renters say the goal of owning a home in Canada has become out of reach.

This year’s survey looks at the broader implications of Canada’s housing crisis, including its impact on mental health and well-being, and a growing economic and generational divide:

• While most Canadians (58%) agree that the middle class still exists in Canada, the majority (82%) are worried the lack of affordable housing is contributing to shrinking the middle class.
• The majority of Canadians (74%) agree that communities are being fractured by a lack of appropriate housing for low- and middle-income people.
• Over half of Canadians (59%) worry about sacrificing other basic needs like food, living essentials, clothing, and education in order to afford their rent or mortgage payments.
• Four-in-ten believe the stress of not being able to buy a home is difficult for them to manage (41%).
• For those who do own a home, 39% believe that the cost of their mortgage is impacting their mental health and well-being.

Key Gen Z and Millennial survey findings:

• Two-thirds of Gen Z Canadians (66%) and almost half of Millennials (48%) have considered delaying starting a family because they can’t afford a suitable home.
• Four-in-ten Gen Z (44%) and Millennials (40%) say they have fewer job opportunities because they had to move to a more affordable area.
• Almost one-third of Canadian Millennials (29%) and Gen Z (25%) would consider relocating to another country to find affordable housing.
• Gen Z is more concerned than any generation with respect to saving enough money for a down payment on a home (73%).

At the same time, year-over-year, the findings continue to show that Canadians increasingly place high value on homeownership as the vast majority believe homeownership can create more stability in one’s life (87%), strengthen one’s financial future (86%), and lead to a better future for one’s children (81%).

“Canadians are sending a clear message: the housing crisis is no longer just about housing,” says Pedro Barata, President and CEO, Habitat for Humanity Canada. “This is particularly evident for young Canadians, who are rethinking or delaying major life decisions to achieve homeownership, signaling a deep and lasting impact on future generations and society as a whole.”

“Despite homeownership being out of reach for so many, Canadians continue to believe in its benefits. Homeownership can’t just be the privilege of the wealthy or lucky few,” adds Barata. “At Habitat we see the transformational change that happens when families own their own home, affordably. The security and peace of mind benefit their health, economic opportunities and investments in their community. It benefits all of us.”

During the next federal election, political parties will have to recognize that Canadians are clear on the need to tackle the housing crisis collaboratively, the survey reveals, with Canadians believing that solving the crisis should be a non-partisan issue (75%).

While Canadians are pessimistic about the federal government’s housing goals, they are clear on the need to provide a pathway for people to own their own home:

• Most Canadians (68%) think it is not likely that the federal government will achieve its housing goal of building 3.87 million new homes by 2031.
• When asked what actions governments should prioritize to tackle the housing crisis, Canadians favoured lowering fees and taxes for home buyers (64%), creating programs to encourage affordable homeownership (46%), and the conversion of unused space for housing (44%).

“Helping Canadians achieve affordable homeownership is crucial to tackling the housing crisis, and should be a public policy priority,” adds Barata. “Habitat is at the centre of meeting this housing challenge. By using the tools we have now and playing an active role in driving systemic changes, we’re bringing people together to build strong, inclusive communities based on everyone having an equal opportunity to own their own home should they choose.”

For more information on the survey, visit habitat.ca/en/news/2024housingsurvey. To learn more about Habitat Canada’s programs and advocacy, visit habitat.ca.

About the survey

Habitat for Humanity Canada commissioned Leger to survey 1510 Canadians, 18+, between August 22 and September 2, 2024, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, a probability sample of 1000 respondents would have a margin of error of ±2.5%, 19 times out of 20.

About Habitat for Humanity Canada

Founded in 1985, Habitat for Humanity Canada is a national charitable organization that brings communities together to help families build strength, stability and independence through affordable homeownership.

Habitat’s unique national affordable homeownership program allows eligible low- to moderate-income families to purchase a home at fair market value with an affordable mortgage. With the generous support of donors and volunteers, and working with 45 local Habitats in every province and territory, we provide a solid foundation for better, healthier lives.

Habitat for Humanity Canada is a member of Habitat for Humanity International, which was established in 1976 and has grown to become a leading global nonprofit working in more than 70 countries. For more information, please visit habitat.ca and follow on social @HabitatCanada.

