Nov 28, 2024

Connected care revenues in North America to reach US$ 60 billion by 2028 At the end of 2023, there were 33.3 million people that relied on connected care services in North America. RPM is the largest and most mature segment of the connected care market with a total of 29.9 million users at the end of 2023. The market for medical alert systems is considerably smaller with an estimated total of 5.2 million users at the end of 2023. There is an overlap between the market segments as medical alert system users can also be equipped with an RPM solution, and vice versa. The market is forecasted to grow at a compound annual growth rate (CAGR) of 11.4 percent during the next five years to reach 57.2 million connected care users by 2028. The ageing population and the increasing prevalence of chronic diseases will be two of the greatest challenges in North America during this century. It is widely believed that connected care solutions can ease the burden on society by enabling more efficient delivery of care and allowing people to live independently for longer. The analyst's definition of connected care includes medical alert systems and remote patient monitoring (RPM) solutions. RPM will remain the largest segment of the connected care market with a forecasted 52.7 million users in 2028. The number of medical alert system users will at the same time reach 7.5 million units. The analyst estimates that connected care revenues in North America reached US$ 33.3 billion in 2023. This includes revenues from medical alert systems and remote patient monitoring solutions. Patients that suffer from sleep-disordered breathing such as obstructive sleep apnea (OSA) are typically prescribed an airflow generator. However, many patients find the devices unpleasant to use and poor compliance is common. Payers increasingly require that patients comply with their treatment plans to be reimbursed for the device which has driven equipment vendors to connect the devices. The sleep therapy device segment is dominated by ResMed. Examples of major players in the RPM segment include Abbott, Accuhealth, Biofourmis, BioTelemetry, Current Health, Lark Health, Medtronic, Omada Health, Omron Healthcare, Optimize Health, Philips, Teladoc Health (Livongo) and Withings. The market for medical alert systems is mature and key actors include Anelto, Climax Technology, Connect America, Essence Group, Freeus (Becklar Group), Lively, LogicMark, MobileHelp (Medical Guardian) and Mytrex. The North American market for connected care solutions is affected by several trends and developments that will have an impact on the competitive landscape in the next years. Changing demographics is driving the demand for home care, while technological developments and regulatory changes affect the competitive landscape for solution vendors. At the same time, the industry is becoming more patient-centric which calls for integrated systems and improved interoperability of connected care solutions. New companies are entering the connected care market and connected medication management solutions are today in the centre of attention for start-ups. An incipient convergence of the medical alert system and remote patient monitoring markets can be seen, where some medical alert system providers have started to add remote patient monitoring services to their solutions. Artificial intelligence has made significant progress, from disease detection to personalizing treatments analysing large amounts to patient data. The transition has further supported the shift from data collection to proactive personalized solutions. Finally, cybersecurity is very important in the context of digital health solutions and it is clear that more work and investments need to be done to ensure that patients and their data are kept safe also in the future. This report will allow you to: Profit from 30 executive interviews with market leading companies. Identify key players in the connected care ecosystem. Learn about the latest developments in connected care devices and services. Understand the dynamics of the North American healthcare system. Evaluate how the adoption of next-generation solutions is proceeding. Benefit from expert market analysis including detailed market forecasts lasting until 2028. The report answers the following questions: Which are the main verticals within connected care? What are the main drivers on this market in North America? How many people are using connected care solutions in the US and Canada? Which are the leading medical alert system providers in North America? How will the connected care market evolve in the next five years? What are the general technology trends for connected care products? How are new reimbursement policies affecting the connected care market? What is the potential market size for cellular IoT connectivity? Key Topics Covered: 4.1 Market trends and analysis 4.1.1 An ageing population increases healthcare expenditure 4.1.2 Technology enabled care enables elderly to age at home for longer 4.1.3 Cellular technologies enable reliable connectivity for medical devices 4.1.4 Standalone systems to be replaced by platform solutions 4.1.5 Increasing government reimbursement for connected care applications 4.1.6 The growth of lightweight solutions is broadening the market 4.1.7 From remote patient monitoring to data-driven patient engagement 4.1.8 RPM applications can modernize clinical trial processes 4.1.9 Emerging players and market expansion transform the industry landscape 4.1.10 Convergence between medical alert systems and RPM solutions 4.1.11 The critical role of cybersecurity in digital solutions 4.2 Market forecasts