Today we are back with a topic on Digital Health and some of the key trends impacting the Behavioral Health segment.
Before we deep dive, Behavioral Health is the scientific study of the emotions, behavior and biology related to person’s mental well-being, their ability to function in daily life and their concept of self.
Good behavior is a reflection of our daily cognitive habits that may impact our overall physical well-being and mental health.
With couple of years into the pandemic, anxiety and stress in our daily lifestyle has contributed negatively towards the mental health and has caused a greater number of depressive disorders. Things like substance abuse, eating disorders or any other form of addiction has seen a significant uprise during the pandemic. While mental health has been a common problem, as per a data in CDC –
Problems with mental health are very common in the United States, with an estimated 50% of all Americans diagnosed with a mental illness or disorder at some point in their lifetime
With pandemic, a significant 13% percentage of American population has reported starting or increasing substance use last year as a way of coping with stress
With the rise of EHRs in last couple of decades, behavioral health segment has seen a rapid growth of digital technologies and associated features like standard registration, session scheduling, basic progress notes and clinical charting, medication tracking, eRx orders, bill generation and claims submissions.
Some of the advanced functions involve supporting assessment notes, comprehensive treatment plans, clinical decision support and integrated interfaces with labs, pharmacy, automated reminders, chat bots and automated reports from patient CRFs.
Due to the pandemic the demand for virtual behavioral health counselling services has also seen a growth. Some of the key trends in this segment seen are -
· Rise of meditation and calming apps within Digital Direct to Consumer category
· More and more US Employers are finding ways to track and monitor the impact of Covid 19 and anticipating Employee Assistance Program (EAP) benefits adjustments
· Tele health adoption in psychiatry and therapy has seen a major rise
· More and more focus will be towards enhancing consumer experience, by bringing advanced patient centric tools
· Adoption of patient self-care apps are treated as an effective adjunct to treatment
· Patient informative apps to manage patient illnesses are also on the rise
· Data driven insights based on AI/ML will be adopted to build some of the decision-support apps providing personalized care experience
· Integration of Value based care reimbursements will be seen in the tele health care delivery workflows
The World Health Organization estimates that depression, anxiety disorders, and other conditions cost the global economy $1 trillion per year in lost productivity.
The global behavioral health care software and services market size was valued at USD 2.1 billion in 2019 and is expected to expand at a CAGR of 11.1% over the forecast period.
Source: Grandview Research
Latest Digital Health News in this segment:
Mental health startup Lyra Health now worth $4.6B with latest mega round
Otsuka Signs Three-Year Collaboration with Holmusk to Enhance Digital Health and Data Analytics for Global Behavioral Health Programs
Modern Health Gains Unicorn Status After $74 Million Series D at $1.17 Billion Valuation
Ginger Announces $100 Million Series E Financing from Blackstone to Bring Value-Based Mental Healthcare to Millions of Employees and Health Plan Members
Unmind raised $10 Million in series A to improve employee mental health
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Team Health Viva