The tele-intensive care unit market was valued at USD 2,441.38 million in 2018, and it is estimated to be valued at USD 6,715.61 million by 2024, while witnessing a CAGR of 18.37% during the forecast period of 2019
NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Market Overview
The tele-intensive care unit market was valued at USD 2,441.38 million in 2018, and it is estimated to be valued at USD 6,715.61 million by 2024, while witnessing a CAGR of 18.37% during the forecast period of 2019-2024. Factors that are responsible for the growth of the market include, rising geriatric population across the world and increasing demand for remote patient monitoring in developing regions.
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With the increasing geriatric population and prevalence of chronic diseases, there is a growing need to find new ways of improving patient outcomes, increasing access to care, and reducing the cost of medical care. Using remote patient monitoring, which utilizes devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation, the healthcare providers, insurance payers, and the various governments are seeking to alter the way in which care is being delivered, thus reducing the cost of care at the same time. As the aging population creates an increase in health-related issues, especially cardiovascular and neurological diseases, the hospitalization of the patients is also expected to rise. This hospitalization is likely to lead to some sort of surgeries that require intensive care, and this is expected to drive the tele-intensive care unit market.
Scope of the Report
The tele-intensive care unit (ICU) is like the second set of eyes that provides additional clinical support and surveillance. Collaborating tele ICU with the bedside team can provide support care for the patient without any distraction, and can deliver in timely interventions when minutes may make a huge difference. The major purpose of the tele ICU system is not to replace the bedside clinicians or bedside care, but to provide improved safety through redundancy and enhance outcomes through standardization.
Key Market Trends
Therapeutic Devices Sub-segment is Expected to Hold the Largest Market Share in the Hardware Segment
In the hardware segment of the tele-intensive care unit market, the therapeutic devices sub-segment is expected to have largest market share, and is expected to witness a CAGR of 18.51% over the forecast period.
In the past decade, there were several studies being conducted by engineers and clinicians to apply robotic devices in multiple indications of heart and brain, such as stroke therapy. The therapeutic devices are highly useful in the decentralized tele ICU. A large number of nursing activities are increasing their dependency and providing better patient management through therapeutic devices, even when they are disengaged from therapeutic interactions.
The therapeutics devices have achieved success in transferring the neurological/cancer examinations, diagnosis, and consultations across a range of distances in several developed countries. Therapeutic devices under tele ICU are aiding its importance, with the potential to help providers and caregivers to improve the post-acute care, specifically for patients leaving the ICUs. Thus, over the forecast period, the awareness about these devices is expected to significantly improve across the emerging markets.
North America Dominates the Market and is Expected to do Same during the Forecast Period
North America currently dominates the tele-intensive care unit market and is expected to continue its stronghold for a few more years. The emergence of novel technologies, along with their adoption, is helping the United States to grow in the healthcare sector. Rising healthcare expenditure is the prime factor responsible for the growth of this sector. The rapid increase in the older population and rising life expectancy are propelling the growth of the tele ICU market in the country. Due to the rising older population, an increasing number of emergency cases are coming to ICU departments in hospitals, which in turn, is creating the need for improved ICU care. Therefore, the market for tele ICUs is expected to experience growth in the North American region over the forecast period.
Competitive Landscape
The tele-intensive care unit market is highly competitive and consists of several major players. In terms of market share, there is moderate consolidation in the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with less prices. Companies, like Banner Health, INTeLeICU, Philips (VISICU), InTouch Technologies Inc., and Inova, hold the substantial market share in the tele-intensive care unit market.
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