The COVID-19 pandemic dramatically accelerated the adoption of telehealth technology by hospitals and healthcare organizations worldwide. As more patients and providers become accustomed to virtual care, telehealth has emerged as one of the fastest growing areas of healthcare.
According to McKinsey, telehealth usage has increased 38x from pre-COVID levels, with close to $250 billion spent on virtual care in 2020 alone. The global telehealth market is projected to reach $636.38 billion by 2028, exhibiting a CAGR of 32.1% over 2021-2028.
With this massive growth, several companies that provide telehealth services have risen to prominence worldwide. Here are the 10 largest telehealth companies globally based on patient reach, services offered, revenue, and impact on the industry:
1. Teladoc Health
Founded in 2002 and headquartered in Purchase, NY, Teladoc Health (NYSE: TDOC) is the global leader in virtual care. It serves over 50 million members and patients worldwide through core telehealth solutions as well as digital health capabilities from acquired companies like Livongo and BetterHelp.
Teladoc provides services across 450 subspecialties from general medical to complex conditions. It offers telehealth visits via website, app, phone, and integrated EHR platforms. In 2020, Teladoc facilitated over 10.6 million medical visits with a 37% year-over-year increase.
Teladoc reported revenue of $2.03 billion in 2020, up 98% from 2019. It has 20+ patents for its automated expert medical guidance systems. Teladoc has played a key role in establishing telehealth integration standards and reimbursement models adopted across the healthcare industry.
2. American Well (Amwell)
Founded in 2006 and headquartered in Boston, MA, Amwell serves over 80 million people with telehealth solutions. It enables over 2,000 hospitals, 55 health plan partners and 55,000 employers to launch and deliver virtual care services at scale.
Amwell offers telehealth solutions encompassing cart-based and table-top devices, softwares, APIs and workflow integration. It provides access to network of physicians, specialists and behavioral health experts that patients can connect with via the web or mobile app.
In 2020, Amwell facilitated 6.7 million telehealth visits, a 295% increase from 2019. The company raised over $742 million in its IPO, underscoring investor optimism. Amwell‘s partnerships with globally renowned providers like Cleveland Clinic showcase its focus on high-quality care.
Founded in 2009 and headquartered in Sunrise, FL, MDLIVE provides telehealth services to over 50 million members. Its network exceeds 1,400 board-certified physicians who have conducted 10 million telehealth visits to date.
MDLIVE offers virtual primary, behavioral and dermatology care. It provides APIs to integrate telehealth offerings into health systems‘ and payers’ existing infrastructure. MDLIVE prioritizes strong physician-patient relationships with high customer satisfaction ratings.
MDLIVE has raised $165 million in funding. In 2020, it partnered with Cigna to make virtual care services available to 5 million more people. It was named the 2020 Telehealth Service Vendor of the Year.
4. Doctor on Demand
Founded in 2012 and headquartered in San Francisco, CA, Doctor on Demand provides telemedicine services to 83 million Americans. Patients can access care and behavioral health visits via mobile app, website or Facebook Messenger.
Doctor on Demand‘s medical team includes physicians, psychologists and therapists in all 50 states providing 24/7 coverage. They offer urgent care, chronic care management, preventative care and expert medical opinions. Customers rate Doctor on Demand’s telehealth 4.8/5 stars.
Doctor on Demand is privately held but has raised over $166 million. Key investors include Venrock and Shasta Ventures. The company has consistently grown revenue by over 50% annually since 2013.
Founded in 2013 and headquartered in Los Angeles, CA, SnapMD provides enterprise telehealth solutions to 500+ hospitals and health systems. Its robust platform enables video visits, e-prescribing, scheduling, EHR integrations, workflows and analytics.
SnapMD takes an agnostic approach working across most EHRs and telemed devices. It combines ease-of-use with AI tools for workflow optimization and automated documentation. SnapMD places strong emphasis on physician experience and engagement.
