Overview and Scope
Online therapy service is the supply of expert mental fitness counselling via the internet, generally via live video chat, messaging app, email, or over the cell phone. Online counselling is a viable alternative to traditional in-person therapy and is rapidly gaining favor as a method of receiving mental health care.
Sizing and Forecast
The online therapy services market size has grown exponentially in recent years. It will grow from $9.57 billion in 2023 to $12.05 billion in 2024 at a compound annual growth rate (CAGR) of 25.9%. The growth in the historic period can be attributed to increasing mental health awareness, reducing stigma associated with therapy, lifestyle and convenience factors, global events impacting mental health, expanding telehealth adoption.
The online therapy services market size is expected to see exponential growth in the next few years. It will grow to $31.03 billion in 2028 at a compound annual growth rate (CAGR) of 26.7%. The growth in the forecast period can be attributed to continued focus on mental health advocacy, integration with employer wellness programs, enhanced digital mental health platforms, global mental health challenges, government initiatives supporting mental health. Major trends in the forecast period include focus on specialized therapy areas, regulatory support and telehealth policies, digital therapeutics integration, evolving payment and reimbursement models.
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Segmentation & Regional Insights
The online therapy services market covered in this report is segmented –
1) By Type: Cognitive Behavioral Therapy, Psychodynamic Therapy, Personal Centered Therapy
2) By Tool: Email, Mobile Device Apps, Real-Time Instant Messaging, Telephone, Video Conferencing
3) By Application: Residential Use, Commercial
Asia-Pacific was the largest region in the online therapy services market in 2023. The regions covered in the online therapy services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing adoption of smartphones is expected to propel the growth of the online therapy service market going forward. The adoption of smartphones refers to the process of increasing the number of people who own and use smartphones. Smartphones or text messaging are used to deliver treatment for certain psychological conditions via wearable technology and digital apps such as mood trackers, coaching programs, and connected monitors, which help people successfully manage anxiety, build resilience, and become more in tune with their happiness. Mobile health applications can supplement existing treatments, such as counselling, or they can be used on their own as a less formal approach for users to take ownership of their well-being in blended healthcare, resulting in the growth of the online therapy services market. For instance, in September 2022, according to Uswitch Limited, a UK-based switching website, and pricing comparison service, there were 71.8 million mobile connections in the UK at the start of 2022 (4.2 million more than the UK population)—a 3.8% rise from 2021 (around 2.6 million). This is most likely because many persons will have more than one connection registered to them (i.e., personal and work phones). The UK population is expected to reach 68.3 million by 2025, with 95% (approximately 65 million people) owning a smartphone. Therefore, the increasing adoption of smartphones is driving the growth of the online therapy services market.
Key Industry Players
Major companies operating in the online therapy services market report are Telemental Health, Therapize, Teladoc Health, Babylon Health, BetterHelp, Cerebral Inc., American Well Corporation, Doctor on Demand, TalkSpace Inc., MDLive Inc., iCouch Inc., PlushCare, 7 Cups of Tea Co, MindBeacon, Pride Counseling, Tava Health, Larkr Laboratories Ltd., Wellin5 Innovations Inc., ThriveTalk, Virtue Health, HopeQure, Mental Fuel Inc., Regain, Breakthrough, Access TeleCare Inc., Online-Therapy.com, Teen Counseling, TherapyRoute.com, Mindspace, Telehealth Counseling Clinic, Happify Health, Kintsugi Mindful Wellness Inc., eTherapyPro, eMindful Inc
The online therapy services market report table of contents includes:
Executive Summary
Market Characteristics
Market Trends And Strategies
Impact Of COVID-19
Market Size And Growth
Segmentation
Regional And Country Analysis
……….
Competitive Landscape And Company Profiles
Key Mergers And Acquisitions
Future Outlook and Potential Analysis
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