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Mental Health Tech

New technologies are opening up mental health services to previously overbooked and underserved populations.

Overview

Making mental health services accessible and affordable

Mental health tech refers to services that help treat mental health conditions via mobile and/or online platforms. A main function of mental health tech platforms is to connect physicians and practitioners directly to patients without barriers such as a lack of proximity, prohibitive cost, or long wait times in the doctor’s office.

The mental health tech ecosystem is broad and includes telepsychiatry platforms, digital therapeutics, monitoring/measuring tools, and peer to peer apps. Telepsychiatry is at the forefront of the industry, and has been gaining traction with a growing number of users. Monitoring/ measuring tools follow, but the services have yet to see mass adoption. Digital therapeutics (software-based therapeutic interventions given directly to patients for preventing, managing, or treating mental disorders) is an emerging segment, and it shows great potential.

What's driving this industry?
Market Sizing

The US telepsychiatry market size could reach USD 6.9 billion–12.8 billion by 2026

Conservative case

USD 6.9 Bn

Base case

USD 9.9 Bn

Expansion case

USD 12.8 Bn

USD million1,0002,0003,0004,0005,0006,0007,0008,0009,00010,00011,00012,00013,000202120222023202420252026
View details

COVID-19 IMPACT

Talkspace: 25% increase in user volume from mid-February to May 2020. 23% YoY increase in app installation reported in September 2020. 

Betterhelp: A doubling of users reporting stress and anxiety between Feb and March 2020.

Ginger: 159% increase in usage of its text-based mental health coaching service over pre-pandemic levels. 302% increase in virtual therapy and psychiatry sessions over pre-pandemic levels. 

Neuroflow: Expanded customer base 10x to 330,000 registered users by the end of 2020.

Lyra Health: More than doubled membership to 1.5 million users between February and August 2020.

View detail

Market Mapping


Incumbents in the industry deliver telepsychiatry services as part of their telemedicine services while disruptors specializing in mental health tech have successfully established their foothold in the market mainly due to the increasing number of mental health patients. Most of the disruptors are concentrated in the telepsychiatry segment, given its popularity of facilitating live interaction sessions with psychiatrists as an alternative to in-person doctor visits.

Incumbents
Growth
Early
Seed
Pre-Seed
Telepsychiatry Platforms
?
Monitoring and Measuring Tools
?
Digital Therapeutics
?
P2P Support Tools
?
HealthRhythms
HealthRhythms
HealthRhythms
HealthRhythms
Teladoc Health
Google
Amwell
Lyra Health
Cerebral
Talkspace
Elemy
Spring Health
Quartet Health
Ginger
Alma
Brightline
SonderMind
Mindstrong
Headway
Unmind
NOCD
AbleTo
Mantra Health
MindRight Health
Wellin5
Cloud 9
LifeStance Health
Workit Health
Bicycle Health
Eleanor Health
Brightside Health
Aptihealth
Cortica
Groups Recover Together
Concert Health
Meru Health
Boulder Care
Octave
NUE Life Health
Little Otter
Parallel Learning
DotCom Therapy
Monument
Sensible Care
Daybreak Health
Zenklub
QLER Telehealth
Brave Health
ifeel
Joon Care
Coa
Ophelia
Real Therapy
Talkiatry
Minded
Valera Health
Lucid Lane Inc.
Opya
Grow Therapy
Pace Group Inc.
Healios
PursueCare
HelloSelf
Rey
Ahead
HelloHero
Mindful Care
DynamicCare Health
Nivati
Calmerry
Hurdle Health
wayForward
Spill App
Innerwell
MiResource
Integrative Health Centers
Therify
Done
First Session Health Inc.
Reviving Mind
Oliva
MindLabs
Frame
Paraclete
Ayana Therapy
Uprise Health
Therapy Brands
Linus Health
Osmind
XRHealth
NeuroFlow
Rune Labs
Eleos Health
NUE Life Health
BrainCheck
EarliTec Diagnostics
Rose
Ellipsis Health
HealthRhythms
Feel Therapeutics
Psyomics
Behavidence
Blueprint
Ksana Health
Clarigent Health
Nirvana Health
Google
Uprise Health
AdiGroup
Pear Therapeutics
Akili Interactive Labs
Modern Health
Big Health
Twill
Koa Health
NOCD
MindBeacon Software Inc.
Click Therapeutics
Woebot Health
Quit Genius
ieso
Equip Health
AppliedVR
Cognoa
Wysa
Mightier
Freespira
HelloBetter
Blue Note Therapeutics
Limbix
Reframe
Feel Therapeutics
BehaVR, LLC
BeMe
Affect Therapeutics
HALEO Clinic
Youper
Inflow
UpLift Health
Cognito Therapeutics
Wave
Revery
Canopie
7 Cups
Circles
Marigold Health
Sober Grid
Togetherall
Mine’d
TalkLife
MentalHappy
Lived
ForLikeMinds
Supportiv

