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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 is to reach USD 22 billion–31 billion by 2026

Conservative case

USD 21.8 Bn

Base case

USD 26.6 Bn

Expansion case

USD 31.3 Bn

USD billion510152025303540202120222023202420252026
View details

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.

View detail

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
CVS Health
ZocDoc
Amazon
Optum
Verizon
Bright HealthCare
WellNow Urgent Care
Babylon Health
Doctolib
KRY
Included Health
K Health
98point6
Doctor On Demand
Ada Health
Heal
TytoCare
HealthHero
CloudMD
Solv
HealthTap
Buoy Health
AccuRx
MedStar Health
Telemedico
MeMD
LiveHealth Online
Transcarent
Doktor.se
Dialogue
Sesame Care
Homeward Health
Doktor24.se
CirrusMD
Nice Healthcare
Antidote Health
SteadyMD
PlushCare
Top Doctors
Recuro Health
Reema Health
Radish Health
Rocket Doctor
KixCare
Cura Digital Health Solutions
Akos
Waverly Diagnostics
Bardavon Health Innovations
SOC Telemed
Maven Clinic
Numan
Cricket Health
Vesta Healthcare
TimelyMD
Plume
Summus Global
Stork Club
Folx Health
Heartbeat Health
Amplify MD
Equum Medical
Cayaba Care
Maximus
HerMD
Third Eye Health
LevelJump Healthcare Corp.
Grin
Vira Health
Peppy
Caraway
Tembo Health
Oath Care
Nectar Life Sciences
Twentyeight Health
Culina Health
Gennev
Nest Collaborative
Kiira Health
Kins
Elektra Health
Hey Jane
Alloy
Lisa Health
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell
CurieMD
Winston
23andMe Holdings
Ro
Hims
Thirty Madison
NowRx
Eucalyptus
Wellster Healthtech Group
Lemonaid Health
Formel Skin
RubiconMD
Manual
Alpha Medical
Pocket Health
Sitka
Atropos Health
Virtuwell Online Clinic
Clearing
emocha Health
Felix
Charles.co
Healthstore
Visana Health
Mable
Choix
Best Buy
ResMed
Hinge Health
Biofourmis
Virta Health
Eko
Glooko
Current Health
Health Recovery Solutions
Biotricity
Medocity
Vitls
Accuhealth Technologies
Athelas
Cadence Solutions
Sibel Health
XRHealth
Jasper Health
Heartbeat Health
Story Health
Optimize.health
VitalTech
Canopy
Physera
Suvera
Quil Health
Elastic Care
Verustat
Babyscripts
100Plus
Moving Analytics
Canary Medical
Reimagine Care
Recora Health
Kiddo
Harmonize Health
Marani Health
HealthSnap
Vector Remote Care
Miga Health
Lifelight
Clair Labs
PaceMate
Norbert Health
Medixine
Berkshire Biomedical
VitalFlo
Videra Health
19 Labs
Cliexa
OpenTeleHealth
Amicomed
Nanowear
Alertive Healthcare
Telemetrix
AssayMe
Bamboo Health
Cera
TigerConnect
Innovaccer
Truepill
Wheel
Unite Us
League
BrightInsight
Palta
Pager
Rightway Healthcare
eVisit
Elation Health
DrChrono
b.well Connected Health
AccuRx
Cloudbreak Health
Care Innovations
Luma Health
PatientPoint Health Technologies
Notable
Suki
Medici
ixlayer
Tendo Systems
Robin Healthcare
TimeDoc Health
Cohere Health
Infinitus Systems
Memora Health
Doktor24.se
Decisio Health
DeepScribe
Mytonomy
Jasper Health
Qure4u
Bright.md
Abridge
Healthie
eConsult
VisuWell
Wellbe
OpenLoop
Coviu
DignifiHealth
UCM Digital Health
Commure
DexCare
Garner Health
Ribbon Health
GYANT
Lifelink Systems
Medxoom
Pair Team
HeyRenee
OhMD
AvodahMed
Kensho Health
MD Ally
Medicardia Health
Oro Health
Docspace
Hifinite Health
Simply Speak
Andor Health
Anytime Pediatrics
eRemede
GoMeyra

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
Public - Market cap USD 199.9 mn
Doctolib
815
KRY
728
Transcarent
298
Included Health
272
K Health
271
98point6
267
Doctor On Demand
236
Doktor.se
190
Ada Health
189
Heal
164
TytoCare
157
HealthHero
151
CloudMD
100
Solv
95
Dialogue
89
HealthTap
88
Sesame Care
75
Homeward Health
70
Buoy Health
63
AccuRx
50
Doktor24.se
48
CirrusMD
48
Antidote Health
36
SteadyMD
35
PlushCare
31
MedStar Health
29
Reema Health
9
Telemedico
7
Radish Health
5
MeMD
Unknown
LiveHealth Online
Unknown
Watchlist
?
Nice Healthcare
Top Doctors
Recuro Health
Rocket Doctor
KixCare
Cura Digital Health Solutions
Akos
Waverly Diagnostics

Specialized Telemedicine

?

Disruptors

?
Funding in USD Millions
LevelJump Healthcare Corp.
Public - Market cap Unknown
SOC Telemed
633
Maven Clinic
202
Cricket Health
111
Vesta Healthcare
105
Numan
73
TimelyMD
66
Plume
38
Summus Global
37
Stork Club
33
Folx Health
29
Amplify MD
23
Equum Medical
20
Maximus
15
Vira Health
14
Peppy
12
Caraway
11
HerMD
10
Nectar Life Sciences
8
Culina Health
5
Kins
4
Lisa Health
3
Watchlist
?
Heartbeat Health
Cayaba Care
Grin
Tembo Health
Third Eye Health
Oath Care
Twentyeight Health
Gennev
Nest Collaborative
Kiira Health
Elektra Health
Hey Jane
Alloy
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell
CurieMD
Winston

Asynchronous Store and Forward Service

?

