Mental Health issues were once issues widely ignored across the US. Now they have become one of the main conditions treated. It’s been reported that 1 in 5 adults in the US have experienced mental illness, this equates to about 52.9 million people. The term mental health was once very stigmatized; a lot of people feel ashamed of needing help and having to go to therapy for treatment.
Mental HealthTech startups across the US have recognized this issue and have created digital solutions to aid those who struggle with these conditions. These companies play a vital role in bringing treatments closer to those who want and need it.
Rise Of The Sector
The COVID-19 pandemic catapulted Mental HealthTech’s as well as digital health overall. There are a lot of reasons mental health was an underserved problem in the US. From misdiagnoses, inadequate drug prescriptions or a shortage of therapists to the high cost to receive care and workplace discrimination, these start-ups realize the scale of these issues and have created innovative solutions to tackle them.
In today’s world, whether it be self-pressure or outside factors, high expectations have become the norm. There are all sorts of factors that play a part in causing high levels of stress and anxiety. It has become a societal issue that everyone has some type of mental health issue. Conversely, these conditions aren’t given the importance they should be entitled to.
“As a result of the emotional toll related to mental health issues, employees globally are exiting the corporate world faster than ever before Therefore, there is a business and financial reason for us to bring mental health issues into the mainstream conversation and make help available.” Stated Naveen Bhateja, CPO of Medidata Solutions.
In 2017, American Well conducted a survey that provided 66% of consumers are willing to use telehealth services. This is expected to impact the expected revenue growth within the Mental HealthTech industry.
Mental Health Startup Market Size
Mental Health Technology is clearly an enormous market and venture capitalists are starting to take notice. As a result, the topic of mental health is becoming well-discussed globally and the stigmas are becoming less apparent because of the new generations. Mental health has now become one of the most popular and well-funded areas of tech.
The market for mental health was already growing pre-pandemic, however the stress and anxiety caused by the COVID-19 crisis called for an immediate demand for social distancing and the need for virtual health services. The behavioral health market size has shown growth year after year. In 2020 the market size was valued at $68.79 billion and is projected to grow to $99.40 billion in 2028 with a CAGR of 3.6% from the period of 2021-2028.
Tech enabled therapy providers are here to stay. The services that can be provided have grown at a tremendous rate with policies being imposed that are in favor of the sector. Also, the healthcare industry has just recently started to adopt technology as a way to provide treatment. Therefore, the market should be propelled to unprecedented levels. As of 2022 the market is projected to be valued at just over $70 billion.
Opportunities in Mental Health Technology
The industry has a tremendous amount of opportunity to take advantage of, there are already hundreds of new startups that are bringing innovative, tech-enabled solutions for virtual counsel and remote monitoring. Similarly, existing Mental HealthTech’s are also seeking to integrate specific concentrations in mental health to strategically take advantage of all the opportunities within the market.
There is a vast array of disruptive technology within the mental HealthTech space that is currently being used. From virtual assistance, digital customer experience, virtual reality, diagnostic support and much more. The record-breaking growth and high demand within industry makes the industry viable to potential start-ups within the space.
Mental HealthTech’s to look out for:
Butterfly Health provides their users with a healthcare platform that offers peer support, one-on-one texting, and access to coaching and coping tools catered to current events. They cater to people enrolled in Medicaid and Medicare to offer culturally centered and evidenced based support to teens and adults. Butterfly Health has products for different kinds of health care needs and plans to expand into primary health care through technology.
Cloud 9 connects city and county public healthcare to public safety and social services to address the needs of different populations. With the use of telehealth data and communication solutions, the company is designed to increase the quality of healthcare by connecting the public with healthcare. Cloud 9’s main goal is to provide mental, physical, and social health access to underserved populations.
Eco-Fusion is a health tech company that has produced an app that personalizes with stress reduction. With their app Serenita, they target stress as a way to reduce chronic disease. Serenita uses user’s phone cameras to measure stress levels and provide personalized breathing guidance. Eco-Fusion also builds apps like NewMe to help people manage chronic diseases.
Journey is a company that teaches live, group wellbeing classes in an approachable way to local communities. Their main goal is to outreach to different work forces to give employers to reduce turnover. Addressing burnout and helping their employees live a happier and healthier life. Their future goals are to create human connection to create an understanding and connection between coworkers and employers.
Neolth is a digital platform dedicated to children and teens. The platform uses on-demand, individualized mental health support with screen tools that collects health data, provides behavioral practices and progress tracking and care management by healthcare professionals. With the goal of improving mental health in students, the company provides over student ambassadors in over 175 schools. The programs offer individual help along with group sessions!
PsychOnline is a clinical workflow-based app for mental health professions, facilities, and patients. In facilities and for providers, the app provides aid for clinical burnout and helps manage workload. This helps facilities workflow go more smoothly and creates less stress for staff. The app is also offered to patients to be able to comment on dissatisfaction with care. With access being through a HIPPAA-compliant video session or in an in-office setting, users can get their needs addressed in a safe environment. PsychOnline’s main goal is to be used in medical facilities across the country and for patients to increase the level of care for patients and staff.
Rose Health is an app that is designed for patients to receive mental health treatment directly with a physician. The app includes assessments, daily journals, trackers for mood, anxiety, and sleep, along with activity levels. This information is then sent directly through their data resources to the physician for accurate assessment and treatment plans. Rose Health’s goals are to decrease the number of patients that are struggling with untreated mental health issues. This gives providers a more in-depth evaluation on their patients at all times.
Sana Health has developed a non-addictive mask and headphones that are used by users to increase relaxation. The device uses stimulation to increase balance between the two sides of the brain that resembles the effect of long-term meditation. Sana is great for people with active minds and bodies to accelerate physical recovery and improve mental wellbeing. Moreover, Sana has big plans for 2022 to expand their resources to address other health issues such as anxiety and PTSD.
If you are a Mental Health Tech startup looking to expand your team, get in touch. We work with Series-A funded and above startups in the mental health space that are providing innovative solutions to people’s health conditions. Storm3 have an extensive database of the best senior HealthTech talent to help you grow and drive your mission. For more on the areas of HealthTech that we service, get in touch.