The Disruptors


Monitoring and Measuring and Telepsychiatry Form the Bulk of Mental Health Tech Disruptors while Digital Therapeutics Lead in terms of Funding

The mental health tech space currently has around 340 startups comprising telepsychiatry platforms, digital therapeutics, monitoring/measuring tools and peer-to-peer apps (the segments focused on in this report). By numbers, monitoring and measuring and telepsychiatry form the bulk of the sector’s startups. In terms of funding, however, digital therapeutics takes the largest share, despite its smaller number of startups. Digital therapeutics’ larger funding share could be explained via its products’ prescription-based nature, which calls for heavy investments before passing stringent regulatory compliance.

Telepsychiatry Platforms

?

Disruptors

?
Funding in USD Millions
LifeStance Health
Public - Market cap USD 3.3 bn
Talkspace
Public - Market cap USD 161.3 mn
Lyra Health
910
Cerebral
462
Elemy
323
Spring Health
296
Quartet Health
271
Ginger
221
Alma
221
Brightline
212
SonderMind
183
Mindstrong
160
Workit Health
138
Headway
101
Bicycle Health
82
Eleanor Health
82
Brightside Health
81
Ophelia
68
Aptihealth
65
Unmind
63
Cortica
60
Groups Recover Together
60
Concert Health
57
Meru Health
53
Real Therapy
53
Boulder Care
50
NOCD
50
AbleTo
47
Talkiatry
37
Octave
34
Minded
30
Mantra Health
29
Valera Health
27
NUE Life Health
26
Little Otter
26
Lucid Lane Inc.
20
Opya
19
DotCom Therapy
18
Monument
18
Grow Therapy
15
Pace Group Inc.
15
Sensible Care
14
Healios
13
PursueCare
13
Daybreak Health
12
Zenklub
12
QLER Telehealth
12
HelloSelf
11
Rey
10
Brave Health
10
ifeel
10
Ahead
9
HelloHero
8
Mindful Care
7
DynamicCare Health
7
Calmerry
5
Hurdle Health
5
Innerwell
3
Wellin5
1
Cloud 9
Unknown
Done
Unknown
Watchlist
?
Parallel Learning
Oliva
Nivati
MindLabs
wayForward
Spill App
Joon Care
Frame
MiResource
Coa
Integrative Health Centers
MindRight Health
Paraclete
Therify
Ayana Therapy
First Session Health Inc.
Reviving Mind

Monitoring and Measuring Tools

?

Disruptors

?
Funding in USD Millions
Linus Health
65
Osmind
57
XRHealth
35
NeuroFlow
32
Ellipsis Health
30
Rune Labs
29
Eleos Health
28
NUE Life Health
26
BrainCheck
25
EarliTec Diagnostics
20
Nirvana Health
15
HealthRhythms
13
Rose
8
Therapy Brands
Unknown
Watchlist
?
Feel Therapeutics
Psyomics
Behavidence
Blueprint
Ksana Health
Clarigent Health

Digital Therapeutics

?

Disruptors

?
Funding in USD Millions
MindBeacon Software Inc.
Public - Market cap USD 118.1 mn
Click Therapeutics
926
Pear Therapeutics
409
Akili Interactive Labs
301
Modern Health
167
Big Health
129
Woebot Health
123
Twill
119
Quit Genius
94
ieso
78
Equip Health
75
AppliedVR
71
Cognoa
54
Koa Health
53
NOCD
50
Blue Note Therapeutics
47
Limbix
31
Wysa
29
Mightier
29
Reframe
27
Freespira
20
HelloBetter
15
HALEO Clinic
5
Watchlist
?
Cognito Therapeutics
Feel Therapeutics
BehaVR, LLC
BeMe
Affect Therapeutics
Youper
Inflow
Wave
Revery
UpLift Health
Canopie

P2P Support Tools

?

