CB-Insights-远程医疗状况第二季度报告：值得关注的投资和行业趋势（英）-2021.7-68页_5mb

State Of Telehealth Q2'21 Report: Investment & Sector Trends To Watch

Core Content Summary

This report provides an overview of the telehealth market in Q2 2021, highlighting investment trends, segment performance, and key developments across the industry. It also outlines the broader market drivers and the impact of regulatory and competitive factors on the sector.

Main Trends & Findings

Overall Telehealth Trends

• Global Investment Growth: Telehealth investment increased for the fourth consecutive quarter, reaching a record high of $5B across 163 deals, with a 17% QoQ and 169% YoY growth.
• Top 5 Deals: The top 5 deals in Q2’21 accounted for $1.6B, representing 30% of the total funding.
• Segment Performance:
  • Teletherapy, Coaching, & Care Management: Reached a 40% share of all telehealth deals, the highest on record.
  • Virtual/Digital Care Enablement: Funding hit a high of $714M, with M&A exits reaching a new high.
  • Remote Monitoring & Diagnostics: Raised $841M across 33 deals.
  • Telepharmacy: Despite a 43% decline in deals QoQ, funding remained strong at $530M, driven by two mega-rounds.
• Market Maturity: The nascent telehealth space is beginning to show signs of maturity, with early-stage deal share at a historical low and late-stage deal share at a high.
• Record M&A Activity: Telehealth exits reached a record high in Q2’21, driven largely by M&A activity. Virtual/digital care enablement and telemedicine providers were the top segments for acquisitions.

Market Drivers

• Digital Transformation: Accelerated across the healthcare industry, with 60% of organizations adding new digital projects and 42% accelerating existing ones.
• Patient Experience: Becoming a higher priority for healthcare executives, with investments in telehealth aimed at improving care delivery and engagement.
• Health Equity: The pandemic highlighted health inequities, leading to increased focus on telehealth as a tool for addressing disparities.
• Regulatory Reform: Pressure continues for long-term regulatory reform, with increased lobbying efforts in the sector.
• Non-traditional Competitors: Amazon and Walmart are expanding into the telehealth space, increasing competition and market reach.

Key Investment Trends

• Global Funding Records: Funding broke records for the fourth consecutive quarter, reaching $5B.
• European Growth: European investment nearly quintupled QoQ to reach a record high of $915M, driven by three mega-rounds.
• Late-Stage Dominance: Late-stage deal share is at a record high of 18%, indicating a shift towards more mature companies.
• Top VC Investors: General Catalyst, Optum Ventures, Oak HC/FT Partners, Khosla Ventures, and Founders Fund are the most active VC investors in the telehealth space.
• Unicorn Growth: There are now 27 telehealth unicorns valued at $55B globally.

Segment Highlights

Telemedicine Providers, Platforms, & Marketplaces

• Offer online access to and facilitate interactions with remote healthcare professionals.
• Experienced a first QoQ funding decline in 6 quarters, with funding down 43% and deals down 27% from Q1’21.
• Key players include Halodoc, Doktor.se, and MeMD, which was acquired by Walmart Health.

Teletherapy, Coaching, & Care Management

• Investment accelerated rapidly, with deals and funding up 55% and 75% QoQ.
• Mental health and chronic disease solutions were notable hotspots.
• Companies like Lyra Health and Noom are expanding their offerings.

Virtual/Digital Care Enablement

• Companies provide software and connectivity solutions for virtual/digital patient interaction.
• M&A exits reached a new high, with 12 completed transactions.
• "Digital front door" companies are notable acquisition targets.

Remote Monitoring & Diagnostics

• Companies offer solutions to assess patients’ health from a distance.
• Notable business development activity included wearable and contactless vital sign monitors and decentralized lab tests.

Telepharmacy

• Companies use ICT to connect patients with pharmacists and deliver services remotely.
• Direct-to-consumer brands are expanding into new markets.
• Two mega-rounds accounted for 83% of Q2’21 funding.

Key Companies & Acquisitions

• KRY: Raised $312M Series D, valued at $571M.
• Capsule: Raised $300M Series D, valued at $570M.
• Cue Health: Raised $235M Series D, valued at $896M.
• Lyra Health: Raised $200M Series F, valued at $671M.
• MeMD: Acquired by Walmart Health, with $4B exit valuation.
• Babylon Health: Exit valuation of $4.2B.
• Transparent: Raised $58M Series B, offering virtual-first care concierge services.
• Firefly Health: Raised $40M Series B, expanding into new markets.

Conclusion

The telehealth sector in Q2 2021 demonstrated continued growth and innovation, with a focus on improving patient experience, addressing health equity, and leveraging digital transformation. The market showed signs of maturity, with a shift towards late-stage investments and a record number of M&A exits. Non-traditional competitors like Amazon and Walmart are significantly impacting the landscape, signaling a broader shift in how telehealth services are delivered and accessed.