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Telehealth
Overview
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.
Industry Updates
Market Sizing
The US Telehealth market could reach USD 7.8 billion–10.4 billion by 2027
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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.
GenAI-based Telehealth platforms
General Telemedicine
Specialized Telemedicine
Asynchronous Store and Forward Service
Remote Patient Monitoring Services
Technology Service Providers
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.
Funding History
Competitive Analysis
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.
Notable Investors
