The industry of digital mental health services is booming, with funding for services reaching $852 million in the first quarter of 2021, nearly twice the amount raised in the first quarter of 2020, according to market intelligence platform CB Insights.
The industry has grown from only talk therapy and medication management to executive coaching, services geared toward children and adolescents, condition-specific treatments, and even psychedelic therapy.
Here are five companies expected to lead the way in the growing industry, according to inc.com:
BetterUp
- Launched in 2013
- Provides online executive coaching, live group sessions, professional leadership-related services and personal growth coaching
- Uses monthly subscription pricing dependant on frequency of sessions
Real
- Launched in 2020
- Provides on-demand online individual and group therapy and weekly mental health education events and roundtables
- Offers monthly payment plans starting at $28/month
Spring Health
- Launched in 2016
- Provides customized mental health plans incorporating counseling, assessments, psychiatric referrals and other mental health services specifically for employees
- Patient's first 10 sessions are free, after that, covered by their insurance
Brightline
- Launched late 2020
- Available only to California and Massachusetts; will launch nationwide by the end of the year
- Connects children and teenagers with therapists, coaches and psychiatrists, and provides on-demand chat and speech therapy
- Can be covered by insurance; out of pocket prices start with a $270 initial evaluation, followed by sessions ranging from $60 to $190 depending on therapy type
MindMed
- Launched in 2019, but still developing as of May 2022
- Utilizes and develops psychedelic treatments and therapies to treat a variety of mental health conditions
- Pricing to be determined