About Leger
Leger is the largest Canadian-owned market research and analytics company, with more than 600 employees in eight Canadian and US offices. Leger has been working with prestigious clients since 1986.

Media contacts
Christina Vanin, The Edit PR: christina@theeditcanada.com, (416) 904-3086
Jennifer Fowler, Director, Communications, Habitat for Humanity Canada: jfowler@habitat.ca, (437) 317-8581

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Rockville, MD , Nov. 12, 2024 (GLOBE NEWSWIRE) — According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, revenue from the global airline market is estimated to touch a value of US$ 810.1 billion in 2024. The market is analyzed to expand at a noteworthy CAGR of 8.8% over the next ten years.

Due to developments in aviation technology, airlines are saving significant amount of money, especially on the creation of fuel-efficient aircraft and enhanced air traffic control systems. These improvements are reducing fuel use and streamlining flight operations, enabling airlines to offer tickets at lower prices. Aside from this, improved technology facilitates the addition of new routes and raises the standard of travel by enabling more accurate scheduling and reduced delays. Because of this, airlines are able to attract more passengers, which is contributing to the growth of the aviation sector.

The North American region is leading the market due to its well-established aviation sector. This is because there is a strong demand for domestic travel as well as the tourism sector. Because of the growth of low-cost carriers and the development of airport infrastructure, the market in East Asia is expanding at a notable growth rate.

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Key Takeaways from Market Study

• The global market for airlines is projected to touch a size of US$ 1723.91 billion by the end of 2034.
• The market in the North American region is analyzed to generate revenue of US$ 200.14 billion in 2024.
• East Asia is forecasted to touch a valuation of US$ 333.22 billion by the end of 2034.
• The domestic passenger transportation segment is evaluated to expand at 8% CAGR through 2034.
• The market for airlines in South Korea is forecasted to expand at 9% CAGR between 2024 and 2034.
• By major markets, the economy class travelers segment is estimated to generate revenue worth US$ 619.39 billion in 2024.

“By using modern revenue management systems to adjust ticket prices in response to demand, booking patterns, and market conditions, prominent airlines are implementing dynamic pricing strategies,” says a Fact.MR analyst

Leading Players Driving Innovation in the Airline Market

Key players in the airline industry are American Airlines, Delta Air Lines, MN Airlines, Emirates, Lufthansa, Air France-KLM, British Airways, Qatar Airways, Singapore Airlines, Qantas, Turkish Airlines, Malaysia Airlines, IndiGo, Globe Air Cargo.

Prominence of Economy Class Travelers in Revenue Generation

The economy class travelers segment holds a significant market share due to the lower cost and greater accessibility of economy class tickets compared to business class, a high number of passengers including both business and leisure travelers on a tight budget continue to use these flights. The availability of low-cost carriers is also expanding, which is contributing to both the demand for and accessibility of air travel.

The policies around business travel are also evolving, as more companies encourage their employees to take economy flights to save money. Because of the increasing in-flight entertainment and seating, along with other improved services, economy class is becoming a more alluring option for travelers.

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Airline Industry News:

• Turkiye’s flag carrier, Turkish Airlines (TK), plans to launch its Sydney (SYD) service in October 2024. The inaugural Istanbul (IST)-Kuala Lumpur (KUL)-Sydney flight is scheduled to depart one week early on November 28, 2024.
• Improved connectivity between Malaysia and India is the goal of a strategic partnership between IndiGo and Malaysia Airlines that was established in October 2024 through a new codeshare agreement. Through this partnership, airline operations in both regions will be reinforced and passenger horizons will be enlarged.
• Globe Air Cargo, a part of ECS Group, established a strategic partnership with Air Serbia, the national airline of Serbia, in October 2024 to enhance cargo operations across the United States.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the airline market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product and service (domestic passenger transportation, international passenger transportation, cargo transportation) and major market (economy class travelers, business and first class travelers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR:

Motorcycle Filter Market: Size is forecasted to expand at a CAGR of 5.1% to reach a valuation of US$ 6.36 billion by the end of 2034.

Tire Pressure Sensor and Airbag Sensor Market: Size is expected to grow at a compound annual growth rate (CAGR) of 6.7%, from a 2024 valuation of US$ 5.56 billion to a 2034 valuation of US$ 10.63 billion.

