Online Therapy Services Market, 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 Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024

Code : CMI7241

Pages :160

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Concentration and Competitive Landscape

Online Therapy Services Market Concentration By Players

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Growing acceptance of virtual healthcare services

The COVID-19 pandemic pushed more people to seek telehealth and virtual therapy solutions to maintain social distancing norms. This heightened awareness and acceptance of remote healthcare options among both patients and providers. According to a report published by the U.S. Department of Health and Human Services in 2021, the use of telehealth services had increased by 154% during the pandemic from the previous year. This rapid adoption of virtual modes of treatment is expected to have a lasting impact on preferences. Patients have experienced the convenience of accessing care from anywhere without travel or waiting times. Therapists have also benefited from being able to see more patients remotely.

This newfound acceptability of online therapy sessions as a valid alternative to in-person visits can boost demand for such services. According to the data published by the World Health Organization, remote healthcare could help meet up to 80% of mental health needs in low- and middle-income countries over the next decade. Technology advancements also support wider provision of online counseling, therapy and psychiatrist consultations across borders through video, voice or text. Growing preference for telemedicine can drive the global online therapy services market growth. Major players are investing in platforms that offer HIPAA-compliant virtual sessions along with other features like appointment scheduling and payment processing. As more users experience the benefits of convenient, affordable and stigma-free virtual treatment, online therapy services are poised to play important role in improving access to mental healthcare worldwide going forward.

Key Players Insights