Online Therapy Services Market to hit $24.80 billion by 2031, growing at a CAGR of 14.4%, says Coherent Market Insights
Global online therapy services market is estimated to be valued at USD 9.68 Bn in 2024 and is expected to reach USD 24.80 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.4% from 2024 to 2031
Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global Online Therapy Services Market Size to Grow from USD 9.68 Billion in 2024 to USD 24.80 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 14.4% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Growing cultural acceptance has encouraged more people to opt for therapy through various modes including online therapy without fear of social judgement. The rising cultural acceptance of therapy is a prominent driver propelling the online therapy services industry.
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Market Dynamics:
The growth of the online therapy services market is driven by increasing prevalence of mental health issues such as depression, anxiety, bipolar disorder, eating disorders, etc. owing to changing lifestyle and stressful living and work conditions. According to National Alliance on Mental Illness (NAMI), 1 in 5 U.S. adults experience mental illness in a given year. Further, rise in adoption of digital health solutions and telehealth due to ease of access and convenience is another major factor fueling the market growth.
Online Therapy Services Market Report
| Report Coverage | Details |
| Market Revenue in 2024 | $9.68 billion |
| Estimated Value by 2031 | $24.80 billion |
| Growth Rate | Poised to grow at a CAGR of 14.4% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Conditions, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising prevalence of mental health issues • Growing acceptance of virtual healthcare services |
| Restraints & Challenges | • Privacy and security concerns • Lack of personal connect with therapists |
Market Trends:
The trend of accepting online counseling sessions is growing owing to benefits such as flexibility, affordability and anonymity associated with them. This helps in overcoming barriers such as lack of time, transportation issues and social stigma associated with physical visits to therapists. According to a survey, 45% of the millennials prefer online counseling over in-person sessions.
Utilization of smart devices such as smartphones, tablets, smartwatches etc. for online therapy sessions is gaining prominence. Therapists are leveraging these devices for video conferencing, filling assessment forms, monitoring progress through sensors, prescribing exercises etc. This enhances convenience and creates an engaging experience for clients.
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Psychodynamic therapy constitutes around 35% of the overall online therapy services market share. It focuses on recognizing unresolved psychological conflicts stemming from childhood through the analysis of transference and countertransference within the relationship created between therapist and client. The growing demand for deep introspection and resolution of lingering childhood issues is expected to drive the growth of this therapy type in the foreseeable future.
Depression management accounts for roughly 30% of the total online therapy market volume. With increasing depression rates worldwide owing to prolonged isolation during the pandemic and growing loneliness and social disconnection, managing depression remotely through online sessions has gained significant traction in the past few years. This has further elevated the need for accessible and effective depression care solutions like online therapy.
Key Market Takeaways:
The online therapy services market is anticipated to witness a CAGR of 14.4% during the forecast period 2024-2031, owing to the growing preference for discreet and flexible mental healthcare.
On the basis of type, psychodynamic therapy segment is expected to hold a dominant position, owing to its focus on resolving childhood psychological issues.
On the basis of conditions, depression segment is expected to hold the major share in the market due to high depression prevalence worldwide. By end user, hospital & clinics segment is dominating due to increased adoption of telehealth practices.
On the basis of region, North America is expected to hold a dominant position over the forecast period, owing to growing mental health awareness and favourable reimbursement schemes for telehealth services in the region.
Key players operating in the online therapy services market include 7 Cups of Tea, BetterHelp, Talkspace, Doctor on Demand, Cerebral Inc., Calmerry, ReGain, MDLIVE, American Well Corp., HopeQue, BreakThroughCounseling Services, CareMe Health, SOC Telemed, TherapyAid, and PlushCare. Strategic collaborations are anticipated to help these players in strengthening their market presence.
Online Therapy Services Industry News
In July 2024, Uwill, a company offers telehealth and wellness support to students over 100 colleges.
In September 2022, TalktoAngel, expanded its B2C and B2B services with new verticals and partnerships.
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Detailed Segmentation-
By Type:
- Psychodynamic Therapy
- Cognitive Behavioral Therapy
- Personal Centered Therapy
- Others
By Conditions:
- Depression
- Anxiety
- Addiction
- Trauma
- Bipolar Disorder
- Eating Disorders
- Others
By End User:
- Hospitals & Clinics
- Homecare Settings
- Individuals/Family
- Ambulatory Centers
- Others
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
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.
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
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Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-650-918-5898 UK: +44-020-8133-4027 AUS: +61-2-4786-0457 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
