Connected Care in North America - 2nd Edition: Market for Connected Medication Management is Gaining Traction
2022-12-20
DUBLIN, Dec. 20, 2022 /PRNewswire/ -- The "Connected Care in North America - 2nd Edition" report has been added to
ResearchAndMarkets.com's offering.
Report Says 31 Million North Americans Used Connected Care Solutions in 2022
How should the mobile industry address the vast business opportunity in the connected care market? The analyst forecasts that the number of cellular connections in the connected care market in North America will increase from 19.6 million in 2021 to more than 36.6 million in 2027. Learn more about how wireless technology can become seamlessly integrated with a medical alert, connected medication management and remote patient monitoring (RPM) solutions in this 145 page in-depth report.
This report has found that around 30.7 million people in North America were using connected care solutions at the end of 2022. The figure refers to users of medical alert systems, connected medication management solutions and remote patient monitoring (RPM) solutions in Canada and the US. RPM is the largest segment of the connected care market with a total of 28.3 million users at the end of 2022.
The market for medical alert systems is considerably smaller with an estimated total of 4.4 million users, whereas the number of connected medication management users reached 1.8 million users at the end of 2022. There is an overlap between the market segments as medical alert users can also be equipped with a medication management solution or an RPM solution, and vice versa. The market is forecasted to grow at a compound annual growth rate (CAGR) of 15.4 percent during the next five years to reach 62.7 million connected care users by 2027.
The market is forecasted to grow at a compound annual growth rate (CAGR) of 18.3 percent during the next six years to reach 49.4 million connected care users by 2024. The leading use cases for RPM have thus far been sleep therapy monitoring. Patients that suffer from sleep-disordered breathing such as obstructive sleep apnea are typically prescribed an airflow generator, including continuous positive airway pressure, bilevel positive airway pressure and automatic positive airway pressure devices. However, many patients find the devices unpleasant to use and poor compliance is common. Payers are increasingly requiring that patients comply with their treatment plans to be reimbursed for the device which has driven equipment providers to connect the devices. ResMed is the largest player of connected airflow generators, partly thanks to the company's decision to include a cellular IoT module as standard in its Air Solutions product family.
Key Market Trends
An Ageing Population Increases Healthcare Expenditures
The Sunset of 2G/3G Cellular Networks Have Driven Launches of 4G Devices
Standalone Systems to Be Replaced by Platform Solutions
Favourable Policies That Align Financial Incentives Are Driving RPM Adoption
Covid-19 Became a Catalyst That Spurred RPM Adoption
The Growth of Lightweight Solutions is Broadening the Market
The Market for Connected Medication Management is Gaining Traction
From Remote Patient Monitoring to Data-Driven Patient Engagement
A Growing Market and New Entrants Lead to a Changing Market Landscape
Convergence Between Medical Alert Systems and Rpm Solutions
This report answers the following questions:
Which are the main verticals within connected care?
What are the main drivers of this market in North America?
How many people are using connected care solutions in the US and Canada?
What are the general technology trends for connected care products?
Which are the leading medical alert system providers in North America?
How will the connected care market evolve in the next six years?
How are new reimbursement policies affecting the connected care market?
What is the potential market size for cellular IoT connectivity?
Key Topics Covered:
Executive Summary
1 Healthcare in North America
2 Medical Alert Solutions
3 Medication Management Solutions
4 Remote Patient Monitoring Solutions
5 Market Forecasts and Conclusions
Companies Mentioned
Abbott
Accuhealth
Aloe Care Health
Anelto
BioTelemetry
Care Innovations
CareSimple
Current Health
eDevice
etectRx
Freeus
Get Real Health
HandsFree Health
Health Recovery Solutions (HRS)
Hero Health
Laipac Technology
Life Alert Emergency Response
Life365
Lively (Best Buy)
Livongo
LogicMark
Masimo
Medical Guardian
Medipense
Propeller Health
Raziel (Ideal Life)
SecuraTrac
SMRxT
Vaica
Vivify Health
Withings
For more information about this report visit https://www.researchandmarkets.com/r/jtgdxf
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
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