The telemedicine market is currently experiencing rapid growth, which is expected to reach a volume of approximately 112 billion US dollars by 2025, and will continue to gain momentum until 2032. Companies that have embraced this trend are seeing increasing profits. Here are seven profitable stocks benefiting from the growth of the telemedicine market:
1. Doximity
Description: Doximity is a leading company in the telemedicine space and has so far recorded rapid earnings increases with high profitability.
Growth Potential: Doximity benefits from the growing demand for digital health services.
2. Hims & Hers Health
Description: Hims & Hers operates a telemedicine platform that connects consumers with licensed medical professionals. The company also offers a variety of health and wellness products.
Growth Potential: Hims & Hers is expanding internationally, most recently through the acquisition of the European platform Zava, leading to a significant increase in its user base.
3. Veeva Systems
Description: Veeva Systems is a cloud software company specializing in applications for the pharmaceutical and life sciences industry. It provides platforms for integrating telemedicine into clinical processes.
Growth Potential: Veeva Systems is growing at high rates and is very profitable as it enables companies to conduct efficient clinical trials.
4. Teladoc Health
Description: Teladoc Health is a leading provider of virtual health services and offers a wide range of telemedicine services.
Growth Potential: Teladoc benefits from the increasing demand for virtual health services and has further expanded through strategic acquisitions.
5. American Well
Description: American Well offers a platform for telemedicine services, allowing patients to connect with doctors online.
Growth Potential: American Well has established itself further through partnerships with major health organizations and benefits from the growing acceptance of telemedicine.
6. 1Life Healthcare
Description: 1Life Healthcare, known as One Medical, provides members access to virtual and physical health services.
Growth Potential: The company has developed further by integrating telemedicine into its services and benefits from the rising demand for integrated health offerings.
7. Optum
Description: Optum is part of UnitedHealth Group and offers a wide range of health services, including telemedicine.
Growth Potential: Optum benefits from the increasing integration of telemedicine into existing health networks and has expanded further through strategic acquisitions.
These companies are leveraging the trend of telemedicine to increase their profits and establish themselves in a growing market.