Automotive Battery Market: Size is expected to grow at a compound annual growth rate (CAGR) of 6.1%, from a 2024 valuation of US$52.71 billion to a 2034 valuation of US$95.29 billion.

Two Wheeler Accessory Market: Size is set to reach a valuation of US$ 40.64 billion in 2024 and further expand at a CAGR of 5.1% to end up at US$ 66.83 billion by the year 2034.

Recreational Vehicle Market: Size is estimated to be valued at US$ 50.33 billion in 2024 and is forecasted to expand at a CAGR of 4.3% to reach US$ 76.68 billion by 2034.

Motorized Quadricycle Market: Size is set to reach US$ 1.21 billion in 2024 and expand at a CAGR of 14.7% to end up at US$ 4.76 billion by the end of 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

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Delray Beach, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) — The Zero Trust Architecture Market size is projected to grow from USD 17.3 billion in 2023 to USD 38.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period, according to a new report by MarketsandMarkets™. The shift towards zero trust architecture has gained momentum due to the amalgamation of digital transformation and widespread cloud adoption. This transformation creates intricate IT landscapes with increased attack surfaces, necessitating robust security. Moreover, regulatory compliance pushes organizations to adopt zero trust principles, aligning with standards like GDPR and HIPAA. This approach mitigates data breach risks and simplifies compliance during audits.

Browse in-depth TOC on “Zero Trust Architecture Market“

331 – Tables
47 – Figures
287 – Pages

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Zero Trust Architecture Market Dynamics:

Drivers:

• Evolution of cyber threats spurs growth of robust network segmentation
• Digital transformation and cloud adoption drive zero trust architecture demand
• Rising emphasis on regulatory compliance driving adoption of zero trust architecture
• Shift from perimeter security to embrace zero trust architecture drives market

Restraints:

• Legacy systems impact zero trust adoption
• Complexity and cost of implementation

Opportunities:

• Growth in IoT adoption creates opportunities for zero trust architecture
• Expanding opportunities in zero trust architecture and services
• MSS demand drives zero trust architecture growth opportunity

List of Key Companies in Zero Trust Architecture Market:

• Palo Alto Networks (US)
• VMware (US)
• Zscaler (US)
• Akamai (US)
• Microsoft (US)
• Cisco (US)
• IBM (US)
• Citrix (US)
• Check Point (US)
• Trellix (US)

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Additionally, conversion from traditional perimeter security models to zero trust provides more effective protection in today’s evolving digital landscape. Zero trust architecture based on continuous authentication, micro-segmentation, and behavior-based threat detection addresses the limitations of legacy security paradigms. It offers enhanced security, greater flexibility, and streamlined compliance efforts. As cyber threats evolve, robust network segmentation, mainly through micro-segmentation, proves crucial in isolating critical data and limiting the impact of potential breaches. Consequently, zero trust architecture has emerged as a vital solution for organizations seeking comprehensive security and compliance in the face of evolving cyber threats.

Trend: Artificial Intelligence and Machine Learning

The artificial intelligence and machine learning trend in the zero trust architecture market involves automating critical tasks such as user and device profiling, real-time threat detection and response, and consistent policy enforcement. These technologies enhance security by analyzing behavior, minimizing breaches, and reducing human error, ensuring uniform security controls.

Trend: Cloud-native zero trust

Cloud-native zero trust in the zero trust architecture market is gaining traction due to the rising adoption of cloud computing, increasing cyberattack sophistication, and compliance requirements. This security approach, designed for cloud environments, enforces the least privilege, leveraging technologies like micro-segmentation, encryption, and continuous authentication to safeguard cloud assets, addressing organizations’ evolving security challenges.

Trend: IAM

IAM trend within the zero trust architecture market emphasizes a user-centric approach to security, shifting focus from devices to users. It relies on risk-based authentication to assess access requests based on factors like user identity and device. Furthermore, integrating cloud-based IAM solutions is growing, providing scalability and cost-efficiency, ensuring a seamless user experience in the zero trust framework.

