Telemedicine represents a growing segment of the healthcare sector, and telemedicine companies are reaping the benefits of its rising popularity. According to the Global Telemedicine Market Outlook 2020, published by RNCOS Consultancy, the global market for telemedicine technology was estimated at $26.5 billion for 2018, with a projected compound annual growth rate that should reach $41.2 billion in 2021.
With telemedicine seemingly on an upward trajectory, it’s likely that competition among companies may increase as newcomers enter the field. If you’re interested in telemedicine, either from an investment perspective or as a consumer who’s looking for more variety in how you receive medical care, here are five companies that have proven themselves as industry leaders.
The global market for telemedicine technology in 2018.
Founded in 2010, CareClix coordinates with board-certified physicians around the world to provide a variety of telehealth services, including high-definition video examinations and remote consultations. CareClix also operates a provider care group, allowing physicians to offer their patients general and specialized services on demand around the clock.
On the patient side, the CareClix platform allows you to file and track claims online. You can also schedule telemedicine visits online and update them anytime through the self-scheduling feature.
Doctor On Demand
Doctor On Demand takes the house call virtual, making it possible for doctors and patients to connect via live video conferences. Doctors treat patients for a range of minor medical conditions, including sore throat, sports injuries, rashes, and flu symptoms.
In June 2015, the company announced a $50 million Series B funding round, designed to allow Doctor On Demand to expand its range of services and grow its customer base in the process. In April 2018, the company closed a $74 million round of Series C financing.
Recently named as one of the best entrepreneurial companies in America by Entrepreneur magazine’s Entrepreneur 360™, MyTelemedicine has emerged as a front runner in the industry. The platform allows patients to call or go online to schedule a consultation with a physician licensed in their state. A triage nurse takes note of their symptoms and updates the patient’s electronic health record.
The patient consults with the physician, who recommends a treatment plan. There’s no waiting in line at an urgent care facility or emergency room, and you don’t have to miss work to get medical care. In terms of options, patients can speak to a physician, pediatrician or even a behavioral therapist if needed.
When time is of the essence, Teladoc (TDOC) connects you to the medical advice you need. Patients can speak to a physician via the web, phone or mobile app in less than 10 minutes.
The company has tens of millions of users who are served by thousands of licensed healthcare professionals, with decades of experience on average. In July 2016, the company announced that it had secured $50 million in capital from Silicon Valley Bank to further its growth efforts.
If you’re looking for a virtual hospital while you’re away from home, look no further than iCliniq. The company offers online access to thousands of doctors in a large number of specialties, and the platform caters specifically to expatriates and travelers.
Patients can consult physicians anytime, day or night, and pay a flat fee to get their health questions answered.
The Bottom Line
These telemedicine companies are at the top of their game, but this list is just the tip of the iceberg in terms of what’s out there. If you’re considering making an investment in the telemedicine industry or using the services of one of these companies, it’s essential to do your research beforehand. That ensures that the platform you choose is the best fit possible for your portfolio or your healthcare needs.