Fact.MR, a global research & consulting firm, in their updated edition of the report, opines that the tele-ICU services market is anticipated to expand at a prolific rate in 2021 & beyond. The growth can be majorly attributed to increase in the number of ICUs across the globe and continuous technological progressions in remote patient monitoring technologies. Furthermore, rise in several chronic ailment cases and the requirement to decrease hospital stay times will promote growth during the forecast period.
Market players are focusing on with technological progressions and product innovation, smaller to mid-size companies are growing their market presence by presenting new products at lesser cost.
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Rising Geriatric Population Worldwide are Responsible for the Growth
Surging geriatric population and commonness of chronic ailments is promoting need to discover new ways of enhancing patient outcomes, reducing the cost of medical care, and increasing access to care. Utilizing remote patient monitoring, which uses devices to remotely direct and collect data to a remote diagnostic testing facility for interpretation, the insurance payers, healthcare providers, and several governments are attempting to change the manner in which care is being delivered, therefore decreasing the care cost at the same time.
As the elderly population generates a rise in health-related troubles, particularly neurological and cardiovascular ailments, the hospitalization of the patients is further anticipated to increase. This hospitalization is projected to prompt surgeries which require intensive care, and this will drive the tele-ICU industry.
Intensivist Model will Foresee Lucrative Growth
Open with consultants have been accounting for majority of share due to its deployment in several tele-ICU software and higher efficacy. On the other hand, the intensivist model is projected to foresee lucrative growth in 2021 and beyond.
The intensivist model engages the regular intensive-care expert to deal with the tele-ICU system. The patient’s troubles are dealt directly, in this model. The intensivist model provides effective clinical decisions to forestall any complications. The accessibility of the intensivists is projected to increase in the coming years, thus fuelling the growth. On the other hand, absence of suitable qualified intensivist staff restricts its adoption all over.
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Key Companies Profiled:
- Banner Health,
- Philips,
- UPMC Italy,
- TeleICU,
- VISICU,
- Advanced ICU Care,
- inTouch Health,
- iMDsoft,
- INTeleICU
The global Tele-ICU services market is segmented on the basis of component type, service type, End Users, and geography:
By component Type :
- Hardware
- Software
By Service type :
- Intensivist
- Co-Managed
- Open
- Open with Consultants
- Others
By End User type :
- Hospitals
- Ambulatory surgery centers
- Specialty Care centers
By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
How Huge is the Opportunity for Tele-ICU Services Providers in US?
The presence of robust communication networks, IT infrastructure, and high-speed internet connectivity is encouraging market growth in the US and Canada. In addition, the existence of key telehealth service providers in the U.S. and increasing use of remote monitoring tools boost market expansion.
At present, the UK has the highest percentage of population aged 60 or over. An elderly population means more and sicker ICU patients prompting growth of tele-ICU in the region.
Economic advances in the emerging nations, such as India, South Korea, and China, together with a huge target populace and favourable government initiatives for the progressions of the healthcare system, are projected to contribute to the region’s market growth. Additionally, augmenting medical device electronics, particularly remote human-machine interface devices, are projected to bolster growth in the region.
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Collaborations & Partnerships Remains Prime Focus Areas: Fact.MR Survey
The tele-ICU services market is in a nascent stage. Fact.MR’s survey with thought leaders revealed that market players are focusing on collaborations and partnerships of hospitals with software and hardware vendors are noteworthy strategic initiatives in the industry in 2021 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. Some of the players profiled in the report are Philips, Banner Health, UPMC Italy, VISICU, TeleICU, Advanced ICU Care, iMDsoft, inTouch Health, Inova and INTeleICU. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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