Increasing focus on reducing patient hospital stay, along with technological advancements in remote patient monitoring, is propelling the market growth.
Market Size – USD 2.26 billion in 2019
Market Growth – CAGR of 14.8%
Market Trends – Paradigm shift towards telemedicine and increasing incidences of chronic diseases like the novel coronavirus fueling the demand for remote ICU care units.
The Tele-Intensive Care Unit (ICU) Market is estimated to garner a revenue of USD 6.87 billion by the year 2027, rising from a registered worth USD 2.26 billion in 2019, with a steady rate of 14.8% of CAGR. Rapid growth in geriatric population worldwide, restricted intensive care, limited availability of skilled physicians, providers, nurses required for critical care, and surging demand for the hospital-based ICUs’ effective alternative are responsible for accelerating the industry’s growth.
Enabling offsite clinicians for interacting with hospital bedside staffs to provide consultation on patient care, a tele-intensive care unit is gaining immense popularity in the field of medicine. The several benefits of telemedicine involve ICU nurses, nurse practitioners, healthcare professionals, and other physicians in intervening from distinct remote locations, offering patient monitoring.
The COVID-19 outbreak has caused a massive disruption in the healthcare industry’s flow. Various hospitals have converted into special units in order to manage considerable novel coronavirus affected patients. As the number rises for coronavirus positive cases, the hospitals are witnessing a massive ICU-beds’ shortage. However, in this current crisis, the tele-ICUs has been highly beneficial as well as effective. Moreover, many healthcare providers have already adopted this technology for providing efficient patient care.
Rising prevalence of different infectious and chronic diseases, fast Tele-ICU units’ implementation, ample availability of internet services along with the modifications of consumer electronics and the healthcare analytics & software are highly contributing to the growth of the industry.
To identify the key trends in the industry, click on the link below:
Further key findings from the report suggest
- In terms of types, the decentralized sub-segment has been predicted to register the highest revenue share in the market, growing at 16.2% CAGR over the projection time frame.
- The centralized model sub-segment is foreseen to contribute substantially to the share in the market, garnering a revenue of USD 4.02 billion by the year 2027 due to the fast advancements in data technologies, enabling several hospitals in centralizing their servers in application and patient record into one specific location.
- In terms of component, the software sub-segment estimated worth USD 564.19 million in the year 2019 and has been presumed to grow with a CAGR of 20.2%.
- On the regional perspective, North America generated the majority of share in the market in the year 2019. The region is predicted to witness 15.2% of a growth rate through 2027. Rising tele-ICU model integration across the U.S., reducing costs of overall staffs, and fast availability of a single offsite medical professional to cover multiple centers for increasing efficiency are the major factors responsible for this region’s industry growth.
- The Asia Pacific region has been predicted to witness 18% rate of CAGR over the estimated duration. Factors responsible for the robust growth in the region include high advancement in the healthcare infrastructure supported by the government and substantial target population.
- Key players in the sector are Koninklijke Philips N.V., Apollo Tele Health Services, Advanced ICU Care, Banner Health, UPMC, Eagle Telemedicine, SOC Telemed, TeleICUCare, InTouch Technologies, Inc., and INTeleICU, among others. Adopting different strategies like collaborations, mergers & acquisitions, product innovation and development, and capacity expansion, these market players are contributing substantially to the industry’s growth. Moreover, increasing investments of these industry players in R&D activities would further promote the growth of the market.
- In March 2020, to support COVID patients, two Israeli hospitals named Sheba Medical Center and Ichilov Hospital launched tele-ICU, which are AI-based. The hospital-offered platform—CLEW-ICU utilizes AI-based predictive analytics for expanding the intensive care units’ capacity exponentially.
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Market Segmentation and Geographic Overview
For the purpose of this study, Reports and Data has segmented the Tele-Intensive Care Unit Market on the basis of type, component, type of ICU, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Surgical Robots
- Rehabilitation Robots
- Emergency Response & Utility Robots
Component Outlook (Revenue, USD Billion; 2017-2027)
Type of ICU Outlook (Revenue, USD Billion; 2017-2027)
- Traditional Medical ICU (TMICU)
- Cardiac Care Unit (CCU)
- Neonatal ICU (NICU)
- Pediatric ICU (PICU)
- Trauma ICU (TICU)
- Psychiatric ICU (PICU)
- Post-Anesthesia CU (PACU)
- High-Dependency Unit (HDU)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Click on the Link to Read Key Highlights of the Report and Look at Projected Trends for Years to Come: https://www.reportsanddata.com/report-detail/tele-intensive-care-unit-market
Table of Contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Tele-Intensive Care Unit Market Segmentation & Impact Analysis
4.1. Tele-Intensive Care Unit Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Rise in the number of intensive care units
22.214.171.124. Technological advancements in remote patient monitoring
126.96.36.199. Need to reduce hospital stay times
4.2.3. Market restraints analysis
188.8.131.52. High initial adoption or deployment cost
184.108.40.206. Clinician’s low acceptance of the technology
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