Analysing biometric data of an individual between night and day, medtech company Medibio (ASX: MEB) is set to offer solutions to better manage the mental health of users through an app, aiming to monitor stress levels and improve them over time.
The app will be supported by a biometric wearable divide such as a Garmin or Apple Watch, and will draw upon Medibio’s sleep architecture data which has been clinically tested. According to the Company, there is no other viable app in the current marketplace that has patent-protected biometric functionality.
While mental health has been an emerging trend within the health and wellness sector, the COVID-19 pandemic has shone a spotlight on personal management where some have not handled pandemic lockdowns as well as others.
In the United States, where Medibio has an office in Minneapolis, a Kaiser Family Foundation study identified the pandemic to have negatively affected the mental health of 53% adult Americans. Critical responses identified in the study included sleeping difficulty, changes to eating patterns and increases in alcohol or substance abuse as common reactions within the population due to stress over the virus.
With the increasing demand for mobile mental health services, Medibio is planning to make their app available on Android and iOS platforms. It is yet to be discussed how Medibio will generate revenue from the app, or partnerships with wearable device companies but they are planning to also include functionality for those who do not have wearables via an interactive psychometric assessment feature.
Pending testing of their app, Medibio has tentatively scheduled a commercial launch in advance of Mental Health Awareness Week in October 2021 and is not expecting to require FDA approval for it.
Depression is estimated to cost the US economy USD $210 billion a year while the cost in Australia is estimated at $12.6 billion annually.