Online Therapy Services Market Size to worth US$ 24.80 Billion by 2031, Coherent Market Insights

The Online Therapy Service Market is estimated to be valued at US$ 9.68 Bn in 2024 and is expected to exhibit a CAGR of 14.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics:

The online medical services market is mainly driven by the increasing prevalence of mental disorders across the world. According to the National Institute of Mental Health, 1 in 5 U.S. adults in any given year, stress, fear and uncertainty have led to a dramatic increase in mental health problems during the COVID-19 pandemic. In addition, the increased use of online media for health services Moreover, it also helps drive the growth of the online healthcare market.

Key Market Trends:

The rise of digital healthcare services is one of the key trends seen in the global online healthcare services market. Many healthcare organizations use digital platforms and advanced technology such as telehealth, telemedicine, AI and IoT to provide telehealth services to make treatment more affordable and accessible to people in remote areas.

In addition, increasing investments by market players in developing healthcare solutions advanced virtual doctors are another important trend.

For example, in 2021 Talkspace is raising more than $50 million to develop AI-powered virtual medical devices.

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Online Therapy Services Market Opportunity

Cognitive Behavioural Therapy

Cognitive behavioural therapy (CBT) will account for more than 35% of the global online therapy services market share by 2024. CBT focuses on changing thinking and behavioural patterns responsible for negative emotions and interactions, such as depression.

Depression anxiety eating disorders it is one of the most effective and widely used forms of therapy the flexibility and convenience of online CBT therapy app platforms has increased its popularity, especially among busy young people. The anonymity of online sessions also encourages many to seek widespread help but mental health problems are often stigmatized.

Video therapy section

Video therapy enables face-to-face consultations over the internet via secure video conferencing and will account for 25% of the online healthcare market by 2024. Video therapy provides a more personal experience than conversation sessions or physical therapy. Telephone being able to see facial expressions, body language, and nonverbal signals strengthens the therapeutic relationship between client and therapist. This form of therapy is gaining traction as internet speeds improve the smooth user experience. The use of video therapy has accelerated due to the COVID-19 pandemic due to the lockdown of personalized medicine.

Key Market Takeaways

The global online medical care market is expected to register a CAGR of 14.4% during the forecast period 2024-2031 due to increasing convenience and decreasing value of online mental health services.

The cognitive behavioural therapy segment is expected to occupy a prominent position depending on the type because it is widely accepted and effective in treating many mental health conditions.

On the basis that depression and anxiety together account for more than 50% of the market share due to their high prevalence.

By region, North America is expected to hold a dominant position over the forecast period, due to favourable reimbursement policies, tech-readiness and awareness regarding mental healthcare.

Competitor Insights:

MDLIVE.

Agiliti.

ReGain.

HopeQure.

PlushCare.

SOC Telemed.

Recent Developments in Online Therapy Service Market

Market Growth: The Market Size Increased from $9.57 Bn in 2023 to an estimated $12.05 Bn in 2024, with a compound annual growth rate of 25.9%. Factors like reduced mental health stigma, the adoption of telehealth, and smartphone accessibility contributed to this surge.

Technological Innovations: Providers began tailoring therapy for diverse needs, such as adolescent mental health, family therapy, and group therapy. Platforms like 7 cups introduced affordable options and volunteer driven emotional support.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.