Newark, NJ, Oct. 01, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global tele-ICU market is expected to grow from USD 2.10 billion in 2019 and to reach USD 7.39 billion by 2027, growing at a CAGR of 17% during the forecast period 2020-2027.
The global tele-ICU market is witnessing significant growth in the recent years. This growth is attributed to the growing demand for remote patient monitoring, reduced workload for physicians and nurses, rising levels of geriatric population, and rising prevalence of chronic diseases like cancer and various other neurological disorders. The rising R&D spending and aggressive strategies adopted by the key players like the launch of new products will influence market growth. The reduction of hospital stay has resulted in the cost reduction of the patients, and the ability to monitor patients on a real-time basis propels the market.
The tele-ICU is an advanced system that is used to treat critically ill patients by using off-site resources. Tele-ICU is used in exchanging health information from a hospital critical care unit to another by electronic communication. It helps in improving the efficiency and provides better healthcare facility to the patients by providing redundant nature of healthcare services. Tele-ICU is telemedicine used to exchange medical information for conducting several medical activities like treatment, monitoring, and rehabilitation. Tele-ICU enables off-site clinicians to communicate with bedside staff to consult on patient care. It is associated with advanced ICU mortality and decreased LOS. It provides real-time services to multiple care centers and has an off-site command center in which a critical care team is connected with patients in distant ICUs through visual, audio, and electronic means.
The global tele-ICU market is expected to witness significant growth, owing to the technological advancement in the healthcare sector, technological innovation in the healthcare sector, and enabling real-time access for patient’s health records. The factors restraining the market growth are high maintenance and the annual cost of ICU, significant rise in the cost of treatments of the patients due to high cost of usage and installation of the units, and lack of reimbursement policy. Increasing preferences for reduced hospital stays will provide growth opportunities for the market.
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The key players operating in the global tele-ICU market include VISICU, InTouch Health, Advanced ICU Care, Banner Health, TeleICU, UPMC Italy, INTeleICU, iMDsoft, Philips, and Inova. To gain a significant market share in the global tele-ICU market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. InTouch Health and Philips are some of the key manufacturers of tele-ICU.
- For instance, in November 2017, the initiation of a new operation center in Washington D.C. was announced by Advanced ICU Care. This expansion will provide extended service capabilities to a large number of health care institutions and hospitals.
- In July 2018, InTouch Health and NTT DATA Services agreed into a partnership to provide a turnkey virtual care solution, which will enable help care organizations to expand their access to healthcare services, reduce costs, and optimize care delivery.
Intensivist segment dominated the market and held the largest share of 32.17% in the year 2019
On the basis of type, the global tele-ICU market is segmented into intensivist, co-managed, open, and open with consultant. Intensivist segment dominated the market and held the largest share of 32.17% in the year 2019. This growth is attributed to a full-time intensive-care expert to handle the tele-ICU system, efficient clinical decision to counter any complication, and availability of the intensivists. The open with consultants segment is anticipated to witness significant growth, ascertaining to high efficiency and deployment in several tele-intensive care unit software.
Hardware segment dominated the market and held the largest market share of 52.8% in the year 2019
On the basis of component, the global tele-ICU market is segmented into hardware and software. The hardware segment is further segmented into a computer system, communication lines, physiological monitors, therapeutic devices, video feed, and display panels. Hardware segment dominated the market and held the largest market share of 52.8% in the year 2019. This growth is attributed to its utilization in large volumes, higher costs associated with them, and technical innovations.
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Regional Segment of Tele-ICU Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global tele-ICU market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the major share of 31.26% in the year 2019. This growth is attributed to the rising demand for patient monitoring and home health care, the presence of top tele health service providers, and the existence of supportive infrastructure. In the region, the U.S holds the largest market share, owing to the growing adoption to facilitate a higher degree of patient monitoring, where the infrastructure or resources are absent. The market in the Asia-Pacific region is anticipated to witness significant growth, owing to the improving healthcare infrastructure and unmet needs of the huge population base.
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About the report:
The global tele-ICU market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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