VANCOUVER, British Columbia, April 22, 2022 (GLOBE NEWSWIRE) — UniDoc Health Corp. (CSE: UDOC) (FRA: L7T) (OTCQB: UDOCF) (“UniDoc,” or the “Company”), an innovator in the telehealth sector, is pleased to provide the following overview of the growth opportunity represented by the strategically important telehealth market in the USA.
According to the American Academy of Family Physicians, telemedicine refers specifically to remote clinical services, while telehealth refers to a broader scope of remote health care services, including non-clinical services, in addition to clinical services. UniDoc believes telehealth offers significant advantages to American patients with a wide range of available services including preventative, diagnostic and treatment services, offered remotely to U.S. patients using audio, video and other information and communications technology. Integrated telehealth solutions as envisioned by UniDoc, opens the door to a large segment of the nation’s population challenged by access, experience, or limited understanding of online computer technology. It is the Company’s belief that broadly deployed physical accessibility in controlled environments is the key to its business proposition and future growth.
In recent years, domestic interest in the sector increased significantly, driven largely by challenges surrounding timely access to healthcare and the rise of consumer/patient demand. This increased interest in telehealth has sparked a period of significant growth of the North American sector.
- According to industry research, the telehealth market was expected to grow to grow at a CAGR of 37.7% during the forecast period, to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020. (Telehealth/Telemedicine Market, November 2020, MarketsandMarkets).
- North America accounted for the largest share of the telehealth market in 2021 with U.S. telehealth market by revenue is expected to grow at a CAGR of over 28% during the period 2020–2026. (Research & Markets May, 2021).
- Recent data showed telehealth utilization had stabilized at levels 38 times higher then before the pandemic (McKinsey & Co. July 9, 2021).
- 57% of providers view telehealth more favourably than before COVID-19 and 64% are more comfortable with its use (McKinsey & Co. July 9, 2021).
- Survey respondents indicate that between 40% and 60% of consumers want a broader set of virtual care solutions, such as a “digital front door” or lower-cost virtual health plan. (McKinsey & Co. July 9, 2021).
- Forbes (Jan 6, 2022) states “Pandemic or not, the value of convenient and accessible virtual care has been realized.”
- One-third of millennials and 41% of Generation Z prefer digital encounters with physicians over in-person visits. And with roughly half of employees using virtual health services in 2020 — up from 17% in 2019 — there’s still a lot of room to grow. (Forbes, Jan 6, 2022).
The COVID-19 pandemic has driven significant growth in adoption of technology in the North American healthcare industry. As the virus spread, healthcare systems were forced to adapt traditional ways of providing healthcare, quickly changing the utilization of telehealth services. Providers that had already invested in virtual care solutions prior to COVID-19 were forced to test scalability of these solutions, and those that did not invest in such a solution were pushed to identify and leverage technology for the first time, thus driving the growth of new collaborations and the creation of significant market opportunities.
The October 2020 Gartner Market Guide for Virtual Care Solutions highlighted the trend of increased reliance on technologies, noting that by 2022 in North America 30% of all ambulatory encounters were predicted to be virtual, up from about 2% at the start of 2020, and further indicated that the structural changes are here to stay.
In this context, the Company believes that the ability to support the delivery of virtual care is now a viable and sustainable growth opportunity for innovative professional healthcare delivery organizations such as UniDoc. We believe virtual care has the power to reduce economic strain on the public system, improve treatment for those suffering from health-related challenges, and empower individuals to become more engaged in their health.
North America is still in the early stages of telehealth/telemedicine services, and trend data (Graphical Research, Feb 3, 2021) suggests the domestic digital health space continues to lag behind other developed countries. Telemedicine was initially developed to bring health services closer to remote populations with limited health resources. Later, it became a means to improve the quality of medical care by facilitating training and decision making of health care professionals in remote areas. Today, UniDoc is preparing a solution to offer broad nationwide access predicated on improving patient experiences by shortening timelines and delivering better outcomes.
UniDoc is a virtual telehealth solutions company. The Company’s primary offering under development has been branded as the Virtual Care Solutions Model, a proprietary, customizable, and comprehensive telehealth solution that will integrate a range of physical enclosures, kiosks, and related configurable packaging with web-b ased services and analytical tools, along with access to the Company’s developing network of healthcare providers, pharmacies, and hospitals. The model includes virtual/telehealth remote accessibility designed to provide patients with a live virtual visit with a doctor or other health professional in a controlled environment. The units are designed to offer a selection of fully integrated diagnostic tools in locations such as pharmacies, community centres or care facilities through dedicated partnerships to be established with UniDoc. Additional diagnostic/interactive products and solutions are being purposed for the provisioning of health consultations from home or remote work environments.
We encourage engagement, questions, and interest, so please stay in touch and invite anyone who might be interested in our story to visit our website at www.unidoctor.com and signup to receive the latest information with updates on our activities, events and progress. You are also invited to join us on social media with Facebook, Twitter or Instagram.
On Behalf of The Board of Directors,
CEO, President & Director
UniDoc Health Corp. (CSE: UDOC)
About UniDoc Health Corp. (CSE: UDOC) (FRA: L7T) (OTCQB: UDOCF)
UniDoc is developing a telehealth solution which is being designed as a self-contained remote virtual clinic within a private kiosk for patients to undergo full consultations as if they were present in a physician’s office. Telehealth opens the doors to a large segment of the population challenged by access, experience or understanding of online computer technology. It is the Company’s belief that physical accessibility is the key to its business proposition. UniDoc is dedicated to unlocking shareholder value by delivering an excellent product and sophisticated commercial network within an expedited timeframe. The UniDoc team encourages engagement, questions, and interest, so please stay in touch and invite anyone who might be interested in our story to visit our website at www.unidoctor.com and signup to receive the latest information with updates on our activities, events and progress. You are also invited to join us on social media with Facebook, Twitter or Instagram.
For further information, please contact
UniDoc Investor Relations
Tel: +1 778.383.6731
Matt Chatterton, Director
Tel: +1 778.613.2082
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company’s primary product offering and features thereof, the entry into and the terms of a definitive agreement with the Partner upon satisfactory test results, the potential for the placement of the Company’s products in pharmacies and other locations across The Republic of Ghana, the anticipated benefits of a partnership with the Partner and the Company’s commercialization of the telehealth platform.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final prospectus dated December 2, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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