Over the next five years, the digital health market could be worth up to $220.94 billion, growing at a CAGR of about 14.8% between 2019 and 2026, according to Facts and Factors. “Digital health is a large and growing field that is based on a simple concept: using technology to help people better their health and wellbeing. Wearable devices to ingestible sensors, mobile health applications to artificial intelligence, and automated care to electronic records are all examples,” they note. “Not only could digital health boost people's quality of life, but it could also lower the average cost of healthcare over a human lifetime, saving money for both providers and patients.” With the digital health boom under way, some of the top companies to keep an eye on include Wellteq Digital Health Inc. (CSE:WTEQ)(OTC:WTEQF), Teladoc Health Inc. (NYSE:TDOC), Peloton Interactive (NASDAQ:PTON), 1Life Healthcare Inc. (NASDAQ:ONEM), and WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF).
Look at Wellteq Digital Health Inc. (CSE:WTEQ)(OTC:WTEQF) for example
Wellteq Digital Health Inc. is a corporate wellness platform paid for by employers, insurers, and health providers. It also provides employers and employees with actionable health recommendations, ongoing support and coaching with medical professionals.
The company just announced it signed a letter of intent detailing the general terms of a strategic partnership with Frontier Wellness Management and its operating subsidiary Apotheek Pharma Consulting (FW-APC) in the European Union.
The FW-APC team have a combined 100 years of experience focused on marketing health and wellness solutions into their unique network of 140,000 medical professionals in the healthcare, pharmacy, and pharmaceutical markets in Spain.
Upon execution of a Formal Strategic Partnership Agreement, FW-APC will advance EUR100,000 to Wellteq. This amount will be applied toward application localization, development, and integration. Working with Wellteq sales and marketing personnel, FW-APC will immediately initiate marketing of the Wellteq smartphone application, working with Wellteq sales and marketing personnel, into FW-APC’s existing client base. FW-APC will ensure that white label solutions of Wellteq applications will be identified as “powered by Wellteq”.
Wellteq will be the technology partner for any required development of the Wellteq solution and for the sourcing and integration of third-party applications / solutions. Where ancillary revenues are generated through the deployed offerings, it is expected that the parties will agree on an equitable distribution of the revenue streams between FW-APC, Wellteq and any integrated third-party solution partners.
Wellteq is initiating European distribution ahead of schedule as part of its geographical expansion plans, reinforcing the market need for globally focused digital health platforms.
“The Spanish healthcare system is more acutely focused on prevention versus treatment when compared to most jurisdictions, and Wellteq fits perfectly within that system while also bringing significant economic benefit to those enterprises adopting the platform,” stated John MacPhail, CEO of Frontier Wellness.
“The pandemic has created a demand from our network of clients to improve and increase their digital presence not only for their customers but also for their employees. Wellteq provides a truly unique and universal solution to those needs” said Carles Deulofeu, Managing Director of Apotheek Pharma Consulting.
Scott Montgomery, CEO of Wellteq, said, “Working with Frontier/Apotheek provides a unique and immediate marketing, sales and revenue opportunity for Wellteq’s digital health and wellness solutions and fast-tracks our entry into the European Union through a strategic partnership with an organization that has an incredibly deep relationship network already in place.”
Other related developments from around the markets include:
Teladoc Health Inc., the global leader in whole-person virtual care, today reported strong financial results for the fourth quarter and full year ended December 31, 2020. “As virtual care shifted to become a consumer expectation in 2020, Teladoc Health not only met the rapidly growing demand, but we transformed our company to define a new category of whole-person virtual care,” said Jason Gorevic, chief executive officer of Teladoc Health. “By accelerating our mission to transform the health care experience, we exceeded our fourth-quarter and full-year 2020 expectations and see strong momentum across our global business in 2021 as the market embraces the breadth and depth of our unique capabilities.”
Peloton Interactive, the leading interactive fitness platform, today announced that it has officially closed the acquisition of Precor, one of the largest global commercial fitness equipment providers with a significant U.S. manufacturing presence. With this acquisition, Peloton establishes its U.S. manufacturing capacity, anticipates boosting research and development capabilities with Precor's highly-skilled team and accelerating Peloton's penetration of the commercial market. Peloton plans to produce connected fitness products in the United States before the end of the calendar year 2021.
1Life Healthcare Inc. announced financial results for the fourth quarter and full year ended Dec. 31, 2020. “At One Medical we are advancing on our vision to delight our communities, our members, and our enterprise clients with better health and better care, while reducing costs,” said Amir Dan Rubin, Chair & CEO of One Medical. “We have continued to see our human-centered and technology-powered model deliver impacts at scale--expanding to serve 549,000 members and more than 8,000 employer clients, and enabling more than 5 million digital and in-person interactions during 2020. Our continued momentum is further reflected in our financial results, with full year 2020 net revenue of $380 million up 38% year-over-year.”
WELL Health Technologies Corp., a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, announced it has closed the share purchase agreement dated March 7, 2021 with the shareholders of Intrahealth Systems Limited, a New Zealand company, and acquired all of the issued and outstanding shares of Intrahealth for total consideration of approximately $19,250,000. Intrahealth is a provider of enterprise class EMR and clinical healthcare software with customers in Canada, New Zealand and Australia.
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