World Mental Health Day 2021
By Katerina Mansour - 08 October 2021
In 2021, after over a year of the Covid-19 pandemic, mental health is arguably on everyone’s radar. Indeed, there’s been a significant deterioration in peoples’ psychological wellbeing since early 2020.
51% of surveyed Europeans say their mental health got worse as a result of the pandemic. In the UK, 30% of respondents reported suffering from at least one mental health condition. The number is quite close in other European countries: 27% in France and Sweden, 25% in Germany. As the prevalence of mental disorders grows, so does the awareness of how critical it is to provide adequate and accessible services to those in need.
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Lack of accessibility and affordability
Despite growing awareness, many people still face difficulties in accessing treatment for mental conditions. Indeed, the affordability of care is problematic in many countries. In Europe, a survey showed 26% of respondents were unable to access mental health services due to financial issues. 36% stated they were unable to because no healthcare professional was available.
An AXA survey showed that even 30% of those with a mental disorder before the pandemic stated they wouldn’t be able to pay for treatment if required. The same survey showed that 41% had never heard of professional online services to treat mental illnesses. This highlights the need to raise awareness around the growing number of digital solutions on the market. More and more employers are starting to offer these solutions to their employees. This is a positive development because it can help address the issues of affordability and access.
Employers stepping in to improve mental health
Overcoming the stigma of mental health in the workplace is vital. Employers increasingly recognise the importance of supporting their employees by providing access to services such as therapy, counselling or digital companion apps. Indeed, 67% of US employers offer their employees a digital platform for mental health services.
The global mental health market is growing as a result of awareness efforts conducted thus far: it’s expected to be worth $538m by 2030. Many startups are entering the market with innovative solutions to improve the treatment of mental illnesses and address issues such as access and affordability. In Q1 of 2021, startups in this sector raised a record amount of funding: $852m.
Find out more and discover four exciting startups to follow in our infographic below.