The COVID-19 pandemic aided the growth of virtual care in the healthcare industry by harnessing new technologies such as 5G, artificial intelligence (AI), cloud, Internet of Things (IoT) etc. Telehealth and remote patient monitoring are becoming routine in the industry. The growth in these processes is evident from the increasing number of virtual care deals. In April 2022, digital healthcare startups such as Ordinary Folk and NUE Life Health Inc received huge funding from investors.
What is Virtual Care?
Virtual care is the combination of digital technologies and healthcare delivery systems. It involves instant messaging, virtual follow-ups to check after in-person visits, remote patient monitoring after surgery, and responding to any questions regarding a diagnosis, condition, or treatment plan. Digitization of healthcare will help expand healthcare systems' reach into rural areas and underserved people, and improve the quality of healthcare management.
The virtual care space includes the telehealth and remote patient monitoring segments. Telehealth refers to the ability to conduct healthcare visits, checkups, and prescription medicine purchases through live chat, video, or phone, while remote patient monitoring technologies allow healthcare systems to track patients’ vital signs and biomarkers, while the patients are at their own homes.
Growth of Virtual Care
The COVID-19 pandemic aided the growth of virtual care worldwide. Telehealth and remote patient monitoring are being used more frequently in the healthcare sector to reduce the burden on overloaded hospitals and to minimize the exposure of the patient to the virus. According to GlobalData, the total value of deals related to virtual care was worth $57 billion in 2021, indicating a YoY increase of 137%. Since 2017, the total number of deals related to virtual care more than doubled, reaching 101 in 2021.
Recent Deals in Virtual Care
On April 21, 2022, Ordinary Folk, a Singapore-based digital health technology startup that makes telehealth services easily accessible to patients, secured $5 million in pre-series A funding from Monk’s Hill Ventures.
On April 19, 2022, NUE Life Health Inc, a US-based mental wellness startup, secured $23 million in Series A venture funding led by Obvious Ventures, with participation from Magic Fund, Myelin VC, Palm Drive Capital, certain Getty family investors, Jon Oringer, Brent L. Saunders and Andrey Ostrovsky.
On April 4, 2022, MedAvail Holdings Inc, a telehealth-enabled pharmacy technology company, completed the private placement of approximately 37.6 million shares of common stock, at an offering price of $1.0625 per share, together with the issuance of warrants to purchase approximately 18.8 million shares of common stock, for gross proceeds of $40 million, before deducting placement agent commissions and other offering expenses.
On March 31, 2022, StationMD, a US-based healthcare company that uses telemedicine to deliver medical care to people with intellectual and developmental disabilities (I/DD), secured $3.2 million in venture funding from Martin Ventures and Adam Boehler.
On March 29, 2022, Brightline Inc, a US-based provider of digitally enabled child behavioral health and family support services, secured $105 million in Series C funding led by KKR along with participation from GV (formerly Google Ventures), Optum Ventures, Oak HC/FT, Threshold, 7wireVentures, and Blue Cross Blue Shield.
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