PUBLISHED DATE : Jul 2020 | Pages : 185
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U.S. Connected Care Market Size, Share, Trends, Analysis Report by Type (RPM, Connected Medicated Management, and PERS), Component (Software & Service and Hardware), End-user (Homecare Settings, Hospitals/Clinics, and Others), and Delivery (Onsite and Mobile), Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Share & Forecast, 2020-2025
185 Pages
34 Tables
52 Charts
1 Regions
1 Countries
23 Companies
4 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (REVENUE) | USD 13 Billion (2020) |
| CAGR | 16% (2020 - 2025) |
| Base Year | 2019 |
| Forecast Year | 2020-2025 |
| Market Segments | Type (RPM, Connected Medicated Management, and PERS), Component (Software & Service and Hardware), End-user (Homecare Settings, Hospitals/Clinics, and Others), and Delivery (Onsite and Mobile) |
| Geographic Analysis | United States |
The U.S. connected care market size to cross USD 13 billion by 2020, growing at a CAGR of 16% during the forecast period. 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.
This research report includes a detailed segmentation by
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 nursing care and 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 connected medication management segment is tackling medication non-adherence through hardware, software, and combined solutions. It is still in its infancy, however, ripe for astonishing growth owing to the presence of a substantial efficacy-to-effectiveness gap. It is being propelled forward by its significance in the trend toward home-based care, which has been put in motion by patients and healthcare providers.
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 US hardware connected healthcare market is expected to grow at a CAGR of over 18% during the forecast period. Reducing the size of monitors and improving ease of use in a variety of clinical settings are key focus areas for hardware manufacturers. Design is increasingly coming to the fore, and players are taking new approaches to deliver their connected care services. Manufacturers have focused on developing devices that appear non-medical and track pills via sensor-embedded labels. Players are upping the quality of the hardware for consumer-oriented m-health devices to a level similar to hospital-grade devices. The number of product approvals has gone up over the last couple of months, fueling segment growth.
The acceptance of 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, are 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 demand for connected care is high in the hospital segment. Hospitals allow users to perform diagnostic and therapeutic procedures safely and effectively, often in a less invasive manner. Health systems are continually reinstituting and redirecting care programs and treatments for their patients, triggered by the COVID-19 pandemic. The outbreak of the pandemic results in lung and cardiac complications, thereby stimulating a strong uptick in new, less common RPM solutions among hospitals and clinics, hence driving heightening manufacturing and investments in the U.S. connected care market share.
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.
The blending of health and fitness trackers and smartwatches and medical alert devices is the main trend in the mobile space. Manufacturers are introducing smartwatches that combine medication alerts, location tracking and messaging, along with an emergency help button. All these factors have made mobile solutions less clunky and attractive. However, just like fitness wearables, where error margins can show up to 25%, there is a lot of doubt about the reliability of mobile alert systems and the data from RPM solutions. Further, mobile networks are not always foolproof owing to their spotted availability.
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.
Segmentation by Type
By Component
By End-user
By Delivery
Frequently Asked Questions
What is the U.S. connected care market size and growth rate during the forecast period?
The U.S. connected care market size to cross USD 13 billion by 2020, growing at a CAGR of 16% during the forecast period.
What are the factors impacting the growth of the U.S. connected care market shares?
The growing enthusiasm for telehealth has seen a lot of interest and investments from major health companies in the U.S. connected care market.
The outbreak of the pandemic results in lung and cardiac complications, thereby stimulating a strong uptick in new, less common RPM solutions among hospitals and clinics, hence driving heightening manufacturing and investments in the U.S. connected care market shares.
Who are the leading vendors in the U.S. connected care market, and what are their market shares?
The leading players in the U.S. connected care market are Koninklijke Philips, ResMed, Boston Scientific, Medtronic, and Connect America. The competitive landscape is moderately fragmented with intense competition levels.
What is the impact of the COVID-19 pandemic on the U.S. connected care market?
The COVID-19 pandemic is driving the need for agility and remote collaborations in healthcare facilities and patients, giving connected care a faster momentum in the US market.
The U.S. connected care market by revenue is expected to grow at a CAGR of over 16% during the period 2019–2025.
The following factors are likely to contribute to the growth of the U.S. connected care market during the forecast period:
Base Year: 2019
Forecast Year: 2020–2025
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.
