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

Core Content Summary

The State of Telehealth Q2'21 Report provides an overview of the telehealth industry's investment trends, market dynamics, and sector developments. The report highlights that the global telehealth market has seen significant growth and maturity, with investment rising for the fourth consecutive quarter.

Overall Telehealth Trends

• Global telehealth investment reached a record high of $5B across 163 deals in Q2'21, showing a 17% quarter-over-quarter (QoQ) increase and a 169% year-over-year (YoY) increase.
• European investment nearly quintupled QoQ to $915M, driven by three mega-rounds accounting for 562M (61% of the total European funding).
• Asian and North American investments saw a decline and increase, respectively, for the second quarter in a row.
• The telehealth sector is showing signs of maturity, with early-stage deal share at a historical low and late-stage deal share at a high.
• The teletherapy, coaching, & care management segment reached a record high of nearly 40% of all telehealth deals in Q2'21.
• Telehealth exits hit a record high in Q2'21, primarily driven by M&A activity. The top two segments for exits were virtual/digital care enablement and telemedicine providers, platforms, & marketplaces.
• The top 5 VC investors in the telehealth space were General Catalyst, Optum Ventures, Oak HC/FT Partners, Khosla Ventures, and Founders Fund.
• Six telehealth companies joined the unicorn club in Q2'21, bringing the total to 27 unicorns valued at $55B.

Market Drivers

• Digital transformation initiatives are accelerating across the healthcare industry, with 60% of healthcare organizations adding new digital projects and 42% accelerating existing plans.
• Improving the patient experience is a growing priority for healthcare executives, with investments focused on areas such as virtual care access, personalized services, and 24/7 support.
• The pandemic has highlighted health equity issues, and telehealth is seen as a critical tool to address these gaps. The CDC declared structural racism a public health crisis in April 2021.
• Regulatory reform pressure continues to mount, with increased lobbying efforts by telehealth companies.
• Non-traditional competitors like Amazon and Walmart are making significant inroads into the telehealth space, expanding their services and acquiring telehealth providers.

Investment Trends

• Funding broke records for the fourth consecutive quarter, reaching $5B in Q2'21.
• Early-stage deal share was at a historical low, while late-stage deal share reached a high of 18% in 2021.
• The top 5 deals in Q2'21 totaled $1.6B, with notable companies including Noom, KRY, Capsule, Cue, and Lyra.
• M&A activity was a key driver of exits, with 12 completed transactions in the quarter.
• Digital front door companies, which digitize the patient journey, were prominent acquisition targets.

Segment Highlights

• Telemedicine Providers, Platforms, & Marketplaces: Experienced its first QoQ funding decline in 6 quarters, with a 43% drop in deals and 17% drop in funding. However, the segment remains a major player in the market.
• Teletherapy, Coaching, & Care Management: Investment and deals increased by 55% and 75% QoQ, respectively. Mental health and chronic disease solutions were notable hotspots.
• Virtual/Digital Care Enablement: Funding reached $714M, with M&A exits also hitting a new high. Companies in this segment are focused on building virtual care capabilities.
• Remote Monitoring & Diagnostics: Raised $841M across 33 deals, with significant activity in wearable and contactless vital sign monitors and decentralized lab tests.
• Telepharmacy: Despite a 43% drop in deals, funding remained strong at $530M, driven by two mega-rounds accounting for 83% of the total funding. Companies are expanding into new markets and treatment areas.

Key Companies

• Noom: A digital behavioral change platform with $628M in Series F funding, expanding into mental health and chronic disease management.
• KRY: A CE-certified telemedicine service in Scandinavia, with $571M in Series D funding.
• Capsule: A digital pharmacy with $570M in Series D funding, offering free same-day prescription delivery.
• Cue Health: A diagnostic testing company with $896M in Series D funding, providing portable testing for various conditions.
• Lyra Health: A mental health platform with $671M in Series F funding, offering online therapy and medication support.
• MeMD: Acquired by Walmart Health for an undisclosed valuation, offering virtual urgent care and behavioral health services.
• Transparent: A virtual care concierge service with $98M in Series B funding, targeting self-insured employers.
• Firefly Health: A virtual primary care provider with $40M in Series B funding, expanding into new markets.

Conclusion

The Q2'21 report indicates that the telehealth industry is evolving rapidly, with significant investment and M&A activity. While some segments, like telemedicine, are seeing a decline in funding, others, such as teletherapy and virtual care enablement, are experiencing growth. The industry is moving towards a more integrated and patient-centric model, with a focus on improving health equity and digital transformation. As the market matures, the role of telehealth in healthcare delivery is becoming increasingly important.