Finding the Opportunity in Telehealth
We know the coronavirus pandemic has had a significant impact on many different industries throughout the world. There was no predicting what would happen to society because of the spread of COVID-19.
Uncertainties have loomed throughout the past year and a half, and we know that the way we saw and experienced the world pre-COVID-19 might never exist again — at least, not in the way that we were familiar with.
It’s been about a year and a half of having our lives adjusted, and some things that we’ve adjusted about are now what we’re most accustomed to. The term “new normal” has been thrown around quite a bit, and that’s one way of putting it. The way we experience life and what we need to do to survive has been more ingrained in us than we thought before the pandemic.
Telehealth Provided a Solution
One of those changes is the way that we go to the doctor’s office and seek medical attention. With many paranoid about being infected with COVID-19, many people were not visiting their physicians, which wasn’t ideal for preventative measures. Not only were people paranoid about COVID-19, but a lot of hospitals and doctors’ offices were overwhelmed, and that made it impossible to schedule an appointment on time.
This problem needed to be addressed because it’s important that the public have the opportunity to seek medical attention for any concerns. And that’s where telehealth stepped up.
Personally, with my health insurance, telemedicine has been an option for a few years now, but in the past, to me it seemed kind of weird to meet with a doctor on a video chat or phone call, despite it being a convenient option.
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According to a report by Fortune Business Insights, the global telehealth market size was near $144 billion in 2020. It experienced massive growth of 135% in 2020 compared with the average year-over-year growth during 2017–2019.
Fortune Business Insights indicates in its report that the market is projected to grow from $90.74 billion in 2021 to near $636 billion in 2028 — that represents a forecast CAGR of 32.1% for 2020–2028.
The Fortune Business Insights report says:
The adoption rate of telehealth is increasing dramatically, especially in radiology, cardiology, behavioral health, and online consultation. That market is getting a significant boom with the rising startups funding and the launch of products, especially for virtual customers.
It appears the demand for those telehealth companies that connect patients to physicians, insurers, hospitals, and health systems have been some of the winners throughout the pandemic, and the demand for these services is only increasing.
McKinsey, a management consultant, has indicated that 46% of U.S. consumers in April were using telehealth to replace canceled healthcare visits in 2020. All signs point to major growth for telehealth stocks now and in the upcoming future.
With that being said, here is one telehealth stock you should start to familiarize yourself with…
Teladoc Health (NYSE: TDOC)
Teladoc Health has become one of the most well-known companies in telehealth. The company uses its artificial intelligence, analytics, and telehealth devices to create an integrated personal care system. It connects patients to doctors through its virtual platform for things like consultation and monitoring.
Teladoc is currently the market leader with nearly 13% market share. The company has a massive network of doctors with 55,000 physicians throughout the U.S, which gives it an advantage over other telehealth companies that have smaller networks of physicians. Teladoc Health will be a company to keep an eye on and might even be worthy of consideration when shares are lower, but as you can tell, with the market set to soar it would be a good time to take advantage of the current opportunity.
As I mentioned before, this industry will soar after the pandemic as more and more people grow accustomed to seeking medical attention through virtual platforms because it’s a convenient option.
If you are able to have a doctor visit or speak with a therapist in the comfort of your own home, why would anyone choose to visit another doctor’s office again? Of course, that doesn’t mean doctor offices will become obsolete, because there will always be medical care that will need to be done in person.
Until next time,