US Connected Healthcare Market Analysis

US Connected Healthcare Market Executive Summary

Connected healthcare, also known as digital healthcare or eHealth, refers to the use of digital technologies, such as the internet, mobile devices, sensors, and other communication technologies, to enhance the efficiency and effectiveness of healthcare delivery.

Connected healthcare solutions can provide a range of benefits, including remote patient monitoring, improved access to healthcare services, more efficient healthcare delivery, and increased patient engagement and empowerment. Examples of connected healthcare solutions include telemedicine, mobile health apps, wearable health devices, and health information exchanges.

The US connected healthcare market is projected to grow from $28 Bn in 2022 to $182 Bn by 2030, registering a CAGR of 26.4% during the forecast period of 2022-30.

The market has been growing rapidly over the past few years, driven by factors such as increasing healthcare costs, the rise of chronic diseases, and advances in technology. Connected healthcare refers to the use of technology to facilitate communication between patients and healthcare providers, as well as to monitor patient health remotely.

The market is composed of several segments, including telemedicine, remote patient monitoring, mobile health (mHealth), and personal health records (PHRs). Telemedicine, which allows patients to connect with healthcare providers remotely, has experienced a surge in demand due to the COVID-19 pandemic. Remote patient monitoring, which uses wearables and other devices to track patient health, has also seen increased adoption in recent years.

The mHealth segment includes apps and other tools that patients can use to manage their health and wellness. This segment has also seen significant growth, particularly in the areas of fitness and nutrition. The PHR segment allows patients to store and access their health records electronically, which can help facilitate communication with healthcare providers and improve care coordination.

The US connected healthcare market is highly competitive, with a wide range of companies offering products and services in this space. Major players include Apple, Google, Philips, and Samsung, as well as numerous startups and smaller companies.

Overall, the market is poised for continued growth in the coming years, driven by ongoing advances in technology and increasing demand for remote healthcare services. However, there are also significant challenges facing the market, including concerns about data privacy and security, regulatory hurdles, and the need for increased interoperability between different systems and devices.

Market Dynamics

Growth Drivers

Many reasons including the following drive the market:

1. More people are using mobile health (mHealth) technologies: Mobile health technologies, such as wearables, telehealth services, and mobile health applications, which allow patients to get medical treatment remotely, have expanded as a result of the increasing usage of smartphones, tablets, and other mobile devices.
2. Need for chronic illness management: The incidence of chronic conditions including diabetes, cardiovascular disease, and obesity is rising in the US, which is driving up demand for remote monitoring and management solutions.
3. Healthcare expenditures are Increasing: Due to the high cost of healthcare in the US, interest in linked healthcare solutions that can save costs and improve results is on the rise.
4. The Meaningful Use programme and the Medicare Access and CHIP Reauthorization Act are two government efforts that have been put into place by the US government to encourage the use of connected healthcare technology (MACRA).
5. The development of increasingly complex and efficiently linked healthcare solutions has been made feasible by technological advancements in areas like artificial intelligence, machine learning, and the Internet of Things (IoT).
6. Focusing more on patient-centred care: Providing patient-centred care that is personalised to each patient's needs and preferences is a goal that healthcare practitioners are pursuing more and more, and linked healthcare technology may help make this approach possible.

Overall, these factors are encouraging more investment in the US connected healthcare sector and the creation of novel, cutting-edge new solutions that may enhance patient outcomes and save healthcare costs.

Competitive Landscape

Global Key Players

With a variety of businesses and organisations engaged in different connected healthcare-related activities, the US connected healthcare market is a dynamic sector that is expanding quickly. Some of the major companies in the US connected healthcare industry are listed below:

1. Apple Inc.: With the Apple Watch, which includes capabilities like heart rate monitoring, fall detection, and ECG, Apple has a significant market share. The business has also released the Health app, which enables users to keep track of their health information and communicate it with their medical professionals.
2. Fitbit Inc.: Fitbit provides a variety of wearable gadgets that monitor several aspects of health, such as heart rate, sleep, and activity levels.
3. Philips Healthcare: It provides a variety of linked healthcare solutions, such as telemedicine, home healthcare equipment, and remote patient monitoring. The organisation also places a lot of emphasis on data analytics and healthcare informatics.
4. Qualcomm Inc.: Qualcomm is a technology firm that offers healthcare solutions, such as wireless connection, wearables made for use in hospitals, and remote patient monitoring.
5. Corporation Cerner: Healthcare providers may get electronic health record (EHR) systems, solutions for revenue cycle management, and population health management technologies from Cerner. The business also provides online patient monitoring and other linked healthcare solutions, including telehealth.

Telehealth, mental health services, and remote monitoring are just a few of the virtual care options provided by Teladoc Health Inc. After the COVID-19 epidemic, the firm has seen substantial development as a result of the increasing need for virtual treatment.
Google Health: Google Health provides a variety of digital health products, such as wearables, personal health records, and diagnostics driven by machine intelligence.

Local Key Players

1. The Redwood City, California-based digital pharmaceutical business Proteus Digital Health has created a sensor-enabled pill and wearable patch system for monitoring drug adherence.
2. Livongo Health (Mountain View, CA): Livongo Health offers a linked health platform that aids individuals in managing their chronic illnesses including diabetes and hypertension. The platform has coaching, data analytics, and linked gadgets.
3. Boston, Massachusetts' American Well Healthcare professionals may communicate with patients remotely thanks to the telemedicine solutions provided by American Well. The company's platform offers solutions for patient involvement, remote monitoring, and video visits.
4. Health insurance provider Bright Health (Minneapolis, MN) provides a variety of linked health solutions, such as wearables, smartphone applications, and virtual care.
5. Healthcare providers may enhance care coordination and population health outcomes with the support of Arcadia (Burlington, MA), which provides a population health management platform. The platform has features for care administration, patient interaction, and data analytics.
6. Higi (Chicago, IL): Higi runs a network of health kiosks that provide consumers with biometric tracking, digital health evaluations, and health screenings. The business also provides a smartphone app for monitoring health information.

Healthcare Policies and Regulatory Landscape

The following are some of the most important laws and rules that are relevant to the US connected healthcare market:

1. HIPAA: The Health Insurance Portability and Accountability Act (HIPAA) establishes federal guidelines for safeguarding the confidentiality and security of personal health data. Health plans, healthcare clearinghouses, and healthcare providers must comply with HIPAA when sending electronic health information.
2. FDA regulations: The US Food and Drug Administration (FDA) oversees the safety and efficacy of medical equipment, including certain linked healthcare devices and applications. The FDA has developed a precertification programme for digital health firms and has published recommendations on the regulation of digital health technology.
3. Medicare and Medicaid reimbursement: In order for connected healthcare solutions to be extensively used by healthcare providers, they must be qualified for payment under the Medicare and Medicaid programmes. The Centers for Medicare & Medicaid Services (CMS) have put regulations in place to help with telehealth service reimbursement.
4. State licencing requirements: In order to practise medicine or provide telehealth services to patients in a given state, healthcare practitioners must have a valid licence from that state. Telehealth providers must abide by the rules in each state where they provide services since state licencing requirements differ.
5. Regulations set out by the ONC: The ONC encourages the implementation of health information technology and interoperability among healthcare providers. The ONC is in charge of certifying EHR technology and has created standards for electronic health records (EHRs).

Ultimately, enterprises creating connected healthcare solutions and healthcare organisations wanting to use these technologies should take these rules and regulations into account. To effectively navigate the US Connected Healthcare industry, it is crucial to stay current with the changing regulatory environment and healthcare regulations.