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Telemedicine Market Players Offering Low-Cost Services for Quality Care

The telemedicine market is expected to demonstrate a healthy 15.8% CAGR during the forecast period of 2020–2030.

The key factors driving this growth include the rising cost of healthcare, growing cases of chronic and lifestyle-associated diseases, increasing telemedicine grants and funding from the government, rising medical tourism activities, and surging demand for monitoring services for remote patients in developing economies. These factors will drive the industry massively from $27.8 billion in 2019 to $144.2 billion by 2030.

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Patients and healthcare providers worldwide are concerned about the increasing healthcare cost across nursing homes and hospitals. The surging cost of healthcare products and services, escalating administrative costs, expensive drugs and technologies, and soaring physician fees are significantly contributing to the skyrocketing healthcare cost. To curtail the rise, people are shifting toward telemedicine, as it offers quality care at a lower cost, without people having to necessarily visit a medical center. This is why the market growth is being boosted by the COVID-19 pandemic, which has forced people into their homes.

The primary trend in the telemedicine market is the increasing emphasis on technological advancements. Companies are acting in tune with this trend and launching innovative products to connect and integrate the home and healthcare. For instance, SnapMD's Connected Care platform offers cost-effective options to healthcare systems to extend its care models, which include virtual visits. Another key player in the industry, AMD Global Telemedicine Inc. launched OnDemand Visit, a direct-to-consumer telehealth platform, in 2018. The platform offers a real-time virtual medical visit through computers or mobile phones.

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The telemedicine market generated the highest revenue in North America in 2019. The key factors for this dominance include an increase in telemedicine grants and funding from the government, growth in the aging population, and rise in the cases of chronic and lifestyle-associated diseases. As per the data published by the United Nations (UN) in its World Population Ageing 2019 report, the region will host around 96.3 million people who are 65 years or above by 2050. These factors will also help the region in maintaining its dominance during the forecast period.