The healthcare industry is under immense pressure to explore and leverage the online medium. With COVID-19 contractions isolating people to their homes, people are on the lookout for alternative ways to reach out to their respective doctors for consultations. The smartphone application medium has become people’s ‘go-to’ destination when it comes to availing services. Right from booking cabs for a commute to ordering food to satisfy cravings, smartphone apps have emerged indispensable in today’s fast-paced world.
With even governments of various nations, including that of the UK, encouraging General Practitioners (GPs) to offer digital consultations, the time is ripe for entrepreneurs to foray into the telemedicine segment. By acting as a bridging link between patients & doctors, these platforms help entrepreneurs generate revenue from various sources. In an exciting turnaround of events, people are inclining towards telehealth startups, leading to massive market growth.
Are you an entrepreneur who aspires to launch a telehealth app? If so, this blog discusses some of the top digital health startups that have scaled massively, generating more than $50 million in funding. Besides, the blog also provides a detailed overview of the stages involved in developing the app.
The Global Telehealth Market – An Exponential Growth
Ever since the onset of the COVID-19 pandemic, the global market for telehealth services has forecasted unprecedented growth. Here are some market projections for the same,
According to a report from Grand View Research, the global telemedicine app market was valued at $41.4 billion in 2019.
The market forecasts a healthy CAGR of 15.1% between the forecast period 2020 & 2027.
AccuRx, the London-based telehealth platform, witnessed a massive increase in video consultations by 20,000 per day.
AmWell, the popular telehealth app, experienced daily download rates surge by 500% in April following the pandemic outbreak.
With such compelling market stats, do not hesitate to venture into this exponentially-growing business vertical.
Top Digital Health Startups That Crossed $50 Million funding
Numerous entrepreneurs have capitalized on the demanding situation and have scaled their telemedicine businesses massively. Here’s a list of digital health startups that have attracted the investor’s eye by soaring past the $50 million valuations in funding.
TytoCare Ltd: Launched in 2012, this New York-based startup is transforming the healthcare industry by providing an all-in-one telehealth service. The platform recently raised $50 million in a Series B funding round.
AmWell: Operating in over 50 US states, AmWell houses nearly 40,000 providers as of 2020. The platform raised $194 million amid the COVID-19 pandemic, propelling its valuation to more than $500 million.
Heal: This telemedicine platform also provides Uber-esque services for on-demand physicians. This Los Angeles-based startup did not take time to gain the investors’ attention, receiving $100 million in Series D funding.
Lyra Health: Launched in 2015, this mental wellness platform closed in on a $110 million Series D funding round recently, accelerating its valuation to a whopping $2.25 billion. By doing so, the platform has gained the ‘unicorn’ status as well.
Olive: After its inception in 2012, Olive recently raised a $225.5 million Series F funding, propelling its total value to $1.5 billion. The platform leverages AI (Artificial Intelligence) to transform the healthcare sector significantly.
Lucrative Benefits of Launching a Telehealth App
After having identified the market projections & players, it is time to roll up your sleeves and initiate app development. However, any platform without potential benefits fails to sustain & succeed in the highly-competitive market space. Here are some potential advantages of launching a telehealth platform.
Massive audience range: An hospital/clinic, in its physical presence, restricts its services to a particular locality alone. However, a telehealth app can cater to the needs of a wider audience, propelling its visibility massively. This way, a platform can cater to the needs of even the rural population.
Digital records are safe: Unlike conventional consultation services where excessive paperwork is involved, the telehealth platform makes the system more efficient by digitizing the platform. Digital records eliminate clumsiness and are incredibly safe as well.
Reduced operational costs: Running a hospital/clinic isn’t a walk in the park activity. One has to take care of numerous expenses like rent, salary for staff, etc. However, with a telehetelealth app, an admin can manage the entire app activity from a single place. Besides, with virtual consultations, operational costs like rent get reduced substantially.
Conserving time for the entire ecosystem: Patients needn’t wait extensively to consult doctors. Similarly, doctors get to know their schedules well-in-advance, leading to better clarity in services. This way, both patients & doctors get to conserve time significantly.
Stand-apart Features Worth-considering
Loading features & functionalities into the telehealth platform are crucial during front-end development. Here are some unique features that you shouldn’t want to miss out on in your application.
Electronic Health Record (EHR): Patients needn’t carry their medical reports every time during consultations. With the introduction of EHR, doctors have access to the patient’s entire medical history.
In-app chat/call: In addition to virtual consultations, provide patients the ability to communicate with their doctors in case of queries using the in-app chat/call facilities.
Multilingual support: Enable patients the ability to access the platform in the language of their choice using the multilingual support functionality.
Track medications: Patients can keep track of their medications with the aid of an in-built medication tracker.
In-app wallet: Eliminate the need to enter card details every time during payments by integrating an e-wallet functionality.
The Step-by-step Development Process
Developing a telehealth app like AmWell, Olive, etc., invariably involves different steps. Here are some crucial steps involved in development.
Market research & Gathering ideas
Designing the UI/UX of the platform
Developing the app’s front-end
Launching the app across Android & iOS
Reach out to the Market Leader, Appdupe!
At Appdupe, we help entrepreneurs entirely with our world-class app development solutions. Our well-trained technical team ensures that the app is up-to-date & gains instant traction in the long run. With multiple digital healthcare startups scaling massively, do not miss out on this lucrative business opportunity. Reach out to us, tell us your visions & needs, and we’ll help you climb the ladders of success instantly.
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