New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study titled "Tele-Intensive Care Unit Market Size, Share, Growth, Trends and Forecast to 2025–Global Analysis – by Type, Component, and Geography," the tele-intensive care unit market size was valued at USD 1.5 Bn in 2017 and is projected to reach USD 7.3 Bn by 2025; it is estimated to grow at a CAGR of 22.5% from 2017 to 2025. The report highlights the key factors driving the market and prominent players' developments.
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Global Tele-Intensive Care Unit Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.5 Bn in 2017 |
| Market Size Value by | USD 7.3 Bn by 2025 |
| Growth rate | CAGR of 22.5% from 2017-2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
| No. of Pages | 108 |
| No. of Tables | 37 |
| No. of Charts & Figures | 36 |
| Historical data available | Yes |
| Segments covered | Type, Component and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
In 2017, North America held the largest share of the tele-intensive care unit market. Growing geriatric population, increased chronic disease prevalence across all age groups, suitable reimbursement scenarios, and growing research activities are among the factors augmenting the North American tele-intensive care unit market growth. There is shortage of all critical care intensivists due to the increased need for critical care for aging population with comorbidities. The shortage led to the initiation of tele-intensive care unit programs that help intensivists provide care to patients remotely. According to the Society of Critical Care Medicine, in 2010, less than 8% of ICU beds in the US utilized telemedicine, which rose to ~25% in 2018. This increase in telemedicine-based ICU beds, i.e., tele-intensive care unit beds, is surging the growth of the North American tele-intensive care unit market.
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Tele-Intensive Care Unit Market: Competitive Landscape and Key Developments
Key players operating in the tele-intensive care unit market include InTouch Technologies, Inc.; Advanced ICU Care; Koninklijke Philips N.V.; Ceiba-TeleICU; Banner Health; TeleICUCare; Eagle Telemedicine; Apollo Tele Health Services; SOC Telemed; and INTeleICU. These players focus on expanding business, diversifying their market presence, and acquiring a novel customer base, thereby seeking prevalent business opportunities.
In July 2021, Hicuity Health and Covenant Health together announced the opening of their Knoxville telemedicine center and the introduction of tele-intensive care unit services. The telemedicine center and tele-intensive care unit services represent the first phase of a system-wide deployment of a strategic critical care telehealth collaboration between the two companies.
In March 2020, CLEW announced that its TeleICU solution (CLEW-ICU) will be deployed by Tel Aviv Sourasky Medical Center (Ichilov Hospital) and Sheba Medical Center as an innovative way to address COVID-19 patients while protecting frontline care workers.
In January 2020, Advanced ICU Care launched tele-intensive care unit services with Regional Medical Center (RMC). It will support patients in RMC’s intensive care unit and coronary care unit. The addition of Advanced ICU Care’s collaborative care model within RMC expanded upon an existing partnership between the hospital and the Medical University of South Carolina (MUSC Health). Advanced ICU Care and MUSC Health partnered to expand and improve care of critically ill patients in South Carolina with the use of telemedicine.
Higher Preference of Hospitals for Tele-Intensive Care Unit is Boosting Market Growth
The collaborative tele-intensive care unit is a remarkable transformative process, a paradigm shift in patient care. Currently, ICUs are working under tremendous pressure to achieve better outcomes at lower costs while dealing with a severe shortage of intensivists and ICU nurses. In the last 30 years, the US witnessed a transformation in acute care delivery where the number of hospitals decreased but the number of ICU beds increased. Hospitals without tele-intensive care unit are more likely to be large and non-profitable than those with tele-intensive care units. Small hospitals have less trained intensivists and are known to suffer worse risk-adjusted outcomes compared to larger hospitals. Accordingly, they might be most likely to benefit from remote ICU monitoring. Due to the issues of sample size and reliability, quantitative methods are poorly suited for understanding system-level changes in very small hospitals. Thus, the introduction of tele-intensive care unit in hospitals is catalyzing the growth of the market under study.
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Various technological advancements have been witnessed in the healthcare industry such as, scalp cooling technology, wearable contacts and use of 3D visualization for surgeries. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being preferred to in the healthcare systems in the emerging economies. The increase in ageing population, incidences of chronic illnesses and pediatric care are the primary factors driving the growth of healthcare sector. There has been a significant increase in the healthcare expenditure during the previous years. As per World Bank, Healthcare expenditure accounts for 9.94% of global GDP. In the United States, 17.1% of its GDP is committed to the industry, whereas in Latin America, HC expenditures account for only 7.24%, with Brazil at 8.3%, and Mexico at 6.3%. Whereas the healthcare expenditure per capita was 11.3%, 9.1%, 5.6%, and 4.7% in Germany, UK, China, and India, respectively during the year 2017. The above stated factors are expected to offer broad growth opportunities in the healthcare industry at the global level.
A number of developments have taken place within recent years in the tele-intensive care unit market. These developments comprise of both the organic and inorganic developments contributed by the company to increase the business and revenue generation in the market. For instance, in July 2018, InTouch Health and NTT DATA Services entered into a partnership to provide a turnkey virtual care solution that enables healthcare organizations to expand access to healthcare services, optimize care delivery, and reduce costs. In addition, July 2018, Royal Philips launched Japan’s first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, designed to help improve the outcomes of high risk patients and advancing the globalization of critical care. On the other hand, growing advanced techniques in the emerging economies and increasing demand for tele-intensive care unit products is expected to provide novel growth opportunities for the tele-intensive care unit market players in the coming years.
Tele-Intensive Care Unit Market: Segmental Overview
Based on type, the tele-intensive care unit market is segmented into centralized, decentralized, and others. The centralized segment held the largest market share in 2017 and is expected to register the highest CAGR during the forecast period.
Based on component, the tele-intensive care unit market is bifurcated into software and hardware. The hardware segment occupied the largest market share in 2017 and is sub-segmented into therapeutic devices, computer systems, and communication lines.
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