Global Virtual ICU Market to Surpass $8.52 Billion by 2030, Says Coherent Market Insigths

Virtual ICU is a rapidly evolving approach in healthcare that utilizes advanced technology and remote monitoring systems to provide critical care expertise to patients in intensive care units (ICUs) across different locations.

Burlingame, July 13, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global virtual ICU market is estimated to be valued at US$ 4.85 billion in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030).

The global virtual ICU market is witnessing strong growth on the account of rapid adoption of digital or virtual technology across the healthcare industry. This has led to a rise in the number of telemedicine products, such as virtual intensive care units. These devices have a wide range of applications, from remote monitoring and diagnostics to connecting patients with their families while they are hospitalized. The virtual ICU gained significant growth during the COVID-19 as hospitals restrict visitors to stop spread of the infection.

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Key Trends and Analysis of the Global Virtual ICU Market:

Growing trend of digitalization is propelling growth of the virtual ICU market. This is attributed to the increasing penetration of interent worldwide. International Telecommunication Union estimates that around 5.3 billion people – or 66 per cent of the world’s population – were using the Internet in 2022. This represents an increase of 24 per cent since 2019, with 1.1 billion people estimated to have come online during that period.

Global Virtual ICU Market - Drivers

Increasing prevalenace of chronic disease and road accidents to foster market growth

A key factor driving virtual ICUs market growth is the increasing prevalence of chronic diseases and road accidents. Moreover, the increasing aging population is leading to rise in the number of patients needing critical care. Due to this hospitals are investing in advanced technologies and communication systems to enhance their patient outcomes. Virtual ICUs has ability to connect with family members who aren’t able to visit in person.

Virtual ICU Market Report Coverage

Report CoverageDetails
Base Year:2022 Market Size in 2022:US$ 4.85 Bn
Historical Data for:2017 to 2021Forecast Period:2023 - 2030
Forecast Period 2023 to 2030 CAGR:7.3% 2030 Value Projection:US$ 8.52 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa
Segments covered:
  • By Product type: Software, Hardware
  • By Technology: Machine Learning, Deep Learning, Artificial Intelligence, Others
Companies covered:Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine
Growth Drivers:
  • Increasing demand for remote patient monitoring
  • Improved patient outcomes
  • Cost-effectiveness
  • Growing adoption of telemedicine
Restraints & Challenges:
  • Lack of reimbursement policies
  • Security and privacy concerns
  • Technical challenges

Increasing new product launch due to ongoing innovation in the technology to propel market growth

Key players are highly focused on introducing novel product to meet the growing demand worldwide. For instance, in September 2022, Penn State Health announced that it has executed an agreement – and begun implementation - to offer virtual intensive care units – or vICU – using CLEW Medical's cloud-based tele-ICU platform. CLEW ICU leverages advanced AI technology to identify patients that are most and least likely to deteriorate in the near future and streamlines workflow to improve communications, decision making, and care implementation.

Global Virtual ICU Market - Restrain

Shortage of intensivists and the high cost of virtual ICUs to hamper market growth

The virtual ICU market growth is restraint by several factors. One of these is the shortage of intensivists. This is a significant challenge, as the unavailability of intensivists can negatively impact patient outcomes. Moreover, the high cost of virtual ICUs is another factor that is expected to limit market growth.

Global Virtual ICU Market – Opportunities

Increasing integration of virtual ICU with AI and machine learning is expected to provide significant market growth opportunities

Advent of virtual ICU with AI and machine learning is expected to offer profitable market opportunities for key players in the near future. For instance, in April 2023, Caregility, an enterprise telehealth marketer, has launched a new portfolio of AI-enhanced hybrid care solutions built on Caregility Cloud, its Best in KLAS virtual care platform (non-EMR). The improvements reduce technology investment risks for hospitals and health systems by offering the flexibility to choose those health AI applications that are the best fit for their environment.

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Global Virtual ICU Market - Key Developments

In December 2020, GE Healthcare announced a multi-year agreement with Oregon Health & Science University (OHSU) to oversee and help provide care to ICU patients across eight hospital sites via a “Virtual ICU” (VICU), using the GE Healthcare Mural Virtual Care Solution.

In September 2022, Penn State Health has introduced its virtual intensive care unit program this week. The health system is transitioning from an outside vendor that provided a similar service but will now run the program internally, which will be known as vICU at Penn State Health

In 2021, Banner Health launched its virtual care platform, which includes a virtual ICU component that provides remote patient monitoring and critical care support.

Key Market Takeaways:

Global Virtual ICU market is expected to exhibit a CAGR of 7.3% during the forecast period, owing to growing prevalence of chronic disease, increasing adoption of telemedicine, and growing investment in healthcare sector.

On the basis of Product type, hardware segment is expected to hold a dominant position. The hardware consist of various devices and are widely used in the hospitals.

On the basis of Technology, Artificial Intelligence segment is expected to hold a dominant position, as market players are incorporating AI in virtual ICU. For instance, in April 2020, GE Healthcare and Microsoft have launched a new software-as-a-service product that reduces the burden on professionals by allowing them to care for multiple ICU patients, — including those who are ventilated — simultaneously and remotely.

On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of well-established healthcare infrastructure and high adoption of telemedicine in the region.

Competitive Landscape:

Key players operating in the global Virtual ICU market include Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine

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Detailed Segmentation:

Global Virtual ICU Market, By Product Type:

  • Software
    • Remote monitoring software
    • Real-time communication software
    • Data management software
  • Hardware
    • Display systems
    • Medical devices
    • Networking devices

Global Virtual ICU Market, By Technology:

  • Machine learning
  • Deep learning
  • Artificial intelligence
  • Others

Global Virtual ICU Market, By Region:

  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country:
      • GCC Countries
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa

Related Market Intelligence Reports:

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Artificial Intelligence in Healthcare Market, by Products and Services (Hardware and Software & Services), by Technology (Speech Recognition, Natural Language Processing, Machine Learning, and Context Aware Processing), by Application (Imaging & Diagnostics, Home Health, Medical Device and Robotics, Virtual Assistants, and Others), by End User (Hospitals & Clinics, Medical Device Companies, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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