$6.9 Billion Weight Loss Telehealth Market Grows, But Gets Crowded

April 15, 2024 - Marketdata LLC, a leading market research firm tracking the weight loss market since 1989, has released a new report: “The Telehealth Weight Loss Market”. This 88-page analysis investigates the growing market for virtual platforms / companies that provide access to the hugely popular GLP-1 drugs, along with coaching support. This is estimated to be a $6.9 billion market.

Telehealth soared during the pandemic in 2020 as consumers stayed home and communicated with their physicians via Zoom video calls and by phone, email and chat. The number of telehealth companies exploded. Then, in 2021-2023, as demand for the GLP-1 weight loss medications took off, many of these telehealth providers added weight loss plans based on access to these drugs, plus support.

“The market became more crowded in 2023, as more telehealth companies entered the GLP-1 drugs market, and consumers began to return to in-person doctor visits.”, according to John LaRosa, Researh Director.

2025 could be a difficult year where we see consolidation, as the GLP-1 meds shortages disappear with new production capacity and the many compounding pharmacies stop making compounded semaglutide that so many dieters are now using.

Major Findings:

* Market Size… Marketdata estimates that the market for telehealth weight loss services was worth $6.9 billion in 2023. Revenues are forecast to grow 8.2% in 2024, and 7.5% annually to 2028.

* The average weight loss telehealth service user has 5 follow-up visits per year, at a cost of $50 per visit. Monthly subscription fees cost $30-80, so the average user spends about $610 per year, not including the cost of the medications. This estimate is likely conservative.

* The number of competitors has moved beyond weight loss companies and healthcare systems. Now, even large retailers such as WalMart, Amazon and Costco have entered the weight loss telemedicine market.

* It’s estimated that 7% of U.S. adults are now using some type of GLP-1 drug. Based on population data, that’s 18 million Americans. These dieters are fueling the growth of the telehealth market. 11.3 million of them are likely using telehealth services, at a subscription and visits cost of $610/year.

* Telemedicine usage soared during the pandemic.: A total of 37% of U.S. adults used telehealth services in 2021, but this declined to 22% by 2023 (56 million people), as consumers returned to their doctors in person. Telehealth is here to stay though, as more MDs invest in technology and consumers like the convenience.

* 2025 consolidation is likely. GLP-1 weight loss drugs are driving demand for telemedicine services. An estimated 7% of American adults (or 18 million) are now using GLP-1 drugs for weight loss. Many of them are using compounding pharmacies to get around the current shortages. However, when shortages end and only brand name GLP-1 drugs are sold, the virtual telehealth platforms will suffer. This will probably take place next year. Expect to see failures and acquisitions.

* As of March 13, 2024, the average telephonic health coach in the U.S. earned $78,700 per year.

About The Report

“The Telehealth Weight Loss Market” report, April 2024, 88 pages, includes in-depth analyses of: the scope of telehealth usage in the U.S., telehealth user demographics, pros and cons, criticisms, investment in telehealth, 2020-2024 market/revenue estimates, 2028 forecasts, what fees are charged by telehealth companies, recent competitor and market developments, comparisons of weight loss coaches and telemedicine coaches (number, salaries, by state), and the GLP-1 compounding pharmacies situation and its effect on the market. Mostly primary research was used. Includes profiles for: Weight Watchers Clinic, LifeMD/Medifast, Noom, Ro.co, Calibrate Health, AmWell, Amazon Health, Teladoc, Form Health (Lilly Direct), Hims & Hers, Mochi Health, Form Health, and 10 more.

The report contains 22 competitor profiles. Price: $995. A detailed Table of Contents can be found at www.marketdataenterprises.com, or emailed upon request. John LaRosa is available for interviews.

About Marketdata

Marketdata LLC is a 45-year old market research and consulting firm, with a specialty tracking the weight loss market ssince 1989. It also tracks a wide variety of healthcare and personal service markets and industries. The firm performs custom research and consulting projects, as well as business coaching. It has published more than 50 in-depth weight loss studies, serving Fortune 500 firms, start-ups, investors, small businesses, banks, ad agencies, trade associations, private equity firms and entrepreneurs.

Contact Information

John S. LaRosa

Research Director

Marketdata LLC

(1) 8139718080

john@marketdataenterprises.com