How are innovative solutions addressing the global surge in depression?
The world has never been the same after the COVID-19 epidemic, not only in terms of overall wellness but also in terms of mental health. Even as the pandemic fades, social isolation, job loss, and financial difficulty have all led to an increase in anxiety and depression.
Impact of depression
An estimated 3.8% of individuals worldwide suffer from depression. The prevalence is particularly high in the 18-24 age group and is higher in women (4.29%) than in males (2.87%). In fact, up to 60% of suicide deaths globally are related to severe depressive disorder. Over 700,000 people commit suicide each year, according to the World Health Organization (WHO), ranking it as the fourth most common cause of death for those between the ages of 15 and 29. In 2023, the suicide rate worldwide stands at 10.5 per 100,000 people.
Recent research reveals how prevalent depression is in different nations. With a frequency of 6.3%, Ukraine tops the list, closely followed by Estonia, the US, and Australia, all of which have rates of 5.9%. Brazil comes in third with 5.8%, followed by Greece and Portugal with 5.7% each. And Finland, with a prevalence of 5.6%. Besides, people are more concerned about mental health than about obesity, cancer, or the ongoing coronavirus pandemic on a worldwide scale.
In comparison to cancer (40%), stress (30%), obesity (25%), and drug misuse (22%), among other health concerns, 44% of respondents to a recent study conducted across 31 countries said that mental health is the most important issue in their nation. Spending on mental health treatments by Americans increased by 53% between March 2020 and August 2022. Interestingly, the US has put up a sizable budget for the fiscal year 2023-2024 in order to handle the rising demand for mental health care.
The Substance Abuse and Mental Health Services Administration (SAMHSA) will get a budget of $10.8 billion, the Mental Health System Transformation Fund will receive $2 billion, Community Mental Health Centers will receive $413 million, and the Suicide Prevention Program will see an increase of $90 million. The global mental wellness market is projected to reach USD 251.65 billion by 2031, with an expected annual growth rate of 6.15%.
The increase in spending on mental health services reflects the need for increased access to services globally as well as the growing demand for mental health care. Nevertheless, only 72% of nations have a budget merely for mental health, and 36.3% of those nations spend less than 1% of their overall health budget on mental health services.
Treatment options and funding trends
The effectiveness of different depression treatments, such as counseling and medication, varies based on the patient's particular needs and the severity of the depression. 40% of individuals with serious mental illness report that their needs are not satisfied, suggesting that stigma is still a major obstacle. The use of mental health applications has increased dramatically, providing a fresh means of support.
The three most widely used mental health apps, Happify, Headspace, and Mindspace, accounted for 66.6% of monthly active users, according to a 2022 survey. Those between the ages of 18 and 34 make up over 30% of users of mental health apps. In fact, 64.1% of users used online professional counseling services to assist their mental health throughout COVID-19 limits. Additionally, 25.6% of participants preferred self-guided digital treatment, 19.7% preferred expert-guided digital treatment, and 8.5% preferred peer-supported digital treatment.
Moreover, The number of investment rounds in the Mental HealthTech field has decreased by 37% in 2023 compared to the previous year, but the total amount of funding has still reached $713 million. $340 million of the total came from late-stage investments, demonstrating investor confidence in the industry. With $11.2 billion raised by Mental HealthTech businesses, the United States tops the world in funding, followed by the United Kingdom and Canada.
The overall condition of mental wellness is changing drastically over time. Increasing access to care and utilizing solutions to help people in their mental health journeys are critical as we discuss the intricacies of mental health.