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July 09, 2020 | Healthcare
Telemedicine (also known as telehealth) can be understood, as per the definition provided by the World Health Organization (WHO), as delivery of healthcare services from healthcare professionals to patients, both of whom are separated by distance. Virtual healthcare solutions have gathered momentum in recent years to bridge the widening gap in terms of access to quality health care. Telehealth platforms are not only utilized provide health consultation services, but are also used for training and up-skilling of professionals, sharing of knowledge, and health education.
The broad scope of telemedicine technologies has given birth to a lucrative market. According to Fortune Business Insights™, the global telemedicine market size stood at USD 34.28 billion in 2018 and is expected to witness growth at a CAGR of 23.5% over the forecast period. Several telemedicine companies such as Doctor on Demand are adopting telecommunication technologies advanced to increase awareness about health education and offer quality care to patients. We, at Fortune Business Insights have compiled a list of top 10 telemedicine companies in the world that are spearheading the growth of the market.
COVID-19 Pandemic: A Boon for the Telemedicine Market
The COVID-19 pandemic outbreak has created an unprecedented health crisis. Nationwide lockdowns, social distancing, and prioritization of medical services in favor of COVID patients has surged the demand for telemedicine facilities.
According to a research study conducted by Harvard University, in-person visits to health facilities dropped sharply in April and telehealth visits rose rapidly around the same time. Fears surrounding contracting the virus at hospitals have inhibited patients from making in-person visits to their doctors and those with chronic conditions are increasingly relying on telemedicine consultations to manage their agony. The healthcare facilities segment is expected to grow as a result of the pandemic, which is generating unique business opportunities for the top telemedicine companies worldwide.
Founded in 2002, Teladoc Health is a leading player in the telemedicine market, having operational presence in over 130 countries in the world. The company is known for offering a wide range of services such as telehealth, Artificial Intelligence-based analytics, and medical consultations. In 2018, the company reportedly completed 2.6 million telehealth visits worldwide. Some of its renowned brands include “healthiestyou” and “betterhelp”.
Rebranded as Amwell in 2019, this telehealth company was established in 2006 and today its one of the top 10 telemedicine companies in the world. The company’s business model is in the nature of a subscription service which it sells to healthcare providers, who then register their network of professionals on the platform. Amwell also offers its systems integration and software development kits to blend telehealth into operational workflows that are leveraged by patients and professionals. The organization has been continuously expanding its portfolio of services and strategically broadening its customer base in the United States.
This telemedicine pioneer was founded in 2013 and since its establishment the company has displayed a robust growth trajectory, having a solid global presence. The company is known to provide top-notch teleconsultation services to patients, with its virtual platform being adopted by 135,000 medical practitioners daily.
Holding an enviable position as one of the top 10 telemedicine companies in the world, MDLive offers wide access to licensed therapists, pediatricians, and doctors. Its services are affordable and convenient to use, which has resulted in the company having a strong base of 40 million global members.
Established in 2010, MeMD took off as a telehealth services provider for common injuries and illnesses, delivering on-demand care for individuals and businesses. The company has evolved steadily and has expanded its offerings to patients and physicians alike, all the while ensuring quick and convenient access to quality healthcare across the United States. The company also offers an interesting array of services including men’s & women’s health, urgent care, teen therapy, and psychiatry through video chats.
Founded in 2010, iCliniq is an innovative telehealth company, operating as a “medical second opinion” platform for patients seeking alternate solutions for their conditions. The company provides premier healthcare services and features a network of doctors and physicians from India, the UK, the US, Singapore, the UAE, and Germany.
With an eye on global expansion and position strengthening in Asia Pacific, the company has been making steady inroads in the telemedicine industry and is fast securing a place as one of the top telemedicine companies in the world. Moreover, iCliniq covers a vast array of specialties including infertility, neurology, Ayurveda, cardiology, urology, dentistry, psychiatry, and many more.
Designed as a “second opinion” service, 2nd.MD has emerged as one of the most promising telemedicine companies in the world. Offering technology-driven healthcare solutions, the company has grown at an impressive rate since its birth. In the last year or so, the company’s consult volume has grown by 80% and with COVID-19 sweeping across the globe, its growth projections have jumped sharply. The company is aggressively expanding its operational portfolio through strategic collaborations and launch of novel services and products for real-time patient monitoring.
Ranked number 1 among virtual care platforms in the 2020 KLAS Annual Report, InTouch has grown by leaps and bounds since its establishment. The company has earned a reputation of providing best quality and highly reliable virtual care to patients across the globe. It has also made strategic investments in developing cloud-based care solutions, which also expanded its reach among patients and healthcare providers.
AMD Global was established in 1991 and has since risen to a dominating position in the global telemedicine market share. The company has made remarkable advancements in delivery of telehealth services to medical professionals and patients, ensuring reliable access to quality virtual health services to patients in over 100 countries worldwide. Heavy investment in innovation is the chief strategy of the company.
Acquiring SnapMD, a leading provider of HIPAA-compliant telemedicine services, VirTrial entered the telemedicine market in 2018. The company has built its patient management program from a research viewpoint, combining encrypted audio and visual communication for clinical trials to meet specific patient needs. Its model is best suited for Phase III and IV studies and rare diseases.
Telemedicine has revolutionized health systems around the world and leading market players are continuously breaching new frontiers. As the coronavirus pandemic continues to ravage the world, the adoption of telemedicine platforms is expected to surge. Its most salient feature is its inherent capability to provide equitable and affordable access to quality medical care to remote populations and break down the barriers created by the skewed economic development, especially in emerging economies.
About the Author
Name: Shantanu Ayachit
Shantanu Ayachit is part of a talented team of content writers working in Fortune Business Insights™, one of the most promising market research firms in the industry. He has experience in developing quality content and is currently involved in writing articles, press releases, and blogs for the company. He is highly motivated and enjoys putting ideas and thoughts into words to enable the reader to experience a seamless perusal.