Mental health was already a cause for serious concern among public health officials long before Covid-19 was declared a global pandemic in early 2020. Although the Covid-19 pandemic has put the spotlight on the effect of spiralling healthcare costs on the equity of access, it has also brought mental health issues to the surface. The unprecedented public health emergency has merely highlighted the plight of those suffering from poor mental health due to the disruption that it caused in all aspects of life over the past two years. Not only have some people felt a greater sense of isolation due to virtual homeschooling, teleworking, and quarantine requirements, but some have also experienced a fear of Covid-19 infection and acute financial hardships due to the loss of employment opportunities.
Disturbing figures
Young people’s mental health has particularly come under scrutiny as 13% of those between 10 and 19 worldwide have been diagnosed with a mental health disorder. The global prevalence of anxiety and depression rose by 25% in the first year of the Covid-19 pandemic, as it is explained in The Lancet. In the United States, for instance, the percentage of adults with symptoms of an anxiety or a depressive disorder increased significantly from August 2020 to January 2021. According to the US Centers for Disease Control and Prevention (CDC), the mental well-being of younger US adults was more likely to be compromised by the public health emergency than that of the older population. All in all, nearly one in four US adults experienced symptoms relating to anxiety or depression. Although they needed counselling or therapy for their mental health conditions during the period, they reportedly did not receive it due to a lack of funding or other personal reasons.
Potential sources of stress
While the world is still struggling with the strain of the prolonged pandemic, the war in Ukraine has also triggered a renewed surge of anxiety and fear concerning further spillovers of the conflict to other parts of the world. While it is understandable that many people are concerned by the unfolding of the tragedy, constant news updates about the geopolitical turmoil in Ukraine can also lead to heightened levels of stress, anxiety, or depression. Tracking up-to-the-minute developments of the spiralling humanitarian crisis can come at a cost. Research suggests that intense coverage of traumatic events like wars via news outlets and social media can affect viewers’ mental health. As the latest poll by the American Psychological Association indicated, roughly 80% of Americans have listed Russia’s invasion of Ukraine and any potential retaliation as a significant source of stress for them. As the levels of stress have reached alarming proportions in the country, President Joe Biden has been compelled to address the challenge facing the nation as he urged “let’s get all Americans the mental health services they need” in a State of the Union address.
Mental health awareness
At the global level, the potential aggravation of mental health conditions has prompted 90% of countries across the world to address mental health and psychosocial support for their residents. After all, people with severe mental health conditions die prematurely – as much as two decades earlier than their peers – due to preventable physical conditions. Nevertheless, major gaps and concerns remain. While wealthier nations are more likely to be able to offer online support in place of face-to-face care, deploying digital interventions remains a significant challenge for resource-scarce countries. Furthermore, people with mental health conditions are also more likely to experience discrimination and stigma. WHO estimates that there are around 270 million people suffering from depression worldwide. According to the findings of the Geneva-based international body, mental health problems like depression and anxiety disorders cost the global economy nearly USD 1 trillion per year in lost productivity. Such a loss makes it imperative for governments to take action to address the problem.
Cultural factor
Inhabitants across the Asia-Pacific region were less affected by Covid-19 in comparison with those from South Asia, South America or North Africa and the Middle East. Many factors may explain the difference between these regions. These are associated to pandemic-induced anxiety and depression, and strong family support during the sanitary crisis.
In Anglo-Saxon countries, people openly talk about their anxiety and depressive disorders more often than those from the Asia-Pacific region. In other words, people from some cultures may be more open to seek medical advice face-to-face with a physician at a brick-and-mortar clinical setting than the others. Therefore, the adoption of digital health technologies especially in the form of online consultations may help to remove some of the reservations and avoid the social stigma faced by patients from seeking advice from an online physician.
Nowadays, sources of stress primarily include widespread grief and sense of loss, continued hardships for vulnerable populations, children’s development, as well as the ability to cope with rising energy bills and grocery costs, further exacerbated by the humanitarian crisis in Ukraine. More and more people are conscious about an anxiety-provoking climate. Luckily mental health issues are no longer unmentionable and people are encouraged to speak up.
Conclusion for investors
“Looking ahead, it’s essential that the healthcare industry remains focused on one common goal — ensuring that everyone, no matter personal circumstances, has access to high-quality and highly affordable care,” explained Anthony Capone, President of DocGo, a leading AI-powered mobile health services and transportation provider to Forbes magazine.
When we think of mental health developments and investment opportunities, telemedicine is a central solution. It helps patients to receive care without an in-person office visit. In addition, remote patient monitoring is becoming more widely accepted. Having exponentially grown in popularity throughout the pandemic, this now includes wearable technology with impressive capabilities, from remote monitoring of vitals to remote echocardiograms. If not for the pandemic, it probably would have taken the healthcare industry another decade to reach where it is today.
While data sharing and data collection is still a challenge when it comes to healthcare, we think of advanced technology as a key tool to make sure everyone will have access to affordable care hopefully very soon.