Yesterday, digital health platform Teladoc became the first major doctor-on-request company to hit the New York Stock Exchange. The Dallas-based telemedicine company connects users with health care providers via phone or online video consultation, mostly for mild medical issues and short-term prescriptions. Teladoc had a healthy first day on the NYSE – raising $157 million, with its stock up 60 percent on the first day of trading.
Teladoc’s public showing comes on the heels of a strong IPO from fitness wearable company Fitbit. While Fitbit is geared toward improving users’ fitness and wellness, and Teladoc facilitates medical consultations with physicians, the two are both part of the digital health revolution. It’s clear that consumers want to take control of their health – and mobile innovation gives them the tools to do so.
The market for self-monitoring technologies is projected to reach $19 billion by 2019. Many look at Fitbit’s IPO as a pivotal moment in the maturation of digital health. Funding for these companies remain high – and it’s not just being pumped into Valley-based startups. Salt Lake City and Minneapolis both brought in more than $100 million for digital health in the first half of 2015.
With investment opportunities unbound by geographic location and consumers eager for more digital health options, innovation is primed to continue in this space.