The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s online therapy services market report forecasts the online therapy services market size to grow to $24.00 Billion by 2027, with a CAGR (compound annual growth rate) of more than 25%.

Learn More On The Online Therapy Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/online-therapy-services-global-market-report

Online Therapy Services Market Size Forecast
The global online therapy services market is expected to grow from $7.67 billion in 2022 to $9.62 billion in 2023 at a compound annual growth rate (CAGR) of 25.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global online therapy services market size is expected to grow to $24.00 billion in 2027 at a CAGR of 25.7%.

Asia-Pacific held the largest online therapy services market share.

Key Online Therapy Services Market Driver ­– Increase In The Adoption Of Smartphones
For example, according to Uswitch Limited, a UK-based switching website and pricing comparison service, there were 71.8 million mobile connections in the UK at the start of 2022 (4.2 million more than the UK population)—a 3.8% increase from 2021. (around 2.6 million). This is most likely due to the fact that many people will have more than one connection registered to them (i.e., personal and work phones). The population of the United Kingdom is expected to reach 68.3 million by 2025, with 95% of the population (approximately 65 million people) owning a smartphone. As a result, the growing popularity of smartphones is propelling the growth of the online therapy services market.

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Key Online Therapy Services Market Trend – Technological Advancement
To maintain their market position, major players in the online therapy services market are developing innovative technologies such as artificial intelligence-based chatbots, machine learning for mental therapies, and others. In November 2021, for example, Insight Healthcare, a UK-based non-profit corporation working on behalf of the NHS to improve access to psychological therapies (IAPT), partnered with Limbic AI, a UK-based AI-powered therapy assistance provider, to launch an AI-powered therapy helper for carers, professionals, and patients. The new AI referral tool gathers important information and determines whether a person has mild or complicated symptoms, allowing patients with mild symptoms to receive a more appropriate 20-minute assessment. Every year, the organisation will save approximately 7,300 hours of therapist time by automating these early stages. This will allow them to focus on getting more people the help they need as soon as possible.

Online Therapy Services Market Segment
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

Online Therapy Services Market Major Players and Strategies
Major players in the online therapy services market are TalkSpace, BetterHelp, MDLive, Calmerry, 7 Cup, Regain, Breakthrough, Doctor on Demand, Amwell, Pride Counseling, Cerebral, SOC Telemed, HopeQure, Teladoc Health, Online-Therapy.com, ThriveTalk, and Teen Counseling.

Wellin5 Innovations Inc., a Canada-based innovative online telehealth counselling platform aimed at improving employee mental health, acquired Therachat for an undisclosed sum in February 2020. Wellin5’s mental health expertise has expanded with the acquisition of Therachat to include providing a full client and counsellor-centric experience on a centralised platform, a library of mobile health tools such as emotion tracking, thought reframing, mindfulness, and others, meaningful support through engagement, and self-help mental health exercises. Therachat is a mental health start-up based in the United States that provides online therapy sessions.

The Online Therapy Services Global Market Report 2023 covers regional data on online therapy services market size, online therapy services market trends and drivers, opportunities, strategies, and online therapy services market competitor analysis. The countries covered in the online therapy services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Online therapy is the provision of expert mental fitness counselling over the internet, typically via live video chat, messaging app, email, or cell phone. Online therapy is a viable alternative to traditional in-person therapy and is quickly gaining popularity as a method of receiving mental health care.

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