Prominent Vendors
Other Prominent Vendors
Segmentation by Type
Segmentation by Component
Segmentation by End-user
Segmentation by Delivery
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope Of The Study
4.4 Market Segment
4.4.1 Market Segmentation by Type
4.4.2 Market Segmentation by Component
4.4.3 Market Segmentation by End-use
4.4.4 Market Segmentation by Delivery
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
11.2.1 Threat of New Entrants
11.2.2 Bargaining Power of Suppliers
11.2.3 Bargaining Power of Buyers
11.2.4 Threat of Substitutes
11.2.5 Competitive Rivalry
12 U.S. Connected Care Market by Type
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 RPM
12.3.1 Size & Forecast
12.4 PERS
12.4.1 Size & Forecast
12.5 Connected Medication Management
12.5.1 Size & Forecast
13 U.S. Connected Care Market by Component
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Software And Services
13.3.1 Size & Forecast
13.4 Hardware
13.4.1 Size & Forecast
14 U.S. Connected Care Market by End-Use
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Home Care Settings
14.3.1 Size & Forecast
14.4 Hospitals/ Clinics
14.4.1 Size & Forecast
14.5 Others
14.5.1 Size & Forecast
15 U.S. Connected Care Market by Delivery
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Onsite
15.3.1 Size & Forecast
15.4 Mobile
15.4.1 Size & Forecast
16 Competitive Landscape
16.1 Competition Overview
16.1.1 Success Strategies
16.2 Market Ranking Analysis
17 Key Company Profiles
17.1 Koninklijke Philips in U.S. Connected Care Market
17.1.1 Business Overview
17.1.2 Product Offerings
17.1.3 Key Strategies
17.1.4 Key Strengths
17.1.5 Key Opportunities
17.2 Resmed in U.S. Connected Care Market
17.2.1 Business Overview
17.2.2 Product Offerings
17.2.3 Key Strategies
17.2.4 Key Strengths
17.2.5 Key Opportunities
17.3 Boston Scientific in U.S. Connected Care Market
17.3.1 Business Overview
17.3.2 Product Offerings
17.3.3 Key Strategies
17.3.4 Key Strengths
17.3.5 Key Opportunity
17.4 Medtronic in U.S. Connected Care Market
17.4.1 Business Overview
17.4.2 Product Offerings
17.4.3 Key Strategies
17.4.4 Key Strengths
17.4.5 Key Opportunity
17.5 Connect America in U.S. Connected Care Market
17.5.1 Business Overview
17.5.2 Product Offerings
17.5.3 Key Strategies
17.5.4 Key Strengths
17.5.5 Key Opportunity
18 Other Prominent Vendors
18.1 Adheretech
18.1.1 Business Overview
18.1.2 Product Offerings
18.1.3 Key Strategies
18.1.4 Key Strengths
18.2 A&D Medical
18.2.1 Business Overview
18.2.2 Product Offerings
18.2.3 Key Strategies
18.2.4 Key Strengths
18.3 Anelto
18.3.1 Business Overview
18.3.2 Product Offerings
18.3.3 Key Strategies
18.3.4 Key Strengths
18.4 Biotronik
18.4.1 Business Overview
18.4.2 Product Offerings
18.4.3 Key Strategies
18.4.4 Key Strengths
18.5 Cohero Health
18.5.1 Business Overview
18.5.2 Product Offerings
18.5.3 Key Strategies
18.5.4 Key Strengths
18.6 Essence Group
18.6.1 Business Overview
18.6.2 Product Offerings
18.6.3 Key Strategies
18.6.4 Key Strengths
18.7 GE Healthcare
18.7.1 Business Overview
18.7.2 Product Offerings
18.7.3 Key Strategies
18.7.4 Key Strengths
18.8 Greatcall
18.8.1 Business Overview
18.8.2 Product Offerings
18.8.3 Key Strategies
18.8.4 Key Strengths
18.9 Logicmark
18.9.1 Business Overview
18.9.2 Product Offerings
18.9.3 Key Strategies
18.9.4 Key Strengths
18.10 Mobilehelp
18.10.1 Business Overview
18.10.2 Product Offerings
18.10.3 Key Strategies
18.10.4 Key Strengths
18.11 Mytrex
18.11.1 Business Overview
18.11.2 Product Offerings
18.11.3 Key Strategies
18.11.4 Key Strengths
18.12 Nortek Security & Control
18.12.1 Business Overview
18.12.2 Product Offerings
18.12.3 Key Strategies
18.12.4 Key Strengths
18.13 Freeus
18.13.1 Business Overview
18.13.2 Product Offerings
18.13.3 Key Strategies
18.13.4 Key Strengths
18.14 Masimo
18.14.1 Business Overview
18.14.2 Product Offerings
18.14.3 Key Strategies
18.14.4 Key Strengths
18.15 Pillsy
18.15.1 Business Overview
18.15.2 Product Offerings
18.15.3 Key Strategies
18.15.4 Key Strength
18.16 Resideo
18.16.1 Business Overview
18.16.2 Product Offerings
18.16.3 Key Strategies
18.16.4 Key Strengths
18.17 SMRXT
18.17.1 Business Overview
18.17.2 Product Offerings
18.17.3 Key Strategies
18.17.4 Key Strengths
18.18 Valued Relationships
18.18.1 Business Overview
18.18.2 Product Offerings
18.18.3 Key Strategies
18.18.4 Key Strengths
19 Report Summary
19.1 Key Takeaways
19.2 Strategic Recommendations
20 Quantitative Summary
20.1 By Geography
20.2 By End-Use
20.3 By Delivery
20.1 By Component
21 Appendix
