If you're an investor interested in telemedicine stocks, you have good reason. The global telemedicine market, valued at $97 billion in 2023, is expected to hit $432 billion by 2032, per the folks at Fortune Business Insights. You might even be wondering if you've missed out by not owning a telemedicine leader such as Teladoc (TDOC 2.79%) over the past decade.

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We'll get to Teladoc's performance soon, but first, understand that telemedicine, in case you're not clear on it, is where patients are "seen," diagnosed, and/or treated remotely via modern technology. In practice, it can be a lot like a FaceTime call with your doctor, perhaps followed by a prescription sent in for you.

Telemedicine is appreciated because it can save the patient time by not having to get to and from the doctor's visit, and it can be helpful when a patient has mobility issues or lives far from healthcare facilities. It can give those in remote areas the opportunity to see doctors or specialists and can help prevent the spread of diseases. Of course, it doesn't work for all issues, such as if you have a wound or when bloodwork or other tests are needed.

Teladoc, launched in 2002, is a telemedicine pioneer and has been a stock market darling in the past. Some of its luster has worn off, though, with the stock recently down 55% year to date. Worse still, over the past five years, it's down about 88%, enough to turn a $10,000 investment into a $1,213 position.

What's going on? Well, the company has been posting hefty losses and relatively slow growth in recent years, and it's facing more competition than it used to have, especially for its struggling mental health division. Even Amazon.com (NASDAQ: AMZN) and CVS Health (NYSE: CVS) are offering telehealth services. Teladoc isn't profitable, either.

Some see this low period as a good buying opportunity, but that's risky until Teladoc proves itself more. If it still interests you, perhaps add the company to your watch list.