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On the occasion of World Mental Health Day 2020, health experts share key findings on investments and tools that contribute to treatments for mental health disorders
The isolation and loneliness from the COVID-19 pandemic have led to stress, anxiety and depression, creating a significant need for solutions to manage the lack of physical access to therapy and treatment. Frost & Sullivan estimates global investments of almost $ 1.4 billion by 2020 for healthcare technology companies in the mental health management sector, with around 75% targeting the US market.
Five key technologies that support mental health management:
- Telehealth: Video consultations play a crucial role in the continuation of treatment and therapy sessions. There has been a widespread adoption of telehealth services and it is helpful in disease management. Teleconsultation reimbursements have also been a key factor. In 2020, the telehealth market is likely to experience a growth tsunami, resulting in a 64.3% year-on-year increase in the United States.
- Patient engagement tools, such as mobile apps and portals: Mental health apps are helpful in decreasing symptoms associated with depression and anxiety. Frost & Sullivan estimates that there are more than 10,000 consumer-facing mobile apps around the world, and not all of them are leveraged and promoted by healthcare providers.
- Data analytics: Healthcare data collected by telehealth and mobile app solutions must be converted into insights to deliver a personalized, preventive care approach.
- Artificial intelligence: Chatbots powered by artificial intelligence can detect symptoms, provide feedback, and connect patients with psychiatrists for advice or treatment.
- Virtual reality: Gamification offers an immersive experience to increase overall effectiveness and adherence to treatments. Patients can navigate through the simulation to accomplish a task as part of their treatment plan.
“We will continue to see investments in telepsychiatry and healthcare applications that can collect patient data on their condition and outcomes,” he said. Chandni mathur, Senior Digital Health Industry Analyst at Frost & Sullivan. “There is a great demand for more holistic and scalable platform-based solutions. The ability of providers to demonstrate clinical evidence and address the full spectrum, including the most complex mental health conditions, will be critical to success. Additionally, technology intervention it cannot be a one-size-fits-all approach. As each patient has a unique condition, social status, and requirement, personalized digital treatment plans will be important. “
For information from Frost & Sullivan on the global mental health market, visit: https://hub.frost.com/the-global-mental-health-market/
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