Hims & Hers and the Growing Telemedicine Market

Last Updated: 13. November 2023By

Today I am taking a look at the stock of Him & Hers Health and analyzing its position in a rapidly growing market: telemedicine.

Hims & Hers in the Spotlight: Why Telemedicine? The telemedicine market is poised for massive growth. Current studies from Emergen research predict a jump in the market volume from $84 billion in 2022 to around $450 billion in 2032, representing an annual growth rate of around 18%. Growth drivers are the global shortage of healthcare professionals, technological innovation and increased government support.

Six-month chart for Him & Hers Him & Hers is climbing above the blue curved 50-day line. Next target: the red curved 200-day line. (Source: Stock Screener)

Pandemic and Beyond: A New Era of Telemedicine The pandemic has given an unexpected boost to the telemedicine industry. Companies like Teladoc Health and American Well Corporation experienced a tremendous surge in demand. Even though the pandemic peak is over, the sector remains on an expansion course. The US Congress has extended the corresponding regulations until the end of 2024, further strengthening the industry.

Competitive Pressure and Technological Innovations Amazon’s entry into the telemedicine market increases the pressure on established players. Technological advances, particularly artificial intelligence and augmented reality, are key growth drivers. Teladoc’s partnership with Microsoft to use AI in clinical documentation is a good example of this.

Global Perspectives and Investment Opportunities North America currently dominates the telemedicine market, while Asia is experiencing rapid revenue growth. For investors, companies such as Hims & Hers and other players such as GoodRx Holdings and Health Catalyst offer interesting investment opportunities. Given the projected growth, long-term investments in the telemedicine sector may prove to be strategically sound.

Conclusion In conclusion, Hims & Hers operates in a market that has significant growth potential. The combination of innovative technology, political support, and a changing healthcare landscape make telemedicine stocks such as Hims & Hers potentially attractive investment options for long-term investors.