Some investors might see the market volatility that's resulting from the global coronavirus outbreak as worrisome. Others, though, see opportunities. Teladoc Health (NYSE:TDOC) looks like one of the best opportunities in the midst of the recent market meltdown.

It's not that Teladoc is a bigger bargain with the stock market pullback. Actually, the stock has skyrocketed more than 60% higher so far this year. But this performance underscores the company's great growth story and future potential. Could Teladoc even be a millionaire-maker stock? 

Laptop screen showing a smiling physician holding a stethoscope

Image source: Getty Images.

An enormous market 

Teladoc Health thinks that its total addressable U.S. market in ambulatory care and behavioral health is more than $29 billion. It didn't just pull that number out of thin air.

The company estimates that one-third of all ambulatory care physician visits are treatable via telehealth. That's around 417 million visits at $40 a pop for a total of more than $17 billion. Teladoc believes that 80% of behavioral health visits can be handled via telehealth. That's 131 million visits at an average of $89 per visit -- over $12 billion annually.

And that's just the U.S. opportunity. Teladoc currently operates offices in 11 other countries and delivers telehealth services to patients in more than 175 countries. The company's international market opportunity is enormous. 

The $29 billion total addressable market also doesn't reflect opportunities for Teladoc Health in facility-based telemedicine. Around 40% of health systems surveyed by J.P. Morgan in 2019 indicated that they were interested in using increased information technology budgets to invest in telemedicine.

The clear leader

Of course, total addressable market numbers don't mean anything unless a company can actually capture a significant chunk of that market. But Teladoc Health is the clear leader in telehealth and is in a better position than any other company to achieve that goal.

The company offers the broadest range of virtual healthcare services in the industry. It claims the widest geographical reach among telehealth providers as well.

Teladoc's customers include 40% of the Fortune 500 and thousands of smaller organizations. More than 50 major U.S. health plans rely on the company's telehealth offerings. At least 70 international insurance and financial services firms use Teladoc.

Acquisitions have been key to Teladoc Health's growth strategy. The company announced in January that it plans to acquire InTouch Health for $600 million. This deal will make Teladoc a leader in provider-to-provider telemedicine and will add 14,500 doctors at 450 hospitals and health systems to its customer base.

Millionaire maker?

Could the massive market for telehealth and Teladoc's industry leadership enable the healthcare stock to be a millionaire-maker? Maybe.

Teladoc's market cap currently stands at around $9 billion. The company generated revenue of a little over $550 million over the last 12 months. That's less than 2% of the total addressable U.S. market in ambulatory care and behavioral health. It's within the realm of possibility that Teladoc could be a $500 billion company in the future. A $20,000 investment now could turn into $1 million if the company grows to be that big.

Achieving that kind of growth isn't easy, though. Big technology companies including Amazon.com and Alphabet could eye the lucrative opportunities in telehealth and decide to make a play in the market. 

Even if Teladoc Health doesn't make investors millionaires, however, it definitely holds the potential to make investors rich. The stock has already made many investors small fortunes. Over the last three years, Teladoc's shares have skyrocketed over 450% higher. My view is that it's still really early for the telehealth market. The growth opportunities for Teladoc in the future could be greater than those in its past.