By offering, the services segment accounts for the highest CAGR during the forecast period

The rapid growth of services in the zero trust architecture market can be attributed to the increasing demand for enhanced security in a highly interconnected digital landscape. The complexity of zero trust architecture implementations has necessitated the involvement of managed security service providers (MSSPs), as zero trust architecture solutions require a deep understanding of security principles and technologies. Many organizations lack the in-house expertise necessary for effective zero trust architecture implementation and management, driving them to seek assistance from MSPs. These providers offer numerous advantages, including specialized knowledge, scalability, and cost savings, enabling organizations to implement and manage zero trust architecture solutions more efficiently and securely.

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By deployment mode, the cloud segment accounts for a larger market share.

The dominance of cloud-deployed solutions in the zero trust architecture market can be attributed to several key factors, such as the maturity of cloud computing environments in numerous organizations, which is a significant driver. Cloud-based zero trust solutions can quickly scale to meet the changing needs of an organization. As businesses grow or adapt to new challenges, cloud deployments can rapidly expand or adjust without significant upfront investments in hardware or infrastructure. The rise of remote work and the need for secure access from anywhere has made cloud deployments an attractive option. With cloud-based zero trust solutions, employees can access resources securely from various locations, making it well-suited for today’s distributed workforces.

Opportunity: Rising IoT adoption drives zero-trust architecture for enhanced security.

The widespread adoption of IoT devices across industries fuels a surge in IoT traffic, amplifying the threat landscape for cyberattacks. Organizations dealing with sensitive data are turning to the zero-trust architecture to counter these challenges. It empowers security professionals with enhanced visibility, monitoring network traffic, user access, and application usage. The sheer volume of IoT-generated queries and diverse user access locations can overwhelm manual security efforts. Zero trust architecture thoroughly inspects all network traffic, effectively identifying malicious activities and ensuring robust security. Industries like BFSI, healthcare, and government sectors are integrating this approach to enforce strict security policies and monitor user IoT device activities with predictive analytics. This growing demand for robust security in an interconnected IoT-driven world presents significant growth opportunities for established and emerging players in the zero-trust architecture market.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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Rockville, MD, Nov. 12, 2024 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global Cryoglobulinemic vasculitis market is estimated to reach a valuation of US$ 477.2 million in 2024 and is expected to grow at a CAGR of 6.9% during the forecast period of (2024 to 2034).

The global cryoglobulinemic vasculitis (CV) market is primed for transformational growth due to innovative therapies, strategic collaborations, and enhanced comprehension of the complicated nature of the disease. Cryoglobulinemic vasculitis is a rare disease where small blood vessels are involved with chronic or acute inflammation. It is an immune complex-mediated rare disease with systemic symptoms if not treated at early stages causes skin ulcers, neuropathy, and kidney impairment. Indeed, the management of CryoVas has just recently started to include targeted biologics and is considerably improving outcomes for patients. This will continue to alter market dynamics in the coming years.

The big pharmaceutical manufacturers have focused more on biologic innovations addressing unmet CryoVas needs in the past two years. Roche is a global leader, with its monoclonal antibody Rituxan, which already gave consistent efficiency in the treatment of serious cases of CryoVas resistant to antiviral therapy for hepatitis C-related vasculitis. For instance, according to one clinical trial from 2023, long-term success with rituximab is underlined in flare-up reduction and improvement of the quality of life among the patients. Amgen is gearing up to seek similar therapies in CryoVas treatment as part of its larger immunology portfolio.

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Further, drivers of market growth include unmet needs and extension of market reach. Several factors have interplayed to contribute to the growth of the CryoVas market, with chief contributions from a rise in cases of autoimmune diseases globally and increased prevalence in hepatitis C cryoglobulinemia, which is a key driver for CryoVas incidence. New drug development, especially transition in the area of biologic therapies and Immunomodulators has given personalized treatments to patients which were not available in the past.

This has been further fuelled by increasing investments in research and growing awareness among healthcare providers. Biopharmaceutical companies are continuously seeking strategic partnerships with institutions engaged in research as part of their bid to identify new mechanisms and pathways in CryoVas. This aims at ensuring accelerated drug discovery, particularly for refractory and severe CryoVas conditions that have been notoriously very difficult to treat conventionally.

One such example of this is the collaboration of GlaxoSmithKline with academic institutions in researching new biologic agents for small-vessel vasculitis. Although this alliance is still in its infancy, it is expected to return promising new therapies before the year 2025 and give hope to patients who do not respond to current treatments associated with the disease process.