Disruptors

?
Funding in USD Millions
Marigold Health
10
Sober Grid
10
Togetherall
10
7 Cups
Unknown
Supportiv
Unknown
Circles
Unknown
Watchlist
?
Mine’d
TalkLife
MentalHappy
ForLikeMinds
Lived

LifeStance Health

Washington-based LifeStance Health is a tech-enabled in-person mental healthcare provider and telepsychiatry platform. The company’s platform offers online assessments, video consultations for individual and group therapy, appointment scheduling, and medication management. These services are also available at LifeStance’s clinics while the company also provides additional in-person services including intensive therapeutic programs, cognitive behavioral therapy, dialectical behavioral therapy, and Transcranial Magnetic Stimulation therapy. 

LifeStance Health is one of the largest outpatient mental health platforms in the US by the number of employed clinicians and geographic scale. As of December 2021, the company had a network of more than 4,790 licensed mental health clinicians operating out of 500 centers across 32 states. Additionally, the company had served 570,000 unique patients in 2021.

Funding and financials

The company filed for an initial public offering in May 2021 and began trading on the Nasdaq under the ticker “LFST” in June 2021. The IPO was priced at USD 18.00 per share for 40 million, and LifeStance raised USD 720 million. The funds will be used to open more centers, build out its technology, and repay its outstanding debt.

In Q1 2022, net losses for the period contracted to USD 62 million, worsening by six times YoY. The company achieved revenue of USD 203 million for the period growing 42% YoY. It  reaffirmed its guidance for its 2022 performance, where it expects to earn revenue between USD 865 million–885 million (an implied growth of 29%-32% YoY) and an adjusted EBITDA between USD 63 million–67 million (up 29%-37% YoY).

Segment:
Telepsychiatry Platforms
Competitors:
Talkspace, Ginger, Quartet Health
Disruptor Funding History

Telepsychiatry Platforms:

Talkspace
Lyra Health
Cerebral
Elemy
Spring Health
Quartet Health
Ginger
Alma
Brightline
SonderMind
Mindstrong
Workit Health
Headway
Bicycle Health
Eleanor Health
Brightside Health
Ophelia
Aptihealth
Unmind
Cortica
Groups Recover Together
Concert Health
Meru Health
Real Therapy
Boulder Care
NOCD
AbleTo
Talkiatry
Octave
Minded
Mantra Health
Valera Health
NUE Life Health
Little Otter
Lucid Lane Inc.
Opya
DotCom Therapy
Monument
Grow Therapy
Pace Group Inc.
Sensible Care
Healios
PursueCare
Daybreak Health
Zenklub
QLER Telehealth
HelloSelf
Rey
Brave Health
ifeel
Ahead
HelloHero
Mindful Care
DynamicCare Health
Calmerry
Hurdle Health
Innerwell
Wellin5
Parallel Learning
Oliva
Nivati
MindLabs
wayForward
Spill App
Joon Care
Frame
MiResource
Coa
Integrative Health Centers
MindRight Health
Paraclete
Therify
Ayana Therapy

Monitoring and Measuring Tools:

Linus Health
Osmind
XRHealth
NeuroFlow
Ellipsis Health
Rune Labs
Eleos Health
NUE Life Health
BrainCheck
EarliTec Diagnostics
Nirvana Health
HealthRhythms
Rose
Feel Therapeutics
Psyomics
Behavidence
Blueprint
Ksana Health
Clarigent Health

Digital Therapeutics:

MindBeacon Software Inc.
Click Therapeutics
Pear Therapeutics
Akili Interactive Labs
Modern Health
Big Health
Woebot Health
Twill
Quit Genius
ieso
Equip Health
AppliedVR
Cognoa
Koa Health
NOCD
Blue Note Therapeutics
Limbix
Wysa
Mightier
Reframe
Freespira
HelloBetter
HALEO Clinic
Cognito Therapeutics
Feel Therapeutics
BehaVR, LLC
BeMe
Affect Therapeutics
Youper
Inflow
Revery
UpLift Health

Incumbents


Most incumbents are established telehealth players that expanded into mental health through acquisitions

The incumbents in the mental health tech industry are mainly established telehealth players that have expanded their virtual care scope to cover mental health. Many leading telehealth players have already ventured into the mental health market by acquiring mental health telehealth providers.

Telepsychiatry Platforms
Monitoring and Measuring Tools
Digital Therapeutics
P2P Support Tools
In House Development
M&A
Partnership
Investment
Teladoc Health
Google
Amwell
Uprise Health
AdiGroup

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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