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Telehealth

More important now than ever, telehealth will long outlast the pandemic that drove its growth.

Overview

Affordable healthcare delivered remotely

Telehealth refers to the application of healthcare and health-related services via phone and online platforms. Especially in the US, the traditional healthcare care system has long been plagued with escalating issues of cost and accessibility. Telehealth tools supplement the traditional healthcare care systems, thereby adding value to major stakeholders in the greater healthcare ecosystem, including providers, patients, payors, hospitals, and the government.

Telehealth uses four main types of models to deliver services: 1) general telemedicine; 2) specialized telemedicine; 3) asynchronous store and forward services; and 4) remote patient monitoring services. These service delivery models often complement one another, and in practice can be used in conjunction to deliver remote care to patients.

What's driving this industry?
Market Sizing

The US telehealth market to reach USD 20-36 billion by 2025

Conservative case

USD 19.6 Bn

Base case

USD 29.2 Bn

Expansion case

USD 35.8 Bn

USD billion510152025303540202020212022202320242025
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COVID-19 IMPACT

Teladoc visits grew by 206% YoY in Q3 2020 to 2.8 million.

MDLIVE visits increased by more than 95% YoY during the first half of 2020, compared to 45% average growth over the past five years.

Amwell visits jumped 450% YoY to reach 1.4 million in Q3 2020.

98point6 reported a 274% YoY surge in memberships in October 2020. 

Doctor on Demand virtual visits reached nearly 3 million by July 2020, up from 2019’s projection of 2 million.

Market Mapping

While the main incumbents have enjoyed a stronger presence in the telehealth space for more than a decade, the industry’s leading disruptors have successfully increased their foothold in the market, thanks to their growing user network. Most disruptors are heavily concentrated on the telemedicine segment, given its popularity of facilitating live consultations as an alternative to physical doctor visits. This is followed by the remote patient monitoring segment due to the high prevalence of chronic conditions.  

Incumbents
Growth
Early
Seed
Pre-Seed
General Telemedicine
?
Specialized Telemedicine
?
Asynchronous Store and Forward Service
?
Remote Patient Monitoring Services
?
Technology Service Providers
?
Optimize.health
Optimize.health
Optimize.health
Optimize.health
Optimize.health
Teladoc Health
Amwell
Cigna Corporation
ZocDoc
CVS Health
Amazon
Optum
Verizon
Bright HealthCare
Babylon Health
KRY
Grand Rounds
K Health
98point6
Doctor On Demand
Heal
TytoCare
HealthHero
CloudMD
Solv
HealthTap
Buoy Health
AccuRx
Telemedico
MeMD
LiveHealth Online
Transcarent
Doktor.se
Dialogue
Doktor24.se
CirrusMD
Sesame Care
SteadyMD
PlushCare
Top Doctors
Antidote Health
Recuro Health
Nice Healthcare
Rocket Doctor
KixCare
Cura Digital Health Solutions
Akos
SOC Telemed
Maven Clinic
Numan
Cricket Health
Vesta Healthcare
Stork Club
Folx
Heartbeat Health
Equum Medical
Third Eye Health
Grin
Plume
Peppy
Twentyeight Health
Gennev
Kiira Health
Elektra Health
Alloy
Cayaba Care
Hey Jane
Nest Collaborative
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell
Tembo Health
CurieMD
Winston
23andMe Holdings
Ro
Hims
NowRx
Lemonaid Health
Formel Skin
RubiconMD
Manual
Alpha Medical
Sitka
Virtuwell Online Clinic
Felix
Best Buy
Hinge Health
Virta Health
Glooko
Eko
Current Health
Health Recovery Solutions
Biotricity
Medocity
Vitls
Accuhealth Technologies
Cadence Solutions
Heartbeat Health
XRHealth
Optimize.health
Physera
VitalTech
Quil Health
Elastic Care
Babyscripts
100Plus
Kiddo
Harmonize Health
Marani Health
HealthSnap
Vector Remote Care
Lifelight
PaceMate
Berkshire Biomedical
VitalFlo
Videra Health
19 Labs
Cliexa
OpenTeleHealth
Nanowear
Amicomed
Alertive Healthcare
Telemetrix
AssayMe
Bamboo Health
TigerConnect
Truepill
Unite Us
Palta
Pager
Rightway Healthcare
eVisit
DrChrono
b.well Connected Health
AccuRx
Cloudbreak Health
Luma Health
PatientPoint Health Technologies
Notable
Suki
Medici
ixlayer
Tendo Systems
Robin Healthcare
Infinitus Systems
Doktor24.se
DeepScribe
Mytonomy
Qure4u
Bright.md
eConsult
Wellbe
DignifiHealth
UCM Digital Health
Commure
DexCare
Garner Health
Ribbon Health
GYANT
Lifelink Systems
Medxoom
Pair Team
HeyRenee
AvodahMed
Kensho Health
MD Ally
Medicardia Health
OhMD
Oro Health
Hifinite Health
Docspace
Simply Speak
Healthie
Anytime Pediatrics
eRemede

