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Connected Care Market in US - Industry Outlook & Forecast 2020-2025

  • ID: 5125680
  • Report
  • July 2020
  • Region: United States
  • 185 pages
  • Arizton
UP TO OFF
until Sep 30th 2021

FEATURED COMPANIES

  • A&D Medical
  • BIOTRONIK
  • Connect America
  • GE Healthcare
  • LogicMark
  • MobileHelp
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this U.S. Connected Care Market Report

The U.S. connected care market by revenue is expected to grow at a CAGR of over 16% during the period 2019-2025.

Connected care is bringing patient and clinical management together in the realm of care continuum by linking caregivers, payers, physicians to patients from across clinics, hospitals, and homes. It is driving the development of care through proven clinical care pathways and better workflows. The growing enthusiasm for telehealth has seen a lot of interest and investments from major health companies. From tele-neonatology programs to virtual hospitals, all systems have prompted the transition to digital health. Further, the COVID-19 pandemic has driven new realities in the healthcare industry of interoperability and agility. The need for remote collaborations in healthcare facilities and patients has given connected care a faster momentum. The market growth is rooted in telehealth and is largely known to constitute RPM and telehealth. However, the trend of virtual medicine increasingly streaming video, patient data and test results straight to clinicians has opened up new frontiers.

The following factors are likely to contribute to the growth of the U.S. connected care market during the forecast period:

  • Artificial Intelligence transforming healthcare
  • Less Invasive, More Invisible
  • BYOD and Wearables Gain Momentum
  • Reconfiguration of the Healthcare System due to COVID-19

The study considers the present scenario of the U.S. connected care market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.

U.S. CONNECTED CARE MARKET SEGMENTATION

The U.S. connected care market research report includes a detailed segmentation by type, component, end-user, and geography. The RPM segment is witnessing growth on account of better clinical and patient experience, lower costs, and improved outcomes. In 2019, several clients carried out pilot RPM programs, which they expanded swiftly in 2020, are driving the demand for specialized monitoring systems. Simplifying Bluetooth technology is expected to be crucial for mainstreaming the adoption of RPM technology. Further, tablets and smartphones are coming to the front as they can be linked to healthcare wearables and telehealth video conferencing and allow for the implementation of electronic health record-based patient portals.

The medical alert systems market has significantly grown and changed recently. The shortage of healthcare workforce and the limitations in long-term services and supports (LTSS) formal care systems are leading to increased demand for PERS systems. A majority of clinicians, home and healthcare professionals, and case managers are advocating the use of these devices among the elderly, driving volume growth. The market has made a shift from landline to mobile PERS over the last half of the decade as consumers are increasingly getting rid of landline phones.

The software and services segment has been witnessing significant progress in the recent past owing to heightened acceptance for connected care and increased demand for better data collection. Connected devices collect data, analyze, and display them and analyze self-reported data from patients. The software and services segment is expected to reach over $20 billion by 2025. The regulatory environment is showing signs of favorability, making it easy for players to navigate the market and roll out new solutions. However, the low ability of transference of technology across several therapy areas is a major challenge, which is reducing implementation.

The acceptance for homecare settings is growing. A growing number of organizations, which are debuting and scaling models to move acute, primary, and palliative care to the home, is driving the segment growth. As healthcare is increasingly shifting into homes owing to population health efforts and demand for personalized healthcare, medical devices are being designed to be used within the setting. Players in the market are working on making devices automatic and invisible in terms of design that they can integrate seamlessly into consumers’ lives, thereby increasing the demand.

The growth of virtual hospitals on account of the development of IoT is driving the demand for onsite connected care solutions. The rise of dedicated patient portals, which are putting power in the hand of patients to take more control by both gaining access to and feeding in their health information and images. The U.S. connected care market shares is expected to observe growth opportunities by going beyond traditional patient care and expanding into therapy, combining with RPM platforms to monitor the patient’s progress.

