U.S. Connected Care Market Size to Reach Revenues of Over $13 Billion by 2020 - Arizton

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Jul 09, 2020, 12:00 ET

CHICAGO, July 9, 2020 /PRNewswire/ -- The US connected care market size is expected to grow at a CAGR of over 16% during the period 2019−2025.

Key Highlights Offered in the Report:

1. The overwhelmed healthcare industry is looking for ways to shed some of the stress on its systems caused by the coronavirus pandemic. Connected care is thereby gaining traction as it provides a way to optimize and scale care delivery through technology.

2. The multi-billion-dollar medication non-adherence issue has also forced healthcare stakeholder groups to use a digital health approach to rein in costs and enhance overall management of population health.

3. There is however a lot of reluctance in the adoption of the technology owing to a range of factors spanning cultural inhibitions and lack of knowledge and understanding of connected care.

4. Disappointments with the healthcare system including perceptions of feeling undervalued as patients, high expenses, and hassles have driven the adoption of remote patient monitoring technologies.

5. High-quality broadband and connected device expansions, approvals on RPM reimbursements, and possibilities of delivering care to remote, underserved populations has contributed in the mainstreaming of the market.

6. Connected care is increasingly finding the entry of AI-based solutions as MedTech vendors introduce applications and features that make use of this technology and machine learning to improve care for patients.

Key Offerings:

Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by type, component, end-user, and geography
Competitive Landscape – 5 key vendors and 18 other vendors

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U.S. Connected Care Market – Segmentation

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.
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 delivering their connected care services.
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.

U.S. Connected Care Market by Type

RPM
Connected Medicated Management
PERS

U.S. Connected Care Market by Component

Software and Services
Hardware

U.S. Connected Care Market by End-user

Homecare Settings
Hospitals/ Clinics
Others

U.S. Connected Care Market by Delivery

Onsite
Mobile

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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

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence