Telemedicine refers to the use of virtual consultation with doctors who can remotely help out patients remotely. This form of personalized consultation helps in bridging the divide when it comes to taking care of people from miles away. In 2024, the telemedicine market was worth US$ 97.5 billion with approximately 24% of patients adopting telemedicine as the go-to form of communication when talking to doctors and healthcare providers.
COVID-19 brought along with it a host of hindrances when it came to taking care of patients while doctors were protecting themselves from not contracting the deadly virus. This was evident from the fact that in the course of the pandemic itself, the percentage of people utilizing telemedicine jumped from 15.4% in 2019 to 86.5% in 2021. The increased dependence on telemedicine has helped in propelling virtual consultation over physical meetings with healthcare practitioners.
Senior Citizens are now increasingly entering the market and looking for various ways to meet doctors without having to travel. Some senior citizens have more chronic symptoms as compared to others and do not always have the luxury of meeting doctors regularly. Hence telemedicine companies serve as a boon when it comes to helping patients understand their symptoms and treating the disease virtually through consultation.
The UK led in this category with 69% of the senior citizen population using telemedicine applications on their devices. The US followed close behind with 25% of the population depending on telehealth and telemedicine applications in order to help patients mitigate the symptoms of their illness. Singapore also showed a greater adoption rate of 23% of the senior citizen population using telehealth apps. India showed a substantial number of senior citizens specifically 12% of the senior citizen population using telemedicine applications. China came last with a meager 3.1% of the population using telemedicine apps for a thorough understanding of their symptoms.
Teladoc Health topped the list in the telemedicine mobile app segment as it brought in annual revenue of $2.56 billion in 2024. Teladoc Health tops the list of telemedicine mobile apps as it brought in $640 million in the fourth quarter alone of 2024.
Hims & Hers also created a space for itself when it came to telemedicine apps by bringing in a revenue of $1.5 billion in 2024. Contrary to other telehealth apps that have a clinical approach, Him & Hers has helped break down stigmas by providing consultation on matters that are not openly discussed on other apps such as erectile dysfunction, hair loss and mental health issues. By catering to the Gen Z and Millennial crowd, it has also struck a chord with the newer generation.
Doximity another well-known telemedicine app has the vote of most clinicians due to its secure messaging system which values HIPAA by upholding patient-doctor confidentiality. Through their premium subscription service, Doximity Dialer Pro which costs $288 annually, clinicians have control over who can see their caller ID thereby helping in providing consultation without revealing their personal information.
Other leading apps in the telemedicine market are LifeMD with an annual revenue of $260 million in 2024. This was followed by Doctor on Demand with an annual revenue of $135.5 million. Ro another telehealth brand, which focuses on male-related ailments, had an annual revenue of $91.5 million. Practo, an Indian-based telehealth brand has been emerging as one of the top telemedicine apps and had an annual revenue of $28 million. In a country like India where linguistic barriers are an issue, Practo offers consultation in multiple languages thereby reducing hesitation in patients seeking medical help.
Amwell differentiates itself from its competitors as it offers a wide variety of services without having to navigate through confusing memberships which consumers feel leaves them with little to no control regarding their healthcare plan. With an annual revenue of $254.4 million, it is also gender inclusive which appeals to a greater part of the population. Due to these reasons, it has active users amounting to 1.6 million. In 2021 Amwell expanded its customer base by acquiring SilverCloud Health which focuses on mental well-being and Conversa Health which is another virtual healthcare company. Both these companies were acquired for $320 million in 2021.
Lemonaid Health is another telemedicine app that has taken the healthcare world by storm. It has on average 4.5 million users and will continue to gain more due to the various services they have rolled out such as separate testing for men and women, STD testing, A1C Blood Sugar Test, and even a cholesterol test. With standard consultation starting at $25 and the telemedicine company not accepting consultation fees, it has resonated well with the patients resulting in 1 million active users globally. Lemon Aid Health was acquired by 23andMe in 2021 right after the COVID -19 pandemic for $400 million in order for the company to incorporate a greater population looking for efficient telemedicine apps.
While doctor visitation will always be given priority, it doesn’t negate the fact that virtual consultation is a blessing in times when the COVID-19 pandemic disrupted face-to-face consultation or even when traversing the distance in order to meet healthcare service providers who might live a long distance away. Bridging the gap between patients and doctors is important and this is seen in the form of widespread utilisation of telemedicine apps.