The Disruptors

Babylon Health is the leading disruptor in general telemedicine 

While a few large telehealth companies have existed since the early 2000s, the industry has attracted a host of new startups beginning in the early-to-mid 2010s. Venture capital funding for telemedicine companies surged in H1 2021—up to USD 4.2 billion from USD 1.7 billion in 2020—due to the rising popularity of virtual delivery methods brought about by the Covid-19 pandemic. 

For investors, Babylon Health and Kry are among the largest disruptors in the general telemedicine segment having raised USD 631 million and USD 569 million, respectively, as of August 2021. Both companies have an international presence including the US and UK. 

Hims and Ro are key players in the asynchronous store and forward service segment, both serving similar markets with comparable business operations. For startups focused on chronic disease management, Hinge Health and Virta Health are among the largest disruptors in the remote patient monitoring segment while acute care telemedicine provider, SOC Telemed, is a key player in the specialized telemedicine space.

General Telemedicine

?

Disruptors

?
Funding in USD Millions
Babylon Health
1131
KRY
569
Transcarent
298
Grand Rounds
272
K Health
271
98point6
247
Doctor On Demand
236
Doktor.se
190
Heal
164
TytoCare
157
HealthHero
151
CloudMD
100
Solv
95
Dialogue
89
HealthTap
88
Buoy Health
63
AccuRx
50
Doktor24.se
48
CirrusMD
48
Sesame Care
48
SteadyMD
35
PlushCare
31
Antidote Health
13
Telemedico
7
MeMD
Unknown
LiveHealth Online
Unknown
Watchlist
?
Top Doctors
Recuro Health
Nice Healthcare
Rocket Doctor
KixCare
Cura Digital Health Solutions
Akos

Specialized Telemedicine

?

Disruptors

?
Funding in USD Millions
SOC Telemed
Public - Market cap USD 87.6 mn
Maven Clinic
202
Cricket Health
111
Vesta Healthcare
105
Numan
53
Stork Club
33
Folx
29
Equum Medical
20
Plume
14
Peppy
12
Watchlist
?
Heartbeat Health
Grin
Third Eye Health
Twentyeight Health
Gennev
Kiira Health
Elektra Health
Alloy
Cayaba Care
Hey Jane
Nest Collaborative
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell
Tembo Health
CurieMD
Winston

Asynchronous Store and Forward Service

?

Disruptors

?
Funding in USD Millions
Hims
Public - Market cap USD 1.1 bn
Ro
876
NowRx
61
Lemonaid Health
57
Formel Skin
40
RubiconMD
38
Manual
37
Alpha Medical
35
Sitka
22
Felix
10
Virtuwell Online Clinic
Unknown

Remote Patient Monitoring Services

?

Disruptors

?
Funding in USD Millions
Biotricity
Public - Market cap USD 154.8 mn
Hinge Health
1026
Virta Health
373
Cadence Solutions
141
Glooko
101
Eko
96
Current Health
92
Health Recovery Solutions
87
Babyscripts
40
100Plus
40
XRHealth
24
Kiddo
22
Medocity
19
Optimize.health
19
Harmonize Health
14
Marani Health
13
HealthSnap
13
Vector Remote Care
13
Physera
11
Lifelight
10
PaceMate
8
VitalTech
Unknown
Quil Health
Unknown
Accuhealth Technologies
Unknown
Watchlist
?
Heartbeat Health
Berkshire Biomedical
VitalFlo
Videra Health
19 Labs
Cliexa
OpenTeleHealth
Nanowear
Amicomed
AssayMe
Vitls
Alertive Healthcare
Elastic Care
Telemetrix

Technology Service Providers

?

Disruptors

?
Funding in USD Millions
Commure
542
TigerConnect
400
Truepill
255
Unite Us
195
Luma Health
159
PatientPoint Health Technologies
140
Palta
139
Pager
133
Rightway Healthcare
130
Notable
119
eVisit
111
Suki
95
Medici
93
ixlayer
75
DexCare
70
Tendo Systems
69
Robin Healthcare
65
Garner Health
61
DrChrono
61
b.well Connected Health
59
Ribbon Health
54
Infinitus Systems
51
AccuRx
50
Doktor24.se
48
DeepScribe
37
Mytonomy
32
Qure4u
30
Bright.md
29
Cloudbreak Health
25
GYANT
23
eConsult
16
Lifelink Systems
15
Wellbe
13
Medxoom
11
Pair Team
10
HeyRenee
8
AvodahMed
7
DignifiHealth
7
UCM Digital Health
6
Kensho Health
5
Watchlist
?
MD Ally
Medicardia Health
OhMD
Oro Health
Hifinite Health
Docspace
Simply Speak
Healthie
Anytime Pediatrics
eRemede

