Market- Overview
The Global Tele Intensive Care Unit Market is estimated to reach a CAGR of 17.63% during the forecast period (2022-2029).
Tele-intensive care ICU (tele-ICU) is a telemedicine program that deals with a patient’s critical care at a hospital. Tele-ICU connects the critical care team at a remote site with the bedside ICU team through audio-visual communication and monitoring equipment. This system includes hardware that captures patient data and then transmits it via a command center from the remote ICU to a physician at a remote location. The ICU system collects and transmits information on the patient’s physiological status, therapy, and medical records.
Market Dynamics
The tele-intensive care unit (ICU) market is also being propelled by the rising prevalence of chronic diseases among the population, such as cancer and neurological disorders and the rising use of therapeutic gadgets in the ICU. Furthermore, the tele-intensive care unit (ICU) market benefits from global population expansion, increased awareness, increased healthcare expenditure and improved healthcare infrastructure. Furthermore, in the projection term, technological advancements in treatment facilities provide profitable opportunities for tele-intensive care unit (ICU) market competitors.
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The increase in prevalance of chronic diseases in the market will drive the market growth
The rise in the global elderly population and the growing demand for remote monitoring are driving the tele-intensive care unit (ICU) market. The tele-intensive care unit (ICU) market is growing due to the increased popularity of these services due to features such as more effective healthcare delivery, real-time monitoring and remote access to patient data and benefits such as reduced clinical decision time. The tele-intensive care unit (ICU) market is influenced by an increase in the use of these systems to improve patient care, a high adoption rate due to shorter hospital stays, and an increase in the number of procedures that require intensive care.
With the aging population and the prevalence of chronic diseases on the rise, there is a rising need to identify new approaches to improve patient outcomes, expand access to care, and lower medical costs. According to the Centers for Disease Control and Prevention, heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes account for more than two-thirds of fatalities in the United States in 2018. In addition, chronic diseases account for approximately 75% of total health spending in the United States, with an estimated yearly cost of USD 5,300 per person. Healthcare providers, insurance payers, and governments are attempting to change how care is delivered while also lowering the cost of care by utilizing remote patient monitoring, which uses devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation.
Market Segmentation
By Technology
- Intensivist
- Open
- Co-managed
- Open with Consultant
- Others
By Component
- Hardware
- Software
Competitive Landscape
The tele intensive care unit market is highly competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Inova, IN TeLe ICU, In Touch Technologies Inc, Koninklijke Philips N.V., Advanced ICU care, UPMC, Banner Health, Tele ICU Care, Eagle Telemedicine, Apollo TeleHealth Services, SOC Telemed.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the tele intensive care unit market globally. For instance,
In January 2020, Teladoc, a publicly-traded telehealth company, has interested in acquiring InTouch Health, a telehealth company situated in Santa Barbara that services over 450 institutions. Teladoc’s top line is expected to grow due to the USD 600 million purchase, which would expand its reach across hospitals and other healthcare systems.
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