Taking care of peoples’ mental health and wellness is big business.
A MarketsandMarkets report predicts the industry will grow at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2025, reaching $12.4 billion by 2025. The growth is the result of increased incidence of mental health disorders, broadening awareness and acceptance of the disorders and the introduction of more technologies, apps and other services aimed to help people with these conditions.
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Wherever there is market potential, there are also startups looking to grab market share. Here are six of the most interesting mental health and wellness startups for 2023:
Aura Health Puts Wellness In A Single App
Used by more than 7 million people around the world, Aura Health helps people reduce stress and get better sleep for improved health. It is leveraging a massive marketplace to provide users with access to a global community of coaches and therapists. The company’s goal is to build an all-in-one wellness platform and ecosystem that can make peoples’ lives more fulfilling and restful.
The company was founded by Forbes 30 under 30 brothers and currently raising funds to help scale the platform, and anyone can invest for a limited time.
Therapy And Wearables From Meru Health
San Mateo, California-based Meru Health Inc. offers talk therapy telemedicine sessions as well as an advanced wearable device for tracking stress responses. It offers a new standard in mental healthcare with licensed therapists and psychiatrists, a phone-based treatment program, biofeedback and various activities to promote wellness. The company has more than $50 million in funding from investors, including Foundry Group and J.P. Morgan, and is looking for considerable expansion in 2023.
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Kintsugi Using AI To Flag Depression And Anxiety
Kintsugi is one of Fierce Healthcare's 2023 Fierce 15 companies, a list noting transformative private healthcare companies. Kintsugi uses an artificial intelligence (AI) model to spot signs of clinical depression and anxiety by analyzing a patient speaking. The technology can provide clinicians with a screening tool to spot patients that need additional mental health-related assistance and treatment plans. It aims to increase equity in mental healthcare by increasing access to its tool.
Helping Kids Manage Emotions With Mightier
Mightier is a Boston-based startup that focuses on the mental health challenges facing children. It uses a fun and gamified approach to help kids learn about themselves and practice tactics for overcoming mental health challenges. It integrates a heart-rate monitor into the platform so kids can see their changing emotional state in real-time while they also use game-based calming strategies. The platform helps kids reduce emotional outbursts and learn how to manage their mental state in a healthier and more productive manner.
Providing College Kids with Guidance through Mantra Health
Mantra Health is a startup providing help to more than 800,000 college students on 110 campuses. In January 2022, the company secured $22 million in Series A funding to further refine and expand its offerings for college students managing mental health concerns. It offers an insurance referral portal that streamlines students accessing mental health services. This service shortens the time for students to receive care, which is critical for those experiencing crisis. Partner schools can refer students directly to long-term care providers and give them access to Mantra’s array of capabilities.
The scale of the mental health and wellness market gives startups the opportunity to use technology to carve out a niche. These five companies are among hundreds of startups that will look to 2023 as a year to acquire capital, grow market share and, most importantly, help people’s emotional wellbeing.
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