Online Therapy Services Market to Grow by USD 16.16 Billion (2024-2028) as Smartphone Adoption and Online Service Demand Rise; AI’s Impact on Market Trends Report – Technavio

NEW YORK, Oct. 30, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global online therapy services market  size is estimated to grow by USD 16.16 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  28.09%  during the forecast period. Adoption of smartphones coupled with increased preference for online services is driving market growth, with a trend towards growing popularity of online health services. However, privacy concerns related to patient mental health issues  poses a challenge.Key market players include 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., and Mental Fuel Inc..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Key Market Trends Fueling Growth

Online therapy services refer to the utilization of telecommunications technology for delivering mental health support and care remotely. This includes live video chats, messaging apps, cell phones, and various digital platforms like cognitive behavioral therapy apps, real-time instant messaging, telephone, and video conferencing. These services expand access to mental health treatment for individuals in remote areas or those unable to attend in-person sessions due to health issues or mobility problems. Additionally, teletherapy enables providers to support patients between visits and offers various mental health resources such as artificial intelligence-based chatbots, machine learning, and free therapy apps. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

•         The global online therapy services market faces limitations due to privacy concerns surrounding patient data collection. Active services, such as mood diaries and symptom assessments, necessitate direct patient input. Passive services can access information via smartphone features like GPS, potentially invading privacy. These concerns may hinder market growth during the forecast period, impacting various mental health treatments, including AI-based chatbots, machine learning, dialectical behavior therapy, EMDR therapy, family therapy, and online counseling. Smartphones, mobile health apps, wearable technology, and digital apps are also affected. Privacy concerns may deter young people from utilizing online therapy services for issues like depression, anxiety, relationship problems, substance abuse disorders, and suicide prevention programs.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This online therapy services market report extensively covers market segmentation by

1. Type 

• 1.1 Cognitive behavioral therapy
• 1.2 Psychodynamic therapy
• 1.3 Personal centered therapy

Application 

• 2.1 Residential use
• 2.2 Commercial

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Cognitive behavioral therapy-  The online therapy services market is experiencing significant growth, particularly in the segment of Cognitive Behavioral Therapy (CBT). This segment caters to various mental health issues, including substance abuse disorders and prescription medications misuse. CBT’s digital transformation allows accessibility to ambulatory centers, hospitals, and young people, making it an essential component of suicide prevention programs. Online CBT services offer flexibility through live video chat, messaging apps, and cell phones, enabling real-time instant messaging and telephone sessions. Traditional in-person therapy contrasts with this convenience, but CBT’s effectiveness lies in its ability to identify and modify negative thought processes and behaviors. Telehealth adoption in mental health treatment has led to the emergence of mobile device apps, artificial intelligence-based chatbots, and machine learning applications. Free therapy apps, Dialectical behavior therapy, EMDR therapy, family therapy, and qualified therapists are also available online. Patient privacy is ensured through secure platforms, making online counseling an increasingly popular choice for mental health treatment.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Online Therapy Services Market encompasses various digital platforms, including live video chat and messaging apps, that offer mental health treatment through teletherapy and telehealth counseling. These services provide access to qualified therapists offering cognitive behavioral therapy, psychodynamic therapy, and person-centered therapy. Mobile device apps, mental health resources, and wearable technology are integral components of this market, enabling online chat, phone conversations, and commercial use. Patient privacy is ensured through advanced security features and encryption. The market caters to individuals seeking treatment for relationship problems, depression, and anxiety, offering an alternative to traditional in-person therapy. Certified therapists deliver effective treatment through these digital channels, making mental health resources more accessible and convenient for a wider population.

Market Research Overview

The Online Therapy Services Market encompasses various mental health and wellness solutions delivered via digital platforms. These services include teletherapy, online counseling, chatbots, and mental health apps. The market is driven by the increasing prevalence of mental health issues, growing awareness of mental health, and the convenience and accessibility of online therapy. Technologies such as artificial intelligence and machine learning are also playing a significant role in enhancing the effectiveness and personalization of online therapy services. The market is expected to grow substantially in the coming years due to these factors. Additionally, the COVID-19 pandemic has accelerated the adoption of online therapy services as people look for alternative ways to access mental health care while practicing social distancing.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Type
• Cognitive Behavioral Therapy
• Psychodynamic Therapy
• Personal Centered Therapy
• Application
• Residential Use
• Commercial
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

SOURCE Technavio

Go to Source