By 2027, the market for mental health treatment is predicted to be worth $26,000,000,000. A new investment firm hopes to assist in bridging this gap.
NEW Fox News articles can now be heard on audio! Since the COVID-19 pandemic began, there has been a greater emphasis on mental health, particularly among young people. A new investment firm seeks to utilize technology to make mental health disorders—which affect 1 in every 6 children between the ages of 6 and 17—easier to treat. Telosity by Vinaj Ventures is a fund established in 2019 with the express purpose of funding businesses that offer tech-based solutions to enhance mental health among young people, a group accustomed to doing almost everything on their phones or computers. Anish Srivastava, the fund’s founder and CEO, claims that he was motivated to launch the organization by the dearth of services for mental health, particularly for children and teenagers. According to Srivastava, “accessibility is incredibly challenging, and what tech does is it helps democratize access to treatment.”
And if Telosity is successful, young people may soon be seeing their mental health counselors online. Telosity intends to use this as a springboard to connect with kids and teens in the environment where they feel most at ease. We may use that as a location for materials, whether they are educational in nature, self-learning mental health, solutions for teletherapy, etc., says Srivastava.
Additionally, recent developments in virtual reality may make it much simpler for doctors to check – and even cure – patients in an online context. These developments go beyond scheduling apps and telemedicine. Telosity has observed an increase in market interest in augmented and virtual reality (AR/VR), much of which is focused on tools for providers to assess mental health. Given that they frequently don’t even need to leave their homes, all of this may make it much simpler for children and teenagers to obtain mental health resources.
Additionally, it’s good news for companies. Telosity published a research last month that predicted the market for teenage mental health solutions will reach $26,000,000,000 by 2027. The company describes this as an unheard-of chance for businesses to boost their profits while also helping millions of the most vulnerable Americans. That, according to Srivasta, might be a key selling factor for financiers in the field of mental health. “I believe that the driving force behind technology is the chance to do good while investing and creating sustainable enterprises.”
The complete Telosity report is available at AA1.