Is Teladoc a top competitor to Doximity?

3 Top Competitors To Doximity In The Medical Space

After a recent IPO and an impressive inaugural quarterly report as a public company, we delve into three of Doximity’s competitors. 

Doximity (NYSE: DOCS) is a digital platform that allows doctors across the U.S. to connect and collaborate with colleagues, coordinate patient care, offer virtual visits, and manage their careers. The company went public in June 2021, with the stock up over 200% since then. 

Doximity has approximately 80% of U.S. physicians on its platform and beat expectations in Q1, with revenue doubling year-over-year to $72.7 million and net income per share of $0.09. Although it currently generates the majority of its revenue from advertising on its platform, it aims to diversify this through other tools and solutions such as e-signatures and telehealth. 

With an exciting opportunity for Doximity, it faces intense competition from direct and indirect competitors across its different business segments. 


Microsoft (NASDAQ: MSFT) is included on the list due to its acquisition of LinkedIn back in 2016 for $26.2 billion. Doximity has been described by investors as the “Linkedin of healthcare” due to similarities in the use cases such as connecting with others, recruitment, and advertising.

LinkedIn appears to have been a successful acquisition by Microsoft, with revenue tripling since then. LinkedIn has also surpassed $10 billion in annual revenue for the first time. Its advertising business is booming and grew by 97% YoY, exceeding $1 billion in revenue for the first time. 

Microsoft CEO Satya Nadalla also stated on the earnings call how “mission-critical” the platform had become throughout people’s careers. The vast number of members on its platform demonstrated this and is significantly more than Doximity’s, standing at 774 million members across 200 countries and regions worldwide. The user engagement has also increased by 30% YoY and is a testament to the platform’s value for its users. 

Despite LinkedIn’s platform being more generic, if it were to attempt to create a niche platform in the healthcare space, it would have the ability and resources to do so with a large cash pile of $136 billion. However, LinkedIn remains one part of tech giant Microsoft, and from an investment, standpoint offers lower risk and upside opportunity than Doximity.  


Teladoc (NYSE: TDOC) is arguably the leader in the virtual healthcare space with its telehealth and virtual healthcare offerings. The company was founded in 2002 and went public in 2015 and provides competition to Doximity in the telehealth space. 

Teladoc estimates that the telehealth space will continue to accelerate at a compound annual growth rate of 38% in the next five years. COVID-19 accelerated the existing virtual care trend “by 3 or 4 years over the span of just 3 or 4 months”, according to CEO Jason Gorevic. Teladoc grew revenue by 109% YoY in Q2 to $503 million and raised guidance despite re-openings.

Telehealth visits on its platform increased to 3.5 million, rising 28% YoY despite tough comparables. This is significantly less than the 63 million telehealth visits by Doximity in fiscal 2021 who also claim to serve 30% of all U.S. physicians with its paid telehealth offerings. 

However, Teladoc is no longer reliant on its telehealth solutions due to its acquisition of Livongo to manage chronic conditions. Furthermore, it has also launched new products such as myStrength for mental health. Teladoc’s more established platform and a full suite of products mean that it continues to attract new customers and monetize them, unlike Doximity who generates little to no revenue from its telehealth offering.  

Teladoc arguably offers a more compelling investment opportunity due to its established business and lower valuation.


Amwell (NYSE: AMWL), formerly known as American Well, is another direct competitor to Doximity in the telehealth space. Amwell went public in 2020 and almost doubled before dropping significantly. 

It is backed by tech giant Alphabet, which has a $100 million stake, equating to roughly 3% of the business. It also partnered with Apple for a heart study and with Cerner for electronic health monitoring. These partnerships could be an exciting avenue for growth if the company can tap into constant monitoring which is only available through technology. 

In Q2 2021, Amwell reported revenue growth of 5% to $60.2 million, which appears underwhelming but is against tough comparables. Its gross margin is also lower than competitors such as Doximity and Teladoc and posted a net loss of $38.1 million. The total number of telehealth visits on its platform also declined from 1.6 million the year before 1.3 million, which is underwhelming. 

At this point, Amwell does not appear to pose much of a threat to Doximity on the telehealth front but is one to watch.

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