#25 Platform Wars: The future of the US therapy platform market

Hi friends,

Over the last ten years, hundreds of businesses have created online therapy platforms.

They’ve attracted billions in funding and many have grown into large businesses, hiring tens of thousands of therapists, landing huge contracts and providing care to millions of people.

In 2024, it’s now a very competitive market.

Large platforms are desperately pursuing profitability (to either IPO or satisfy shareholders if they are already public). Smaller platforms are sprouting up everywhere, focusing on different niches, with slightly different approaches and value propositions.

Amidst all this, many therapists are pushing back against this rise of therapy platforms, demanding higher pay and improved working conditions and the promise of new technology looms as both a threat and opportunity.

The execs at these businesses have a lot to think about.

So how is this going to play out? Is this a winner takes all market? And how should leaders of these platforms think about their options?

That’s what we get into in today’s post.

We’ll cover;

• Winner takes all? Understanding if this is a winner takes all market.

• Win Within: the strategic priorities for winning in a fragmented market

• Break Free: an alternative strategy for businesses who don’t want to compete in a crowded therapy platform market

This article is for THR Pro members only