Segmentation by Type

  • RPM
  • Connected Medicated Management
  • PERS

Segmentation by Component

  • Software and Services
  • Hardware

Segmentation by End-user

  • Home Care Settings
  • Hospitals/ Clinics
  • Others

Segmentation by Delivery

  • Onsite
  • Mobile

INSIGHTS BY VENDORS

The U.S. connected care market is moderately fragmented. New entrants are offering new solutions with new technologies such as IoT, AI, and predictive analytics. Players are expected to witness a more competitive and challenging atmosphere due to the increased new regulatory pressure, legal scrutiny and due to the forces of new, innovative players in the healthcare space. The market competition is expected to play out in one or more ways. Technology and MedTech players could differentiate their offerings and occupy exclusive areas in the market; provide fragmented service and product offerings; bring everything within the company by creating an in-house data platform that can connect to several devices; offer advanced predictive diagnosis and user-friendly devices but keep the health-based data within the MedTech ecosystem.

Prominent Vendors

  • Koninklijke Philips
  • ResMed
  • Boston Scientific
  • Medtronic
  • Connect America

Other Prominent Vendors

  • AdhereTech
  • A&D Medical
  • Anelto
  • BIOTRONIK
  • Cohero Health
  • Essence Group
  • GE Healthcare
  • GreatCall
  • LogicMark
  • MobileHelp
  • Mytrex
  • Nortek Security & Control
  • Freeus
  • Masimo
  • Pillsy
  • Resideo
  • SMRxT
  • Valued Relationships

Key Questions Answered

1. What is the U.S. connected care market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the U.S. connected care market shares?
3. How is the growth of the hospitals & clinics segment influencing the growth of the U.S. connected care market?
4. Who are the leading vendors in the U.S. connected care market, and what are their market shares?
5. What is the impact of the COVID-19 pandemic on the U.S. connected care market?

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • A&D Medical
  • BIOTRONIK
  • Connect America
  • GE Healthcare
  • LogicMark
  • MobileHelp
1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
4.4 Market Segment

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.2 State Of The United States Economy
7.3 Technologies That Enable Connected Care
7.4 Success Strategies

8 Market Opportunities & Trends
8.1 AI Transforming Care
8.2 Less Invasive, More Invisible
8.3 Rise Of Personal Healthcare Companions And Virtual Assistants
8.4 BYOD And Wearables Gain Momentum

9 Market Growth Enablers
9.1 COVID-19 Drives Reconfiguration Of The Healthcare System
9.2 Shift From Reactive To Proactive Healthcare
9.3 Medication Non-Adherence
9.4 Consumerization And Personalization Of Healthcare

10 Market Restraints
10.1 Data Security & Regulatory Risks
10.2 Reluctance Hinders Adoption
10.3 Lack Of Reliability
10.4 Usability Issues Beyond Typical Design Challenges

11 Market Landscape
11.1 Market Size & Forecast
11.2 Five Forces Analysis

12 Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 RPM
12.4 PERS
12.5 Connected Medication Management

13 Component
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Software And Services
13.4 Hardware

14 End-Use
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Home Care Settings
14.4 Hospitals/ Clinics
14.5 Others

15 Delivery
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Onsite
15.4 Mobile

16 Competitive Landscape
16.1 Competition Overview
16.2 Market Ranking Analysis

17 Key Company Profiles
17.1 Koninklijke Philips
17.2 Resmed
17.3 Boston Scientific
17.4 Medtronic
17.5 Connect America

18 Other Prominent Vendors
18.1 Adheretech
18.2 A&D Medical
18.3 Anelto
18.4 Biotronik
18.5 Cohero Health
18.6 Essence Group
18.7 GE Healthcare
18.8 Greatcall
18.9 Logicmark
18.10 Mobilehelp
18.11 Mytrex
18.12 Nortek Security & Control
18.13 Freeus
18.14 Masimo
18.15 Pillsy
18.16 Resideo
18.17 SMRXT
18.18 Valued Relationships

19 Report Summary
19.1 Key Takeaways
19.2 Strategic Recommendations

20 Quantitative Summary
20.1 Market By Geography
20.2 Market By End-Use
20.3 Market By Delivery
20.1 Market By Component

21 Appendix
21.1 Abbreviations
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Koninklijke Philips
  • ResMed
  • Boston Scientific
  • Medtronic
  • Connect America
  • AdhereTech
  • A&D Medical
  • Anelto
  • BIOTRONIK
  • Cohero Health
  • Essence Group
  • GE Healthcare
  • GreatCall
  • LogicMark
  • MobileHelp
  • Mytrex
  • Nortek Security & Control
  • Freeus
  • Masimo
  • Pillsy
  • Resideo
  • SMRxT
  • Valued Relationships
Note: Product cover images may vary from those shown

Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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