SnapMD has facilitated millions of virtual consults worldwide. Recent revenue growth has exceeded 200% as healthcare providers rapidly scaled telehealth services during COVID-19. SnapMD is enabling the digital transformation of healthcare delivery.
Founded in 2010 and headquartered in Phoenix, AZ, MeMD offers on-demand telehealth services 24/7/365. MeMD provides medical, behavioral and mental health treatment to over 5 million members.
MeMD‘s multi-specialty provider group offers consultations for primary care, pediatrics, women‘s health, mental health, dermatology etc. It combines technology with compassionate care and the convenience of telehealth. MeMD also serves major corporations and insurers.
MeMD has over 200 board-certified providers across the U.S. It has 99% patient satisfaction ratings for quality of care, ease of using services and likelihood to recommend them. MeMD is helping expand access to affordable care.
Founded in 2014 and headquartered in Los Angeles, CA, MyTelehealth enables leading hospitals and health systems to launch enterprise-wide virtual care networks at scale. Its video platform is used by providers at organizations like UCLA, Cleveland Clinic and Mount Sinai.
MyTelehealth combines technology infrastructure with program design and implementation expertise. It offers white-labeled solutions for scheduling, check-in, video visits, prescription and post-visit workflows. MyTelehealth also provides IT support, staff training and ongoing optimizations.
MyTelehealth has helped clients deliver over 1 million video visits and achieve 25%+ monthly virtual care utilization. Its customizable solutions drive clinical and operating results. MyTelehealth is enabling leading providers’ telehealth success.
8. Teladoc Health Canada
Originally founded in 2002 as Akira Health and rebranded in 2022 as Teladoc Health Canada, it is Canada’s leading provider of virtual healthcare services. It provides care across 450 medical subspecialties to thousands of employers, hospitals, patients and families.
Teladoc Canada combines technology and clinical expertise to deliver 24/7 access to high quality care over phone, video and app. Its national network of Canadian licensed doctors conduct visits, provide diagnoses and can electronically prescribe medications when clinically appropriate.
Teladoc Canada revenue grew 95% in 2021 driven by rising demand. It has facilitated over 1 million virtual consults to date. Teladoc acquired Akira Health in 2022 to expand its footprint as the leader in Canadian telehealth.
9. Babylon Health
Founded in 2013 and headquartered in London, England, Babylon Health is a leading telehealth company in Europe and Asia. In 2021, it acquired U.S telehealth provider Mercy to enter the North America market.
Babylon provides users digital self-care tools combined with 24/7 access to doctors and specialists via text and video consults. It offers services direct-to-patient along with partnerships with insurers and healthcare providers globally.
Babylon has over 15 million registered users worldwide. It has facial recognition and speech recognition capabilities built into its app. Babylon is combining AI with medical expertise to make healthcare more accessible and affordable.
10. Ping An Good Doctor
Founded in 2015 and headquartered in Shanghai, China, Ping An Good Doctor bills itself as the world’s largest telehealth company, serving 377 million users.
Ping An Good Doctor provides online medical services through in-house doctors, external doctors from public hospitals, AI-based healthcare and collaborations with offline pharmacies. It had 373 million consultations in 2020 alone.
Ping An Good Doctor pursued an aggressive growth strategy and rapid geographic expansion since launch. It went public in 2018, raising over $1.1 billion. Ping An Good Doctor is cementing China’s leadership in virtual care.
Driving Better Access and Outcomes
The telehealth revolution is being led by innovative companies that are leveraging technology to make personalized, convenient medical care available to anyone with a phone or internet connection. The largest telehealth providers are connecting millions of patients to physicians, expanding virtual offerings, and working closely with partners to drive utilization and integration.
Their scale, resources and experience establishing robust telehealth networks position them at the forefront of this booming industry. Patients are benefiting from flexible access to affordable, high-quality virtual care. Meanwhile, telehealth companies continue to deliver technological and medical advancements that improve people‘s health globally.