21.1 Abbreviations
List of Exhibits
Exhibit 1 Segmentation of U.S. Connected Care Market
Exhibit 2 Market Size Calculation Approach 2019
Exhibit 3 Factors Influencing Connected Care Market
Exhibit 4 Prescription Drug Expenditures 2011-2027 ($ billions)
Exhibit 5 Consumer Familiarity with Care-heavy Conditions 2019
Exhibit 6 A Consumer Perspective on Role of Technology in their Care
Exhibit 7 Impact of AI Transforming Care
Exhibit 8 Impact of Less Invasive, More Invisible
Exhibit 9 Impact of Rise of Personal Healthcare Companions And Virtual Assistants
Exhibit 10 Impact of BYOD And Wearables Gain Momentum
Exhibit 11 Impact of COVID-19 Drives Reconfiguration of The Healthcare System
Exhibit 12 Impact of Shift from Reactive To Proactive Healthcare
Exhibit 13 The Case for Proactive Healthcare 2019
Exhibit 14 Impact of Medication Non-Adherence
Exhibit 15 US Medication Nonadherence Statistics 2019
Exhibit 16 Impact of Consumerization and Personalization Of Healthcare
Exhibit 17 Statistics on Consumer Motivations with Respect to Healthcare and Personalized Care 2019
Exhibit 18 Impact of Data Security & Regulatory Risks
Exhibit 19 Impact of Reluctance Hinders Adoption
Exhibit 20 Impact of Lack of Reliability
Exhibit 21 Impact of Usability Issues Beyond Typical Design Challenges
Exhibit 22 Consumer Readiness with Respect to Technology 2019
Exhibit 23 U.S. Connected Care Market 2019–2025 ($ million)
Exhibit 24 U.S. Connected Care Market 2019–2025 (million users)
Exhibit 25 Five Forces Analysis 2019
Exhibit 26 Incremental Growth by Type 2019–2025
Exhibit 27 U.S. Connected Care Market by Type ($ million)
Exhibit 28 Market by Type 2019 & 2025 (% share)
Exhibit 29 Market by RPM 2019–2025 ($ million)
Exhibit 30 Case for PERS 2020
Exhibit 31 Market by PERS 2019–2025 ($ million)
Exhibit 32 Market by Connected Medication Management 2019–2025 ($ million)
Exhibit 33 Incremental Growth by Component 2019 & 2025
Exhibit 34 U.S. Connected Care Market by Component ($ million)
Exhibit 35 Market by Component 2019 & 2025 (% share)
Exhibit 36 Market Growth Comparison by Component 2019–2025
Exhibit 37 Market by Software and Services 2019–2025 ($ million)
Exhibit 38 Market by Hardware 2019–2025 ($ million)
Exhibit 39 Incremental Growth by End-use 2019 & 2025
Exhibit 40 U.S. Connected Care Market by End-use ($ million)
Exhibit 41 Market by End-use 2019 & 2025 (% share)
Exhibit 42 Market Growth Comparison by End-use 2019–2025
Exhibit 43 Market by Home Care Settings 2019–2025 ($ million)
Exhibit 44 Healthcare Organization Use of RPM Statistics 2019
Exhibit 45 Market by Hospitals/Clinics 2019–2025 ($ million)
Exhibit 46 Market by Others 2019–2025 ($ million)
Exhibit 47 Incremental Growth by Delivery 2019 & 2025
Exhibit 48 Market by Delivery ($ million)
Exhibit 49 Market by Delivery 2019 & 2025 (% share)
Exhibit 50 Market Growth Comparison by Delivery 2019–2025
Exhibit 51 Onsite Market 2019–2025 ($ million)
Exhibit 52 Mobile Market 2019–2025 ($ million)
List of Tables
Table 1 Key Caveats
Table 2 Currency Conversion 2013−2019
Table 3 Market Ranking Analysis 2019
Table 4 Philips: Major Product Offerings
Table 5 ResMed: Major Product Offerings
Table 6 Boston Scientific: Major Product Offerings
Table 7 Medtronic: Major Product and Solution Offerings
Table 8 Connect America: Major Product Offerings
Table 9 AdhereTech: Major Product Offerings
Table 10 A&D Medical: Major Product Offerings
Table 11 Anelto: Major Product Offerings
Table 12 BIOTRONIK: Major Product Offerings
Table 13 Cohero Health: Major Product Offerings
Table 14 Essence Group: Major Product Offerings
Table 15 GE Healthcare: Major Product Offerings
Table 16 GreatCall: Major Product Offerings
Table 17 LogicMark: Major Product Offerings
Table 18 MobileHelp: Major Product Offerings
Table 19 Mytrex: Major Product Offerings
Table 20 Nortek Control: Major Product Offerings
Table 21 Freeus: Major Product Offerings
Table 22 Masimo: Major Product Offerings
Table 23 Pillsy: Major Product Offerings
Table 24 Resideo: Major Product Offerings
Table 25 SMRxT: Major Product Offerings
Table 26 Valued Relationships: Major Product Offerings
Table 27 U.S. Connected Care Market by Type ($ million)
Table 28 Market by Type (%)
Table 29 U.S. Connected Care Market by End-use ($ million)
Table 30 Market by End-use (%)
Table 31 U.S. Connected Care Market by Delivery ($ million)
Table 32 Market by Delivery (%)
Table 33 U.S. Connected Care Market by Component ($ million)
Table 34 Market by Component (%)
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