In the last several years, digital innovations have revolutionized mental health support and data collection as part of a broader boom in digital healthcare funding. According to a research report from CB Insights, global funding to mental health tech startups reached $5.5 billion in 2021, a year-over-year increase of 139% from 2020. Investment in mental health technology was amplified by Covid-19, which created urgent new mental health care needs as individuals struggled with pandemic-related stress and anxiety.
In a panel hosted by FitX as part of its inaugural FitXpo conference, panelists from Zencare, Lyra Health and Coa spoke about their experiences in the growing industry and the unique challenges their respective companies are trying to solve, as well as the opportunities ahead.
Zencare is a two-sided online marketplace that matches users with mental health professionals.
Molly Hawes, Head of Therapist Outreach, spoke about the need Zencare addresses, which is the difficulty of finding a therapist that is in-network, has availability, and matches the patient’s needs.Hawes said Zencare is also working on diversifying their therapist network to help clients better find therapists that match their identity and “understand a patient’s background from a personal level.” She said there have also been benefits for clinicians, who have been able to more easily expand their client pool.
Rachel Becker, Marketing Manager at Lyra Health, a provider of innovative mental health benefits, said that the biggest shift in the space has been increased accessibility as mental health care services have been digitized. She noted that employers are increasingly thinking about where mental health fits into their health benefits plan, with some offering Employee Assistance Plans (EAPs) that provide confidential counseling services. Lyra recognizes that mental health issues cost companies millions in lost productivity, turnover and absenteeism, and aims to offer effective mental health benefits systems for employers.
Alexa Meyer, co-founder and CEO of Coa, a self-described mental health gym that offers therapist-led emotional fitness classes and one-on-one therapy, founded Coa after experiencing stress and burnout from a demanding corporate job. She described how Coa started with the goal of making the mental healthcare experience feel as engaging and relevant as a SoulCycle class. Coa’s bootcamp classes are designed so participants walk away with a new insight about themselves as it relates to their mental health and an action to take. “We’ve come such a long way as a society how we prioritize our physical fitness, why are we not doing the same thing for our mental health?” asked Meyer.
As investment in digital mental health solutions increases, the industry will continue to grow; a Grand View Research report estimates the mental health apps market size will reach $17.5 billion by 2023. As Meyer said, there has “Never been a better time to work for or start a mental health company.”