Authored By: Sarah
11 Jul 2024

 Online Therapy Services Market Size to grow by USD 16163.62 million between 2024-2028

According to a research report “ Online Therapy Services Market” by Type (Cognitive behavioral therapy, Psychodynamic therapy, Personal centered therapy) Application (Residential use, Commercial) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16163.62 million, at a CAGR of  28.09% during the forecast period. The surge in online services, including teletherapy, is driven by the proliferation of broadband connectivity. With the Internet's advantages becoming increasingly apparent, individuals are opting for digital solutions over traditional office visits. Online therapy services enable patients to consult healthcare professionals remotely, resulting in significant cost savings and time efficiency. According to the World Bank Group's latest data (as of December 22, 2021), the global number of mobile cellular subscriptions has risen from 8.335 billion in 2020 to 8.648 billion in 2021, further underscoring the growing trend towards digital services.

Browse market data tables, figures, and in-depth TOC on “Online Therapy Services Market” by Type (Cognitive behavioral therapy, Psychodynamic therapy, Personal centered therapy) Application (Residential use, Commercial) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Type, the Cognitive behavioral therapy segment is projected to dominate the market size in 2024

In the realm of online therapy services, residential offerings represent a specialized segment where patients engage in intensive, extended therapy sessions, ranging from six to twelve months. These services are delivered in a controlled environment that restricts interaction with the external world to facilitate uninterrupted recovery. The residential model incorporates an integrated wellness approach, offering detoxification programs and recreational activities such as exercise, sports, music, and art. The increasing demand for holistic recovery solutions, driven by a growing clientele with substantial disposable income, fuels the expansion of residential online therapy services. This trend is attracting investors to establish more centers catering to this niche market.

By Application, Residential use  segment is expected to hold the largest market size for the year 2024

The online therapy services market is experiencing significant growth, with cognitive behavioral therapy (CBT) being a leading segment. Traditionally, CBT has been an effective method for addressing various mental health concerns through evidence-based practices. However, the integration of digital platforms has expanded its reach, making it an accessible and efficient form of psychological support for individuals worldwide. CBT combines cognitive and behavioral approaches to help identify and modify negative thought patterns and behaviors that contribute to emotional distress. The convenience and flexibility of online CBT sessions enable patients to engage in therapy at their own pace and schedule.

North America is forecasted to hold the largest market size by region in 2024

The North American region dominated the global online therapy services market in 2022, holding the largest revenue share, driven by the presence of major market players in countries like the US and Canada. The region's market growth can be attributed to the increasing awareness of mental health services and the escalating substance abuse issues in the US. According to The World Bank Group (WBG), US healthcare expenditure surged by 9.7% in 2020, reaching USD4.1 trillion or USD12,530 per capita, signifying a significant investment in healthcare services, which is expected to fuel the demand for online therapy services during the forecast period.

The Online Therapy Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 7 Cups of Tea Co.
  • American Well Corp.
  • BreakThrough Counseling Services
  • Calmerry
  • CareMe Health
  • Cerebral Inc.
  • Doctor On Demand Inc.
  • DocVita Inc.
  • Felicity
  • Heart it out
  • Manastha
  • MDLIVE Inc.
  • Mind Voyage
  • ReGain
  • TALKSPACE INC
  • Teladoc Health Inc.
  • ThriveTalk
  • Thriveworks Counseling
  • HopeQure Wellness Solutions Pvt. Ltd.
  • Mental Fuel Inc.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Online Therapy Services Market has experienced significant growth in recent years, offering mental health resources for various conditions such as Anxiety and Depression. This market includes Digital Apps, Wearable Technology, Mobile Health Apps, and Telehealth Counseling, also known as Teletherapy. In-person treatment is no longer the only option for individuals seeking Mental Health Treatment. Certified therapists provide Phone Conversations and Online Chat sessions, making therapy more accessible and convenient. Telehealth counseling offers Person-centered Therapy, including Psychodynamic Therapy, Cognitive Behavioral Therapy, and other evidence-based approaches. Patient privacy is a priority, with secure platforms and encryption ensuring confidentiality. Smartphone features, such as Messaging Apps and Live Video Chat, enhance the therapeutic experience. Commercial Use of these services is on the rise, with Relationship Problems and other common issues being addressed. Qualified therapists are available to provide Mental Health Treatment through Mobile Device Apps, ensuring that clients receive effective care from the comfort of their own homes. The Online Counseling market continues to evolve, offering a more accessible and convenient alternative to Traditional In-person Therapy.

Market Research Overview

The Online Therapy Services Market has seen significant growth in recent years, particularly in the areas of suicide prevention programs, mental health resources for young people, and telehealth counseling. Hospitals and ambulatory centers now offer teletherapy and telehealth counseling as alternatives to in-person treatment for substance abuse disorders and relationship issues. Prescription medications and mental health resources are also available through digital apps, mobile health apps, and wearable technology. Certified therapists provide phone conversations, online chat, and video conferencing for personalized, person-centered therapy. Telehealth adoption has increased due to commercial use and the convenience of accessing mental health treatment from the comfort of one's own home. Free therapy apps, machine learning, and artificial intelligence-based chatbots offer affordable options for anxiety, depression, and other mental health disorders. Smartphones and messaging apps have become essential tools for real-time instant messaging and live video chat sessions. Family therapy, EMDR therapy, dialectical behavior therapy, and other traditional in-person therapies are also available online. Patient privacy is ensured through secure platforms and encryption. Telehealth services have become an essential part of mental health awareness and treatment, including residential use and video conferencing.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio