The Tele-Intensive Care Services Market size is forecast to reach $8.29 billion by 2025, growing at a CAGR of 14.6% during the forecast period 2020-2025. Tele-Intensive Care ICU is an application of telemedicine that deals with the critical care of a patient in a hospital. Tele-ICU aids in connecting the critical care team at a distant location with the bedside ICU team with the help of audio-visual communication and monitoring systems. Rise in the number of intensive care units globally and incessant technological advancements in remote patient monitoring technologies is the major factor driving the growth of the market. An increase in the number of chronic disease cases and the need to reduce hospital stay times is set to further enhance the overall market demand for the Tele-Intensive Care Services Market during the forecast period 2020-2025.
Tele-Intensive Care Services Market Segment Analysis - By Component
The Hardware segment held the largest share in the Tele-Intensive Care Services Market in 2019 and is estimated to grow at a CAGR of 16.6% during the forecast period 2020-2025. Therapeutic device means an instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent, including a part, or accessory which is intended to affect the structure or any function of the body and which does not achieve any of its primary intended purposes through chemical action within or on the body and which is not dependent upon being metabolized for the achievement of any of its primary intended purposes. Medical therapeutic devices are various products produced to aid people in dealing with physical illnesses. Psychological knowledge has been used in the design of these devices but can also be of use in understanding and overcoming difficulties in their use. The Hardware is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
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Tele-Intensive Care Services Market Segment Analysis - By Type
The Centralized held the largest share in the Tele-Intensive Care Services Market in 2019. A centralized Tele-ICU is a hub-and-spoke model in which critical care services originate from a hub and services are delivered at a spoke facility. The hub (or center) is an established site with staffing that includes intensivists, nurses, and clerical and technical staff. One centralized care team can manage a large number of geographically dispersed ICU locations to exchange health information electronically, in real-time. The Centralized is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
Tele-Intensive Care Services Market Segment Analysis - By Geography
North America dominated the Tele-Intensive Care Services Market in 2019 with a share of more than 40.22%, followed by the Asia Pacific owing to the presence of high-speed internet connectivity, IT infrastructure, and robust communication networks. Moreover, the presence of prominent telehealth service providers in the U.S. and growing usage of remote monitoring tools is increasing the growth of the Tele-Intensive Care Services Market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the favourable government initiatives for the advancement of the healthcare system. Bolstering medical device electronics, especially remote human-machine interface devices is also increasing the growth of the Tele-Intensive Care Services Market in this region.
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Tele-Intensive Care Services Market Drivers
Rising demand for remote patient monitoring
The rising demand for remote patient monitoring is increasing the growth of the Tele-Intensive Care Services Market. Telemedicine improves ICU outcomes by increasing access to the expertise of dedicated and prompting bedside providers to implement routine evidence-based practices. The tele-ICU are located in remote or rural areas where safe and efficient transfer for patients for regional centers for advanced critical care present difficulties. The command center communicates with the help of voice with the remote ICU personnel and can receive televised pictures and clinical data about the patients. The use of Tele-Intensive care services was prompted by the finding that the care of ICU patients by dedicated intensivists improves both patients and cost outcomes. With the help of a centralized remote patient, the monitoring center has the ability to consolidate and standardize care, reduces transfer while maximizing bed utilization, and support onsite staff. This decreases costs while enhancing revenues, patient flow, and capacity management across the system. Thus, increasing the growth of the Tele-Intensive Care Services Market during the forecast period 2020-2025.
Growth in the healthcare industries
Growth in the healthcare industry is increasing the growth of the Tele-Intensive Care Services Market. The healthcare industry has been witnessing rapid transformations. Various technological advancements have been witnessed in the industry. With a need for better healthcare facilities, Technology Enabled Care solutions are being referred to in the healthcare systems in the emerging economies. Also, the availability of reimbursement for various medical procedures is expected to fuel the growth of the industry in the coming years, With the presence of regulations laid down by the government bodies, it is possible to obtain better and reliable healthcare facilities, ensuring quality care and patient safety, mitigating fraud, and cyber threats. Thus, increasing the growth of the Tele-Intensive Care Services Market during the forecast period 2020-2025.
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Tele-Intensive Care Services Market Challenge
Regulatory barriers for telemedicine, and high cost
Some of the factors that is set to impede the growth of the Tele-Intensive Care Services Market are regulatory barriers for telemedicine, and high cost.
Tele-Intensive Care Services Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Tele-Intensive Care Services Market. In 2019, the Tele-Intensive Care Services Market share is consolidated by the top ten players present in the market. Tele-Intensive Care Services Market, the top 10 companies are InTouch Technologies, Inc., Advanced ICU Care, Koninklijke Philips N.V., UPMC, Banner Health, TeleICUCare, Eagle Telemedicine, Apollo TeleHealth Services, SOC Telemed, and INTeleICU among others.
Acquisitions/Product Launches
In August 2020, Koninklijke Philips N.V. acquired Intact Vascular which is a medical device company developing minimally-invasive peripheral vascular products.
Key Takeaways
North America dominated the Tele-Intensive Care Services Market in 2019 owing to the presence of high-speed internet connectivity, IT infrastructure, and robust communication networks. The Tele-Intensive Care Services Market scope for different regions will be provided in the final report.
The rapidly growing cosmetic industry, and rising health consciousness of people around the world is likely to aid in the market growth of the Tele-Intensive Care Services Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Tele-Intensive Care Services Market report.
Regulatory barriers for telemedicine and high cost is poised to create hurdles for the Tele-Intensive Care Services Market.
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