Global Online Therapy Services Market to Reach $9.62 Billion in 2023, Fueled by Technological Advancements and Increasing Demand for Convenient Mental Healthcare

DUBLIN, July 20, 2023 /PRNewswire/ -- The "Online Therapy Services Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This comprehensive report provides critical information for strategists, marketers, and senior management to assess the online therapy services market.

The market is projected to grow from $7.67 billion in 2022 to $9.62 billion in 2023, with a compound annual growth rate (CAGR) of 25.4%. Furthermore, the market is expected to reach $24.00 billion by 2027, exhibiting a CAGR of 25.7%.

Major players in the online therapy services market include TalkSpace, BetterHelp, MDLive, Calmerry, 7 Cup, Regain, Breakthrough, Doctor on Demand, Amwell, Pride Counseling, Cerebral, SOC Telemed, HopeQure, Teladoc Health, Online-Therapy.com, ThriveTalk, and Teen Counseling.

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Online therapy services provide expert mental health counseling over the internet through various channels such as live video chat, messaging apps, email, or phone calls. It offers a viable alternative to traditional in-person therapy, gaining popularity as a convenient and accessible method of receiving mental healthcare.

The main types of online therapy services include cognitive behavioral therapy, psychodynamic therapy, and person-centered therapy. Cognitive behavioral therapy (CBT) is a proven psychological treatment for various issues, including depression, anxiety disorders, substance use disorders, marital problems, eating disorders, and severe mental illnesses. These services utilize tools such as email, mobile apps, real-time messaging, telephone, and video conferencing, catering to residential and commercial applications.

Technological advancements play a pivotal role in the online therapy services market, with major companies focusing on developing innovative technologies to sustain their market position. Artificial intelligence-based chatbots, machine learning for mental therapies, and other advanced solutions are being introduced to enhance the efficacy of online therapy services.

For instance, Insight Healthcare, a UK-based non-profit corporation working on behalf of the National Health Service (NHS) for Improving Access to Psychological Therapies (IAPT) services, partnered with Limbic AI, a UK-based AI-powered therapy assistance provider. Through this collaboration, they launched an AI-powered therapy helper for carers, professionals, and patients. The AI referral tool automates the initial stages of assessment, saving therapist time and enabling faster access to appropriate care.

North America led the online therapy services market in 2022, while Asia-Pacific is expected to witness the fastest growth in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Key countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The increasing adoption of smartphones is a significant driver for the growth of the online therapy services market. Smartphone affordability, availability of quality devices, and internet penetration have led to a surge in smartphone adoption. Mobile health applications, including therapy apps, mood trackers, coaching programs, and connected monitors, enable users to manage anxiety, build resilience, and take control of their well-being. These applications can complement traditional counseling or be used independently, contributing to the market growth.

According to "UK mobile phone statistics 2022" by Uswitch Limited, there were 71.8 million mobile connections in the UK at the start of 2022, with a 3.8% increase from the previous year. The rising smartphone adoption is expected to continue, with approximately 65 million people (95% of the UK population) projected to own a smartphone by 2025. This increasing adoption of smartphones drives the growth of the online therapy services market.

The online therapy services market includes revenues earned by entities providing virtual dialectical behavior therapy, EMDR therapy, family therapy, and related services over the internet. The market value represents the revenues generated by service providers through sales, grants, or donations, including the value of related goods and services.

As the demand for convenient and accessible mental health services continues to rise, the online therapy services market presents significant opportunities for companies to leverage technological advancements and meet the evolving needs of individuals seeking mental healthcare.

Key Topics Covered:

1. Executive Summary

2. Online Therapy Services Market Characteristics

3. Online Therapy Services Market Trends And Strategies

4. Online Therapy Services Market - Macro Economic Scenario
4.1. COVID-19 Impact On Online Therapy Services Market
4.2. Ukraine-Russia War Impact On Online Therapy Services Market
4.3. Impact Of High Inflation On Online Therapy Services Market

5. Online Therapy Services Market Size And Growth
5.1. Global Online Therapy Services Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Online Therapy Services Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Online Therapy Services Market Segmentation
6.1. Global Online Therapy Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Cognitive Behavioral Therapy
• Psychodynamic Therapy
• Personal Centered Therapy

6.2. Global Online Therapy Services Market, Segmentation By Tool, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Email
• Mobile Device Apps
• Real-Time Instant Messaging
• Telephone
• Video Conferencing

6.3. Global Online Therapy Services Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Residential Use
• Commercial

7. Online Therapy Services Market Regional And Country Analysis
7.1. Global Online Therapy Services Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Online Therapy Services Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/3yrajv

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