This quarter, as coronavirus decimated the global economy, mental health firms raised a record $576 million — 60 percent more than any previous quarter. Services like Talkspace and BetterHelp have reported a rush of new users over the last few months, but teletherapy apps have also been dogged by concerns around privacy and efficacy. Six mental health experts emphasized the digital therapy space needs more transparency and oversight, but there isn't consensus on what the path forward should be.
First-time downloads of the top 20 mental wellness apps in the U.S. hit 4 million in April. That's up 29 percent from 3.1 million in January. By contrast, first-time downloads of the top 20 such apps fell 30 percent during the same period last year.
Therapy app makers are rushing to meet a flood of new customers, but health experts remain divided on the regulatory path ahead as privacy and efficacy concerns mount.said the pandemic was having a negative effect on their mental health, according to a survey by the Kaiser Family Foundation. With in-person therapy paused amid ongoing shelter-in-place restrictions, people are turning to their smartphones for help.
. They run the gamut from AI chatbots and mood trackers, to services like Talkspace and BetterHelp that connect patients with licensed therapists. CEO Oren Frank told CNBC last month that venture capitalists, including some that passed earlier, are
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