Global Tele- ICU Market is projected to grow at a CAGR of 17% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Tele- ICU Market by Type (Intensivist, Co-managed, Open, Open with Consultants), Component (Hardware, Software), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global tele- ICU market is expected to grow from USD 2.10 billion in 2019 to USD 7.39 billion by 2027, at a CAGR of 17% during the forecast period 2020-2027. North America dominated the market in the year 2019, owing to the presence of super-specialty hospitals, rising demand for patient monitoring, growing awareness among consumers, the existence of supportive infrastructure in the form of high-speed internet, communication networks, training personnel, and presence of top tele health service providers. The market in the Asia-Pacific region is projected to grow, due to the rising initiatives by the government supporting advancement of the healthcare system and economic development in emerging economies like India and China.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are VISICU, InTouch Health, Advanced ICU Care, Banner Health, TeleICU, UPMC Italy, INTeleICU, iMDsoft, Philips, and Inova. In February 2018, Advanced ICU Care extended its partnership with Koninklijke Philips N.V. Philips’ technology for tele-ICU monitoring in different centers that have Advanced ICU Care and provides services across the U.S.
The type segment includes intensivist, co-managed, open, and open with consultants. The intensivist segment holds the largest market share, attributing 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 component segment includes hardware and software. The hardware segment is further segmented into a computer system, communication lines, physiological monitors, therapeutic devices, video feed, and display panels. The hardware segment held the largest market share in the year 2019. This growth was attributed to the high costs and utilization in large volumes. The software component segment is witnessing significant growth, due to the requirement of regular software upgrades and the availability of newer versions. The factors influencing the market growth are the rising prevalence of chronic disorders like cancer, technological advancement in the healthcare sector, increasing geriatric population, and an increasing number of patients of neurological disorders. Other factors like rising R&D spending and aggressive strategies adopted by the key players like the launch of new products will propel the market for tele-ICU. Increase in volume of surgical procedures across the globe and increasing demand for remote patient monitoring are the other factors contributing significant for the market growth. The factors hampering the market growth is the expensive setup and high cost of the treatment. Increasing number of old age population creates an increase in the health related issues, like neurological diseases and cardiovascular problems. This will result in the growth opportunities for the market.
About the report:
The global market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an 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 insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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