U.S. CONNECTED CARE MARKET SIZE TO CROSS USD 13 BILLION BY 2020, GROWING AT A CAGR OF 16% DURING THE FORECAST PERIOD

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

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185 Pages

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34 Tables

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52 Charts

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1 Regions

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1 Countries

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23 Companies

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4 Market Segment

U.S. CONNECTED CARE MARKET REPORT SCOPE

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

INDUSTRY INSIGHTS

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.

SNIPPETS 

  • The home care setting segment is expected to witness an incremental growth of over $9 billion by 2025, as medication management is likely to be among the fastest-growing segments in the market.
  • The software and services segment is likely to reach a revenue share of over $20 billion by 2025. This is on account of the development of advanced cloud-sharing platforms, allowing monitoring programs for patients.
  • The RPM segment is projected to observe a revenue growth of over $23 billion by 2025. The growth is due to the increased application and popularity of connected health wearables, devices, and mPers.
  • The onsite segment is expected to grow at a CAGR of over 17% during 2019­–2025. This is due to the high adoption of onsite care in pre/post-operative and post-discharge settings.

U.S. CONNECTED CARE MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Type
  • Component
  • End-user
  • Geography

INSIGHTS BY TYPE 

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.

INSIGHTS BY COMPONENT

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.

INSIGHTS BY END-USER

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.

INSIGHTS BY DELIVERY

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.

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. 

The U.S. connected care market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Segmentation by Type

  • RPM
  • Connected Medicated Management
  • PERS

By Component   

  • Software and Services
  • Hardware

By End-user    

  • Homecare Settings
  • Hospitals/ Clinics
  • Others

By Delivery

  • Onsite
  • Mobile

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.

How is the growth of the hospitals & clinics segment influencing the growth of 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.

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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:

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

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

  • Koninklijke Philips
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
    • Key Opportunities
  • ResMed
  • Boston Scientific
  • Medtronic
  • Connect America

Other Prominent Vendors 

  • AdhereTech
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
  • 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

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

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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