Disruptors

?
Funding in USD Millions
Hims
Public - Market cap USD 1.2 bn
Ro
1026
Thirty Madison
210
NowRx
79
Eucalyptus
70
Wellster Healthtech Group
62
Lemonaid Health
57
Formel Skin
40
RubiconMD
38
Manual
37
Alpha Medical
35
Pocket Health
22
Sitka
22
Clearing
20
emocha Health
15
Atropos Health
14
Felix
10
Charles.co
7
Mable
3
Virtuwell Online Clinic
Unknown
Watchlist
?
Healthstore
Visana Health
Choix

Remote Patient Monitoring Services

?

Disruptors

?
Funding in USD Millions
Biotricity
Public - Market cap USD 41.5 mn
Hinge Health
1026
Biofourmis
464
Virta Health
373
Athelas
150
Cadence Solutions
141
Eko
128
Glooko
101
Current Health
92
Health Recovery Solutions
87
Babyscripts
40
100Plus
40
Sibel Health
35
XRHealth
35
Jasper Health
32
Moving Analytics
31
Canary Medical
30
Story Health
27
Reimagine Care
25
Recora Health
22
Kiddo
22
Medocity
19
Optimize.health
19
VitalTech
14
Harmonize Health
14
Canopy
13
Marani Health
13
HealthSnap
13
Vector Remote Care
13
Physera
11
Lifelight
10
Clair Labs
9
PaceMate
8
Norbert Health
8
Medixine
7
Suvera
6
Quil Health
Unknown
Accuhealth Technologies
Unknown
Verustat
Unknown
Watchlist
?
Heartbeat Health
Miga Health
Berkshire Biomedical
VitalFlo
Videra Health
19 Labs
Cliexa
OpenTeleHealth
Amicomed
Nanowear
Alertive Healthcare
AssayMe
Vitls
Elastic Care
Telemetrix

Technology Service Providers

?

Disruptors

?
Funding in USD Millions
Commure
542
Cera
407
TigerConnect
400
Innovaccer
379
Truepill
255
Wheel
216
Unite Us
195
League
171
BrightInsight
166
Luma Health
159
PatientPoint Health Technologies
140
Palta
139
Pager
139
Rightway Healthcare
130
Notable
119
eVisit
111
Elation Health
109
Suki
95
Medici
93
ixlayer
75
DexCare
70
Tendo Systems
69
Robin Healthcare
65
Garner Health
61
DrChrono
61
b.well Connected Health
59
TimeDoc Health
58
Cohere Health
56
Ribbon Health
54
Infinitus Systems
51
Memora Health
51
AccuRx
50
Doktor24.se
48
Decisio Health
41
DeepScribe
37
Mytonomy
32
Jasper Health
32
Qure4u
30
Bright.md
29
Cloudbreak Health
25
GYANT
23
Abridge
23
eConsult
16
Lifelink Systems
16
VisuWell
14
Wellbe
13
OpenLoop
12
Medxoom
11
Pair Team
10
HeyRenee
8
Coviu
7
DignifiHealth
7
AvodahMed
7
UCM Digital Health
6
Kensho Health
5
Care Innovations
Unknown
Andor Health
Unknown
Watchlist
?
Healthie
OhMD
MD Ally
Medicardia Health
Oro Health
Docspace
Hifinite Health
Simply Speak
Anytime Pediatrics
GoMeyra
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.

Funding and financials

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.

In Q2 2022, the company reported a 4.6% YoY increase in revenue to USD 265 million, despite widened losses of USD 156 million from USD 95 million the previous quarter. The company maintained its guidance for the full year 2022, expecting revenue of USD 1 billion or greater, indicating a 3x YoY, supported by its expansion across the US and growth in membership base. Adjusted EBITDA losses are expected to be in the range of USD 295 million and USD 270 million.

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

General Telemedicine:

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

Specialized Telemedicine:

SOC Telemed
Maven Clinic
Cricket Health
Vesta Healthcare
Numan
TimelyMD
Plume
Summus Global
Stork Club
Folx Health
Amplify MD
Equum Medical
Maximus
Vira Health
Peppy
Caraway
HerMD
Nectar Life Sciences
Culina Health
Kins
Lisa Health
Heartbeat Health
Cayaba Care
Grin
Tembo Health
Third Eye Health
Oath Care
Twentyeight Health
Gennev
Nest Collaborative
Kiira Health
Elektra Health
Hey Jane
Alloy
HUED
Best In Class MD Inc (BICMD)
Health In Her HUE
Certintell

Asynchronous Store and Forward Service:

Hims
Ro
Thirty Madison
NowRx
Eucalyptus
Wellster Healthtech Group
Lemonaid Health
Formel Skin
RubiconMD
Manual
Alpha Medical
Pocket Health
Sitka
Clearing
emocha Health
Atropos Health
Felix
Charles.co
Mable
Healthstore
Visana Health
Choix

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
Teladoc Health
Amwell
Cigna Corporation
ZocDoc
CVS Health
Amazon
Optum
Verizon
Best Buy
Bright HealthCare
23andMe Holdings
Bamboo Health

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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