Teladoc Personalizes Healthcare
Teladoc Health (NYSE: TDOC) is a telemedicine and virtual healthcare company which solves a variety of problems from wellness, prevention, care, and complex healthcare needs. They develop personalized approaches to healthcare to drive better health outcomes. They are a global leader in healthcare with scalable diverse solutions to many healthcare problems which cover over 450 medical subspecialties.
Teladoc isn’t only helpful in a world with a pandemic, but also may have an even bigger potential outside of it over the long-term. Now, let’s dive deeper into the competition and the future of virtual healthcare services.
Competing Against Amazon
Recently, Amazon announced their own virtual healthcare “Amazon Care” which is set to go after the same principles of Teladoc Health which are telehealth and home-based care.
This is a huge announcement, and this has disturbed a lot of Teladoc shareholders because of worries that Amazon could be stealing from Teledoc’s potential. It is extremely important to note that Amazon is a very fierce competitor. We wouldn’t be surprised to see Amazon undercut Teledocs service prices in a fight to win over more customers.
While Amazon’s services may drive many customers towards them, we believe over the long-term there is more than enough space for multiple large companies to succeed in the virtual healthcare space.
While shifting out of a pandemic and lockdowns, it will be interesting to see how many customers continue to use Teledoc in the near future for their primary healthcare needs. If Teladoc can continue to provide strong growth while competing, then there should be no need to worry.
The Future of Virtual Healthcare
The virtual healthcare market was valued at $30.9 billion in 2020 and is projected to reach $91.9 billion by 2026. This market has huge potential, and we may see even faster growth as technology advances faster.
Virtual healthcare is looking to solve a big problem, which is the instant need for a doctor or professional 24/7. Typically when you call a doctor you will need to schedule an appointment, wait a while, then finally get help. However, this wait time may be very difficult for patients as they feel uneasy about something.
Teladoc solves this problem by connecting patients to doctors quickly through their virtual platform. This form of healthcare will undoubtedly become a more common occurrence in the future as more and more people struggle to find time in the day to set up a doctor’s appointment.
One of the key factors which accelerated growth in virtual healthcare to begin with was because of the lockdowns in 2020. This has hopefully made people realize where the healthcare industry is moving, and someday seeing a doctor in person may be an outdated way for a patient to receive help as the world transitions to more reliable and faster services.