US Connected Healthcare Market

The US Connected Healthcare Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The US Connected Healthcare Market Analysis Executive Summary

Connected healthcare brings together the concepts of using electronic health records, telemedicine, mHealth and other elements for better management of patients’ conditions. As a communication system, it allows for sharing of information between the patient and the medical practitioner in real time, thus enhancing the delivery of health care services especially to the distant clients, enhances preventive health and management of chronic illnesses.

The idea of connected healthcare is a promising concept that is evolving further due to the development of technology and the call for improvements in the health-care industry. Connected healthcare was on an uphill rise before the COVID-19 pandemic but the pandemic has greatly boosted its utility, with more than 50 folds increase in telehealth visits in the U. S. in 2020 compared to 2019. By 2024, 96% of the U. S. hospitals have implemented the EHR systems through support from agencies such as the HITECH Act. As with My Health Record in Australia, 92% of the population are said to have been registered with the system while the UK has 97% EHR registration through NHS efforts.

VA-led value-based care (V BC) is a major component of connected healthcare since it links provider reimbursement to population health status instead of services rendered. This shift ensures high quality and well-coordinated care which enhances the overall health of the patients hence cutting costs. Programs such as the Medicare Shared Savings Programs seek to get all the Medicare consumers into accountable care programs by 2030, which will advance the integration of the connected healthcare and the worth based care models around the world     

Market Dynamics for Connected Healthcare Market in US

Market Growth Drivers

Major trends that influence the connected healthcare market are digitization of the healthcare facilities through AI and IoT in devices, accessories, and apps based on mobile devices for local data streaming and telemonitoring of the patient condition. The rise in the global number of chronic diseases that affects more than 60% of the adults requires the need for connected healthcare solutions. The government action plans and guidelines such as HITECH Act has seen a 96% implementation of EHR systems in US hospitals. The COVID-19 pandemic fast-tracked the advancement of telehealth whereby U. S. telehealth visits were reported to have soared over fifty-two fold in 2020. Further, with the move to value-based care, the realisation of more holistic, technology-oriented solutions to health care delivery is promoted. 

Opportunity

The future of connected health care has specific advancements and initiatives already in progress. Epic Systems has included Microsoft’s Azure OpenAI services into their EHR and Apple has enhanced health tracking options in the Apple Watch. AeviceMD is releasing continuous remote monitoring wearable stethoscope equipped with artificial intelligence and, Teladoc is broadening the telehealth services not only the chronic care management. The CMS in the U. S is covering reimbursement models for remote patient monitoring and telehealth to advance the connected health through adjustment of policies by use of technology creating favorable conditions for businesses. These developments present significant opportunities for companies to innovate and capture market share in the evolving connected healthcare landscape

Market Restraints

Limitations for the connected healthcare market include strict regulations of patient privacy and data security as 40% of healthcare companies admitted they suffered data breaches in the past several years. Released costs linked with setting up and sustaining connected healthcare systems could be too high and challenging to bear especially by small health facilities and regions. Because of the lack of extensive compatibility between various systems, translating data from one system into another is elaborate, and as a result, patient care could be slow. In the same way, variations in dealing with such regulations add complexities and even delayed the introduction of the new technologies to the market. Altogether, the above factors hamper the expansion and usage of connected health care solutions. 

Competitive Landscape for Connected Healthcare Market in US

Key Players

• Epic Systems Corporation
• Cerner Corporation
• Philips Healthcare
• Medtronic
• Teladoc Health
• IBM Watson Health
• Apple Inc.
• Qualcomm Life
• GE Healthcare
• Samsung Health 

Mergers and Acquisitions

In October 2020, Teladoc Health completed its acquisition of Livongo, a leader in digital health for chronic conditions, for approximately $18.5 Bn

Healthcare Policies and Regulatory Landscape for Connected Healthcare Market in US

Policy changes and Reimbursement scenario

The global healthcare policy and regulatory landscape for connected healthcare is evolving to enhance interoperability and data privacy. In the U.S., initiatives like the 21st Century Cures Act promote data sharing among providers. The EU's European Health Data Space facilitates health data exchange while ensuring data protection. Medicare and Medicaid have expanded telehealth coverage, with private insurers also recognizing the value of remote patient monitoring. Additionally, the World Health Organization's Global Strategy on Digital Health 2020-2025 guides the integration of digital technologies in healthcare, fostering a supportive environment for connected healthcare solutions.