Telemedicine, telehealth, virtual care. Whatever you want to call it, it's hot right now.

The COVID-19 pandemic has served as a major catalyst fueling the rise in the use of telemedicine. However, don't think this momentum will evaporate once the pandemic ends. Recent surveys show that many Americans plan to continue their virtual healthcare visits even after the current crisis is over.

This growing market certainly presents a tremendous opportunity for investors. Here are three telemedicine stocks that you can buy right now.

Woman with pill bottles looking at laptop screen showing a healthcare professional with a stethoscope around her neck

Image source: Getty Images.

1. Teladoc Health

Let's start with the leader in telemedicine -- Teladoc Health (NYSE:TDOC). The company's platform facilitated more than 14 million virtual healthcare visits last year. Teladoc's customers include over 40% of the Fortune 500. 

Over the last five years, Teladoc's revenue has increased by a compound annual growth rate of 70%. Over 80% of its total revenue is recurring revenue. The company isn't profitable at this point, but that's primarily because of its continued investment in growth. 

Much of Teladoc's growth has come organically as telemedicine gained popularity. However, the company has also expanded significantly via acquisitions. Its recent purchase of Livongo Health gave it a fast-growing digital health platform for helping individuals manage chronic conditions.

Teladoc's primary competitive advantages stem from its scope of services offered and its advanced technology. The company's software doesn't just connect healthcare providers with patients -- it integrates with providers' electronic medical records and workflows. 

Despite its impressive growth so far, Teladoc still has a massive untapped market opportunity before it. Consulting firm McKinsey & Company estimates that the U.S. virtual-care market will reach $250 billion annually after the COVID-19 pandemic ends. 

2. American Well

American Well (NYSE:AMWL) is a relatively new option for investors. The healthcare stock began trading on the New York Stock Exchange in September 2020. However, AmWell isn't a new player in the telemedicine industry. The company, founded in 2006, provides a platform that supports telehealth for around 62,000 healthcare providers, including more than 2,000 hospitals.

In its most recent reported quarter, AmWell's total visits skyrocketed 450% year over year to over 1.4 million. The company's revenue jumped 80% from the prior-year period. Like Teladoc, AmWell isn't profitable yet, mainly because of its investments to fuel growth.

AmWell has a big partner at its side. It's working with Alphabet's Google Cloud unit to "transform and expand access to virtual care." Google Cloud picked AmWell as its preferred global telehealth platform partner and invested $100 million in AmWell at the same time as the company's recent IPO.

A solid track record in pioneering telehealth gives AmWell a good shot at staking out a significant chunk of that $250 billion U.S. market that McKinsey & Company expects. With its market cap still below $7 billion, AmWell should have plenty of room to run.

3. Amazon.com

You might wonder why Amazon.com (NASDAQ:AMZN) is on a list of telemedicine stocks. Isn't Amazon mainly focused on e-commerce and cloud hosting? Yes, but the company also appears to be interested in jumping into the telehealth market.

In 2019, Amazon launched Amazon Care -- a telehealth service for the company's employees and their families in the state of Washington. This service included virtual-care visits, as well as prescription delivery for Amazon employees and family members in the Seattle area.

Reports surfaced in December, though, that Amazon plans to offer Amazon Care to other employers. The company hasn't officially announced that it's moving into the telemedicine arena, but it certainly wouldn't be surprising. Amazon has already made the leap into healthcare with an online pharmacy.

It remains to be seen whether or not Amazon will be able to dominate telemedicine as it has in other markets. However, telemedicine presents yet another growth opportunity for the already fast-growing internet giant.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.