Online therapy services are beneficial for clients or patients to reach the doctors from home without physically visiting the office with the help of video calling, mail, audio call, real-time, chat, and other facilities through the internet connection. The rise in the penetration of broadband is the major factor for the growth of different online facilities and services including online therapy.
Impact of COVID-19 Pandemic on Online Therapy Services Market (Pre and Post Analysis)
- The outbreak of COVID-19 is likely to have a moderate impact on the market in the forecast period. Research & development activities to identify the threat of SARS-CoV-2 virus on the patients suffering are likely to slow the online therapy services market growth.
- COVID-19 has brought about a significant burden in the global healthcare industry, with disruption in the treatment of non-communicable diseases. Challenges exist in providing effective care.
- Realizing the disturbing healthcare trends, governments are making efforts to provide excellent quality healthcare to patients globally. Nationwide lockdowns, canceled or postponed elective surgeries, denied wound care services, rise in skin injuries during COVID-19, may decline market growth during the forecast timeline. However, on the flip side, the latter half of the forecast is predicted to show a drastic rise.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Individuals prefer additional online services to visit any shops or office, due to the rise in broadband and use of the internet, as there are huge advantages of the internet or online services. Online therapy helps individuals or clients to get in touch with the doctor from home itself, without even visiting the place or the office physically. This saves money and time by making it more cost-effective and economic.
Online therapy services have different advantages. It is one of the most effective ways for remote areas. People who are not able to physically visit the clinics or hospitals in the urban areas for treatment, or if the store or clinic is not available in the particular region. Thus, the online therapy services market has been proved effective in such situations by providing services to the patients at their homes. It is also proved affordable and convenient. One can attend online therapy sessions as per their convenient time and availability by effectively making it more accessible. On the flip side, some concerns are insurance-related issues, lack of response to crises, and regional-wise restrictions.
North America witnessed a large contribution to the online therapy services market in the region. The U.S. is the biggest contributor to the online therapy services market due to the presence of key players, government initiatives, and the adoption of technology by individuals. Europe followed by the Asia-Pacific which is likely to expand the market of online therapy services due to the emerging economy and rising disposable income by the people for health services.
Online Therapy Services Market Research Study Key Benefits:
- This study presents the analytical depiction of the global online therapy services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global online therapy services market share.
- The current market is quantitatively analyzed to highlight the global online therapy services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global online therapy services market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Report
- What are the leading market players active in the online therapy services market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Online Therapy Services Market Report Highlights
By Industry Vertical
Key Market Players
Breakthrough, MDLive., ThriveTalk, ReGain, TalkSpace, BetterHelp