Babylon Health

Babylon provides online access to healthcare for many acute, chronic, and psychological conditions, including personalized health assessments, activity tracking, treatment advice, and 24/7 virtual consultations with a healthcare provider. It leverages AI in assisting practitioners to diagnose the conditions and has developed many AI-based health services, including a chatbot for the National Health Service in the UK to diagnose illnesses. As of September 2021, Babylon had served over 24 million patients across its markets. The company launched new contracts in H2 2021 adding 135,000 members in line with its plans to manage more than 350,000 lives globally by the start of 2022. Annual membership costs GBP 149 (USD 199), but it also offers the opportunity to schedule one-off appointments. A one-off general and specialist consultation is priced at GBP 49 (USD 65) per visit.

Babylon has partnerships with Tencent (to tap into the Chinese market), and also offers services in the US, Rwanda, and multiple countries in Asia and the Middle East. Babylon sold its Canadian operations to former partner Telus Health in 2021, signing a multi-year licensing deal estimated at around USD 70 million with Telus for the use of Babylon’s technology after the sale. The company has announced two acquisitions so far in 2022 comprising Higi SH Holdings , a health-checking kiosk developer, and a patient engagement platform DayToDay Health . Higi's acquisition will allow Babylon to expand its market reach and coverage of its digital care offerings across. It also plans to offer DayToDay Health's engagement programs and clinical services to its members as they prepare for and recover from medical interventions and major health events.

Babylon Health’s revenue grew by 400% YoY in 2020 and the company expects the revenue to increase by 300% YoY to USD 321 million in 2021. For 9M 2021, the company recorded a 5.3x YoY increase in revenue to USD 203.2 million, despite incurring USD 141 million operating losses.

In terms of funding, the company raised USD 550 million in a Series C funding round led by Saudi Arabia Public Investment Fund in August 2019, valuing the company over USD 2 billion. It also secured up to USD 200 million in a sustainability-linked investment from European credit specialist AlbaCore Capital Group in October 2021. The debt capital will be a five-year unsecured note with 0.5% penny warrants capped at USD 15 per share. In addition, Babylon Health went public through a merger with Alkuri Global Acquisition Corp., a special purpose acquisition company in October 2021, trading on the NYSE under the ticker symbol “BBLN”. It received gross proceeds amounting to USD 460 million from the deal.

Segment:
General Telemedicine
Total funding:
USD 1.1 billion
Competitors:
HealthHero, Kry, Dialogue
Disruptor Funding History

General Telemedicine:

Babylon Health
KRY
Transcarent
Grand Rounds
K Health
98point6
Doctor On Demand
Doktor.se
Heal
TytoCare
HealthHero
CloudMD
Solv
Dialogue
HealthTap
Buoy Health
AccuRx
Doktor24.se
CirrusMD
Sesame Care
SteadyMD
PlushCare
Antidote Health
Telemedico
Top Doctors
Recuro Health
Nice Healthcare
Rocket Doctor
KixCare
Cura Digital Health Solutions
Akos

Specialized Telemedicine:

SOC Telemed
Maven Clinic
Cricket Health
Vesta Healthcare
Numan
Stork Club
Folx
Equum Medical
Plume
Peppy
Heartbeat Health
Grin
Third Eye Health
Twentyeight Health
Gennev
Kiira Health
Elektra Health
Alloy
Cayaba Care
Hey Jane
Nest Collaborative
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell
Tembo Health

Asynchronous Store and Forward Service:

The Incumbents

Well established, long-standing telehealth players continue to strengthen by leveraging scale

Among the incumbents of telehealth, hospitals have been quite active in implementing telehealth facilities as part of their wider healthcare delivery system. Telehealth adoption among hospitals has increased substantially over the years with more than three-quarters of the hospitals in the US having adopted telehealth either fully or partially in 2017—a significant increase from 35% in 2010. In 2019 alone, 106 hospitals and health systems adopted telehealth in some form.

Early entrants to the telehealth industry (in the 2000s) are also considered incumbents, as they are now well established and much larger in scale thanks to their substantial funding. Several of these big players have resorted to M&As in addition to the pursuit of aggressive customer acquisitions in their legacy businesses.

General Telemedicine
Specialized Telemedicine
Asynchronous Store and Forward Service
Remote Patient Monitoring Services
Technology Service Providers
In House Development
M&A
Partnership
Investment

Notable Investors

No investor data is available

Funding data are powered by Crunchbase
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