Insights

How COVID-19 Has Pushed the Mental Wellness Market into Overdrive

Michael Marx, Vice President of Innovation, UST Innovation Israel

When, if ever, will life return to a semblance of what we used to experience? This is a question on almost everyone’s mind. Not surprisingly, experiences of anxiety, fearfulness, sleep problems, irritability, and feelings of hopelessness are widespread. The Mental Wellness/Health industry was already growing exponentially before the surge of the pandemic; however, the last few months have shown an unprecedented rise in clinically significant mental illnesses.

On the upside, we have also seen an impressive increase in digital health companies, notably startups, coming up with innovative tech solutions to this problem.

According to the WHO, while many countries (70%) have adopted telemedicine or teletherapy to overcome disruptions to in-person services, there are significant disparities in the uptake of these interventions. More than 80% of high-income countries reported deploying telemedicine and teletherapy to bridge gaps in mental health, compared with less than 50% of low-income countries.

We are on the cusp of a digital mental health revolution: scaling up the delivery of confidential mental health services to patients across a wide range of platforms, from telemental health to mobile interventions such as apps and text messaging. As a result, MedTech companies are enthusiastically looking for new ways to use technology to help decrease the mental health burden of COVID-19, provide recommendations on how they could use them and scale up, and address various limitations of current mental health technology applications.

Companies Making a Difference

One example, MyndYou, an Israeli health tech, uses AI to analyze users’ voice and activity data to assess changes in vital health signs. A MyndYou voice bot monitors the health conditions of at-risk individuals and determines whether there are any cognitive irregularities in their brain health.

Another startup innovatively using digital tech is ValeraHealth, a company catered to providing behavioral healthcare solutions for employers by enabling employees to have quick access to professional healthcare services. Through mobile technology, they have been able to successfully help improve patient outcomes and care manager efficiency at the swipe of a screen.

A Shift Is Still Needed

New and emerging digital health technologies have the potential to realize significant improvements in mental health service quality and safety. However, they must overcome several barriers to ensure that the mental health system of the future empowers service users, improves access, makes efficient use of limited resources, and strives for better outcomes for all.

UST Innovation Israelis working within the Israeli tech startup ecosystem to help mitigate the rising mental wellness challenges worldwide. We aim to strengthen the influence of the industry by harnessing the Israeli startup innovation to further solidify the adoption of mental wellness solutions as well as by connecting the right technologies with fortune 500/1000 companies around the globe actively looking to make a real difference in the mental wellness/health space.

To learn more about growth opportunities with open innovation, contact UST Innovation Israel.