LONDON, May 03, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the online therapy services market forecasts the global online therapy services market size to increase from $7.6 billion in 2022 to $9.6 billion in 2023 at a compound annual growth rate (CAGR) of 25.4%. Furthermore, the market is expected to grow to $24 billion in 2027 at a CAGR of 25.7%. Asia-Pacific was the largest region in the online therapy services industry in 2022.
The increasing adoption of smartphones is a major factor propelling the growth of the online therapy services market. Smartphones are becoming increasingly affordable and accessible, which is driving internet penetration and enabling the delivery of psychological treatment via digital apps and wearable technology such as mood trackers and coaching programs.
Mobile health applications are complementing traditional treatments or being used independently by users who want to take ownership of their well-being. The UK, for instance, had 71.8 million mobile connections at the beginning of 2022, which is expected to increase to approximately 65 million people (95% of the population) by 2025.
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Technological advancements are the key trend in the online therapy services market. Online therapy services companies like TalkSpace, BetterHelp, MDLive, Calmerry, 7 Cup, Regain, Breakthrough and Doctor on Demand are developing innovative technologies such as artificial intelligence-based chatbots and machine learning for mental therapies.
For instance, Insight Healthcare partnered with Limbic AI to launch an AI-powered therapy helper that automates the early stages of treatment and saves therapist time. In another example, Wellin5 Innovations Inc. acquired Therachat to broaden its mental health expertise, provide a centralised platform for clients and counsellors, and offer a library of mobile health tools.
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The global online therapy services market is segmented as -
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
This online therapy services market report provides an overview of the industry, highlighting the market's growth potential driven by the increasing adoption of smartphones, technological advancements, and the growing demand for mental health services. As technology advances and more people seek online therapy services, the report highlights key strategies that players can adopt to sustain their positions in the market.
Online Therapy Services Global Market Report 2023 by The Business Research Company provides insights on the online therapy services market size, online therapy services market segments, online therapy services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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