Global Tele Intensive Care Unit Market - 2021-2028

Global Tele Intensive Care Unit Market - 2021-2028

Market Overview

The global tele intensive care unit market size was valued US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).

Tele-intensive care ICU (tele-ICU) is a telemedicine program that deals with a patient's critical care at a hospital. Tele-ICU connects the critical care team at a remote site with the bedside ICU team through audio-visual communication and monitoring equipment. This system includes hardware that captures patient data and then transmits it via a command center from the remote ICU to a physician at a remote location. The ICU system collects and transmits information on the patient's physiological status, therapy, and medical records.

Market Dynamics

The tele-intensive care unit (ICU) market is also being propelled by the rising prevalence of chronic diseases among the population, such as cancer and neurological disorders and the rising use of therapeutic gadgets in the ICU. Furthermore, the tele-intensive care unit (ICU) market benefits from global population expansion, increased awareness, increased healthcare expenditure and improved healthcare infrastructure. Furthermore, in the projection term, technological advancements in treatment facilities provide profitable opportunities for tele-intensive care unit (ICU) market competitors.

The increase in prevalance of chronic diseases in the market will drive the market growth

The rise in the global elderly population and the growing demand for remote monitoring are driving the tele-intensive care unit (ICU) market. The tele-intensive care unit (ICU) market is growing due to the increased popularity of these services due to features such as more effective healthcare delivery, real-time monitoring and remote access to patient data and benefits such as reduced clinical decision time. The tele-intensive care unit (ICU) market is influenced by an increase in the use of these systems to improve patient care, a high adoption rate due to shorter hospital stays, and an increase in the number of procedures that require intensive care.

With the aging population and the prevalence of chronic diseases on the rise, there is a rising need to identify new approaches to improve patient outcomes, expand access to care, and lower medical costs. According to the Centers for Disease Control and Prevention, heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes account for more than two-thirds of fatalities in the United States in 2018. In addition, chronic diseases account for approximately 75% of total health spending in the United States, with an estimated yearly cost of USD 5,300 per person. Healthcare providers, insurance payers, and governments are attempting to change how care is delivered while also lowering the cost of care by utilizing remote patient monitoring, which uses devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation.

In addition, the World Ageing 2019 report forecasts that there were around 703 million people aged 65 and up in the world in 2019. In 2050, this population is expected to increase to 1.5 billion. Patients' hospitalization is predicted to rise as the aging population causes an increase in health-related difficulties, particularly cardiovascular and neurological illnesses. This hospitalization will likely result in surgery that necessitates intensive care, which will fuel the tele-intensive care unit industry.This contributes to the growth of the global tele intensive care unit market.

High cost associated with the maintenance and annual costs of ICU is likely to hamper the market growth

The high costs of ICU maintenance and annual charges are projected to hamper the tele-intensive care unit (ICU) expansion. In the forecast period, the cost of patient treatments is expected to pose a challenge to the tele-intensive care unit (ICU) market.

COVID-19 Impact Analysis

Due to lockdowns business shutdowns, the COVID-19 has impacted economies and industries in several countries. The COVID-19 crisis has overburdened many countries' public health systems, highlighting the critical need for long-term investment in health systems. As the COVID-19 pandemic spreads, the healthcare industry's growth is expected to slow. The life sciences segment is thriving due to increased demand for in-vitro diagnostic products and increased research and development activities worldwide. However, the medical technologies and imaging segment is experiencing a drop in sales due to fewer surgeries and delayed or prolonged equipment procurement. Furthermore, after the pandemic, virtual consultations with healthcare professionals are expected to become the standard care delivery model. Digital health will thrive in the coming years as telehealth transforms care delivery.

Furthermore, disrupted clinical trials and subsequent drug launch delays are expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA are expected to emerge and disrupt the pharmaceutical industry in the coming years. The market is also expected to see more vertical integration and joint ventures. Telemedicine is one of the promising technologies receiving a lot of attention during the pandemic. Several initiatives and implementations related to tele ICU have been carried out by various government organizations and market players, which are expected to drive market growth. For example, the New Hampshire Society of Anesthesiologists (NHSA) has launched a Tele-intensive Care Unit (Tele-ICU) hub in July 2020 to collaborate with physicians in rural hospitals to ensure infected patients from across the state receive critical care expertise at no cost while receiving care close to home in Chicago. In addition, Advanced ICU Care will launch comprehensive tele-ICU care in August 2020 in collaboration with CentraState Medical Center in New Jersey. As a result of the factors above, the pandemic is likely to impact the market under consideration positively.

