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Teladoc Health (TDOC), Amazon Tie Up to Advance Virtual Care
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Teladoc Health, Inc. (TDOC - Free Report) formed a relationship with Amazon.com, Inc. (AMZN - Free Report) to launch a voice-activated general medical virtual care via Amazon Alexa. Such unique medical services are available on supported Echo devices like Echo, Echo Dot and Echo Show.
General healthcare needs of customers can now be met as they can get in touch with a Teladoc care provider 24/7 from supported Echo devices. The initial launch will include audio for non-emergency health needs while the video visits are in line. Once customers send a voice command, they will get a call back on their respective Echo line of intelligent speakers.
Shares of TDOC have jumped 7.3% since the news release.
The move is rightly timed as the market for virtual care space is at its peak ever since the pandemic has hit the world. Thanks to the new normal trend of social distancing, people are adapting to telehealth practices to avoid the risk of getting infected.
For long, telemedicine has tried to pitch itself but even in 2019, only about 10% Americans actually used telemedicine to make a virtual visit. The pandemic changed that habit for good now.
With acute measures imposed by the government, telehealth continues to be in the spotlight. In fact, the digital health market players are constantly bringing in technological enhancements so that customers can enjoy hassle-free appointments from the comforts of their homes.
According to Precedence Research, the worldwide telemedicine market is estimated to reach a value $225 billion by 2030, providing ample opportunities to leading market dominators like Teladoc.
Whether it is flu-like symptoms or child diagnosis at odd hours, this deal is expected to improve the overall health outcomes.
Similar to Teladoc, other companies in the medical space, namely UnitedHealth Group Incorporated (UNH - Free Report) and Cigna Corporation (CI - Free Report) are steadily offering virtual care services and also remain well-poised to gain from the growing popularity of such remote services.
UnitedHealth Group has been making concerted efforts for a while to bolster its telehealth services suite. The initiatives of UNH range from collaborating with well-known companies, launching teledentistry services to inaugurating a digital health therapy to bring about improved health outcomes for people suffering type 2 diabetes.
With the launch of the new virtual care model Right2You by UnitedHealth Group’s business UnitedHealthcare, UNH aims to provide members with an online service for custom-programmed hearing aids.
Cigna is well-poised to tap the growing telehealth market on its buyout of MDLIVE, a privately-held leading 24/7 virtual care delivery platform. In October 2021, CI expanded its access to MDLIVE's network of virtual primary care providers by all Cigna customers enrolled in employer-sponsored plans. Concurrently, CI introduced its virtual-first health plans to specific employers and continues making substantial investments in boosting its telehealth services suite.
Image: Shutterstock
Teladoc Health (TDOC), Amazon Tie Up to Advance Virtual Care
Teladoc Health, Inc. (TDOC - Free Report) formed a relationship with Amazon.com, Inc. (AMZN - Free Report) to launch a voice-activated general medical virtual care via Amazon Alexa. Such unique medical services are available on supported Echo devices like Echo, Echo Dot and Echo Show.
General healthcare needs of customers can now be met as they can get in touch with a Teladoc care provider 24/7 from supported Echo devices. The initial launch will include audio for non-emergency health needs while the video visits are in line. Once customers send a voice command, they will get a call back on their respective Echo line of intelligent speakers.
Shares of TDOC have jumped 7.3% since the news release.
The move is rightly timed as the market for virtual care space is at its peak ever since the pandemic has hit the world. Thanks to the new normal trend of social distancing, people are adapting to telehealth practices to avoid the risk of getting infected.
For long, telemedicine has tried to pitch itself but even in 2019, only about 10% Americans actually used telemedicine to make a virtual visit. The pandemic changed that habit for good now.
With acute measures imposed by the government, telehealth continues to be in the spotlight. In fact, the digital health market players are constantly bringing in technological enhancements so that customers can enjoy hassle-free appointments from the comforts of their homes.
According to Precedence Research, the worldwide telemedicine market is estimated to reach a value $225 billion by 2030, providing ample opportunities to leading market dominators like Teladoc.
Whether it is flu-like symptoms or child diagnosis at odd hours, this deal is expected to improve the overall health outcomes.
Similar to Teladoc, other companies in the medical space, namely UnitedHealth Group Incorporated (UNH - Free Report) and Cigna Corporation (CI - Free Report) are steadily offering virtual care services and also remain well-poised to gain from the growing popularity of such remote services.
UnitedHealth Group has been making concerted efforts for a while to bolster its telehealth services suite. The initiatives of UNH range from collaborating with well-known companies, launching teledentistry services to inaugurating a digital health therapy to bring about improved health outcomes for people suffering type 2 diabetes.
With the launch of the new virtual care model Right2You by UnitedHealth Group’s business UnitedHealthcare, UNH aims to provide members with an online service for custom-programmed hearing aids.
Cigna is well-poised to tap the growing telehealth market on its buyout of MDLIVE, a privately-held leading 24/7 virtual care delivery platform. In October 2021, CI expanded its access to MDLIVE's network of virtual primary care providers by all Cigna customers enrolled in employer-sponsored plans. Concurrently, CI introduced its virtual-first health plans to specific employers and continues making substantial investments in boosting its telehealth services suite.
In the past year, shares of Teladoc have shed 65.2% of value, wider than the industry's decline of 55.1%. TDOC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Shares of UnitedHealth Group, and Cigna have gained 42.2% and 8.3%, respectively, in the same time frame.