Key Takeaways from the Market Study

• The global cryoglobulinemic vasculitis market is projected to grow at 9% CAGR and reach US$ 930.1 million by 2034
• The market created an Incremental $ opportunity of US$ 46.3 million growing at a CAGR of 8% between 2019 to 2023
• North America is a prominent region that is estimated to hold a market share of 1% in 2024
• Predominating market players include GlaxoSmithKline and Amgen.
• Mixed cryoglobulinemia (type II & type III) under type segment are estimated to grow at a CAGR of 2% creating an incremental $ opportunity of US$ 274.2 million between 2024 and 2034

“Strategic Alliances and Technological Advancements will Attract Global Leaders and Laggards to Invest in Research and Development Activities to Overcome Diseases Burden in Developing Regions,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Cryoglobulinemic Vasculitis Market:

Key industry participants like Teva Pharmaceutical Industries Ltd.; GlaxoSmithKline plc; Emcure Pharmaceuticals; Apotex Inc.; Pfizer Inc.; Novartis AG; Biogen Inc.; Roche Holding AG; Mylan N.V.; Hikma Pharmaceuticals PLC; Aspen Biopharma Labs Pvt Ltd; Stason Pharmaceuticals; Zhejiang Xianju Pharmaceutical Co., Ltd., etc. are driving the cryoglobulinemic vasculitis industry.

Market Development

Besides the treatment modalities, technological advancements are also improving diagnostic tools. Early and accurate diagnosis of CryoVas is important for better patient outcomes; these advanced healthcare infrastructures are providing clinicians with unprecedented capabilities to diagnose conditions earlier and more effectively. This in turn fosters the early initiation of targeted therapies necessary to prevent disease progression and reduce the risk of complications such as kidney failure.

The market of cryoglobulinemic vasculitis aims to tap the mentioned developments by targeting specific and measurable goals of growth in the next five years. These include reaching out to hitherto untouched regional markets, aggressively launching products into the market to enhance market share, and encouraging innovation through research and development.

The incidence of hepatitis C is high in developing regions like Asia-Pacific, the market is set to show considerable growth in these regions as hepatitis C is a key driver for CryoVas manifestation. Companies such as Amgen and Roche are actively seeking to increase their presence in these markets through local partnerships and regulatory approvals. The market is expected to introduce at least three new biologic therapies by 2028 to treat hepatitis C-associated and non-hepatitis C-associated CryoVas cases. As pharmaceutical companies continue to develop innovative products that undertake pre-clinical studies & clinical trials to provide effective alternatives to solutions in disease management is likely to lift the global market share in coming years.

Biopharmaceutical companies will continue to form strategic deals & agreements with research & academic institutions as well as biotechnology organizations to hasten the development of cutting-edge therapies. These partnerships will help fuel drug discovery and expedite the sufficient time for new treatments in the market.

• In September 2024, Amgen completes the acquisition of ChemoCentryx manufacturer of (TAVNEOS) avacopan. These strategies mark Amgen’s position in the autoimmune disease space, which hints at Amgen’s commitment to chase new indications for TAVNEOS, including potentially cryoglobulinemic vasculitis. Avacopan received FDA approval in October 2021 for ANCA-associated vasculitis, but plans for Amgen are to capitalize on this success and explore the use of avacopan in cryoglobulinemic vasculitis, given the similarity in autoimmune pathways.
• In June 2022, GlaxoSmithKline announced a strategic collaboration with academic institutions to study new biologic agents for autoimmune diseases as well as cryoglobulinemic vasculitis. These partnerships would come up with novel treatment solutions until 2025 to bridge an important gap in therapies for CryoVas.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global cryoglobulinemic vasculitis market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the by treatment type (antiviral medications, immunosuppressive drugs, biologic drugs, and plasmapheresis), by route of administration (oral and intravenous), by type (type I cryoglobulinemia and mixed cryoglobulinemia (type II & type III)), by age group (children, adults, and geriatric), by distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, and mail order pharmacies) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).

Check out More Related Studies Published by Fact.MR Research:

Anticoagulant reversal drugs market expects to reach US$ 4,601.22 Million by 2033 at a 15.0% CAGR.

Benzodiazepine drugs market is worth US$ 2.35 billion in 2022 and is forecasted to progress at a CAGR of 2.8% to reach a market size of US$ 3.1 billion by the end of 2032.

Ophthalmic drugs market is valued at US$ 38 billion in 2023 and is thus anticipated to reach US$ 72 billion by 2033-end.

Anti-cancer drugs market is projected to reach $198.96 billion in 2024, with a steady CAGR of 7.5% expected to drive growth, reaching $411.79 billion by 2034.

Psychedelic drug market is projected to reach $603.1 million in 2024, with an expected CAGR of 7%, reaching $1.18 billion by 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the global telepsychiatry market size is estimated to be valued at USD 9.58 billion in 2024 and is expected to surpass USD 34.25 billion by 2031, growing at a CAGR of 20% from 2024 to 2031.

The growth of the telepsychiatry market is majorly driven by the rising demand for telepsychiatry services and shortage of psychiatrists. Telepsychiatry addresses the shortage of mental health professionals in the remote areas. This provides virtual psychiatry consultations and care. It allows people in rural areas to access mental healthcare services. They no longer need to travel long distances for treatment.

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Telepsychiatry also reduces the stigma associated with visiting a psychiatrist in-person. This encourages more people to seek psychiatrist help virtually.

Market Trends:

Growth in Digitization of Healthcare Services: Increasing adoption of digital health technologies across the healthcare industry drives market growth. Various telehealth platforms offer integrated telepsychiatry solutions. These are aiding in improved access and delivery of mental health services.
Rise in Prevalence of Mental Disorders: Mental health issues such as depression, anxiety, schizophrenia etc. is rising globally.

Telepsychiatry Market Report Coverage

Market Opportunities:

The growing demand for virtual therapies and online consultation is a key opportunity in the telepsychiatry market. With advancements in technology, various telepsychiatry platforms now offer virtual therapies. It includes cognitive behavioral therapy and exposure therapies over video. This allows patients to receive evidence-based treatments from the comfort of their homes.

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Virtual therapies are gaining traction. These overcome geographical barriers and stigma related to in-person visits. The convenience and accessibility of virtual therapies are expected to increase their usage in the future. More people are likely to turn to these therapies as a result.

The rise of cloud-based telepsychiatry solutions is another major opportunity in this market. Cloud platforms allow healthcare providers to deliver mental healthcare services. These services are provided remotely through live video sessions. They offer benefits such as secure storage for patient health records and seamless file sharing between doctors and patients. Additionally, they provide flexible access and options for remote monitoring.

Several telepsychiatry vendors are focusing on developing advanced cloud-based platforms. It includes prescription management, billing and reimbursement support. This is expected to push the adoption of their solutions.

Key Market Takeaways:

The global telepsychiatry market is anticipated to witness a CAGR of 20% during the forecast period 2024-2031. This is owing to the growing acceptance of virtual care amidst healthcare digitalization.

On the basis of products, the in-home solutions segment is expected to hold a dominant position in 2024. This is owing to the increasing popularity of receiving mental healthcare services from home.
On the basis of age group, the adult segment is expected to hold a dominant position over the forecast period. This is due to the high prevalence of mental illnesses among adults.

By end user, the community mental health centers segment is expected to hold a dominant position. This is due to the rise in adoption of telepsychiatry solutions by these centers.

North America is expected to hold a dominant position over the forecast period. This is due to favorable reimbursement policies and growing awareness regarding mental health in the region.

Competitor Insights

– Teladoc Health
– American Well
– Doctor On Demand
– MDLive
– Amwell
– HealthTap

Recent Developments:

In June 2024, Wheel launched Horizon, an AI-powered telehealth solution. It is designed to provide patient care insights and ease provider burdens.

In March 2023, Royal Philips announced the launch of Philips Virtual Care Management. It is a comprehensive suite of solutions designed to help healthcare providers, players, and employers.

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Detailed Segmentation-

By Product:

• In-home solutions
• Forensic solutions
• Routine solutions
• Crisis solutions
• Others

By Age Group:

• Adult
• Pediatric and Adolescent
• Geriatric

By End User:

• Community Mental Health Centers
• Specialty Care Settings
• Skilled Nursing Facilities
• Homecare
• Others

By Regional: 

• North America
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

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