Segment Analysis

The hardware segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)

The therapeutic devices sub-segment is predicted to have a considerable market share in the hardware section of the market examined. Telemedicine's role in the ICU via therapeutic equipment is unavoidable, as telemedicine has a high success rate with patients in critical care. Therapeutic gadgets serve as a vital link in delivering high-quality care between local and major hospital networks.

In several affluent countries, therapeutic gadgets have successfully transferred neurological/cancer– exams, diagnoses, and consultations over long distances. Several studies by engineers and physicians have been done in the last decade to use robotic devices for various heart and brain indications, including stroke therapy. In the decentralized tele-ICU, therapeutic devices are extremely useful. The first specialized Robot-Assisted Cardiac Surgery Unit in India opened in 2019 at Apollo Hospitals Bangalore, India.

In addition, Johnson & Johnson will launch its robot-assisted surgery system in 2020. The new system has six arms integrated into the operating table to provide more control and flexibility in surgery. Furthermore, the platform has a zero-footprint design to facilitate patient access, increase operating room space, and improve workflow. As a result, introducing such technologically advanced devices will facilitate segmental growth. Even when they are not engaged in therapeutic interactions, many nursing activities increase their dependency and provide better patient management through therapeutic devices. There is an increase in cancer research centers that use teletherapy under radiation therapy, where external beams are involved, for cancer treatment. Therapeutic devices under tele-ICU are increasing their significance, with the potential to assist providers and caregivers in improving post-acute care, particularly for patients leaving ICUs.

Lockdown measures implemented around the world have resulted in decreased public mobility. They have had a significant impact on the therapeutic devices industry, as the rate of non-immediate treatment is being postponed to reduce the burden on healthcare infrastructure.

Geographical Analysis

North America region holds the largest market share of global tele intensive care unit market

The Tele Intensive Care Unit market in North America is the largest in the world. High-speed internet connectivity, IT infrastructure, and robust communication networks are driving market growth in the region. Furthermore, the presence of prominent telehealth service providers in the United States, as well as the growing use of remote monitoring tools, drive market growth.

In the Global Tele-intensive Care Unit Market, Asia-Pacific is the fastest-growing region. Because of the growing geriatric population and the increased prevalence of chronic diseases, various government initiatives have supported the advancement of health care systems and economic developments that will fuel market growth in APAC countries. For example, in 2018, Myongji Hospital in South Korea and InTouch Health, a leading US-based telehealth firm, collaborated to test a telehealth system in South Korea, known as the ""Korean Telehealth"" pilot project. Thus, Myongji Hospital will implement InTouch Health's technology and create a remote healthcare ecosystem by connecting affiliated nursing homes and medical institutions, including Jecheon Myongji Hospital and Incheon Sarang Long-Term Care Facility. Furthermore, the expanding electronic device industry, particularly human interface devices in Asian countries, will facilitate widespread adoption.

Furthermore, the government has undertaken numerous public-private partnerships and initiatives to integrate telemedicine into healthcare systems. For example, in 2018, Philips, Emory Healthcare, and the Royal Perth Hospital in Australia collaborated to launch a new remote intensive care monitoring program to improve the outcomes of high-risk patients and advance critical care globalization.

Competitive Landscape

The tele intensive care unit market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Inova,IN TeLe ICU, In Touch Technologies Inc, Koninklijke Philips N.V., Advanced ICU care care,UPMC, Banner Health, Tele ICU Care, Eagle Telemedicine, Apollo Tele Health Services, SOC Telemed.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the tele intensive care unit market globally. For instance,

In January 2020, Teladoc, a publicly-traded telehealth company, has interested in acquiring InTouch Health, a telehealth company situated in Santa Barbara that services over 450 institutions. Teladoc's top line is expected to grow due to the USD 600 million purchase, which would expand its reach across hospitals and other healthcare systems.

In March 2020, Two Israeli hospitals, Sheba Medical Center and Ichilov Hospital have launched AI-based tele-ICUs to assist COVID-19 patients. The CLEW-ICU platform employs artificial intelligence (AI)-based predictive analytics to increase the ICU's capacity and required resources exponentially.

In Feburary 2020, With the support of Philips and Intercept TeleMed's new breed of Tele-ICU for hospitals that want the benefits of intensivist-led care, critical acre or ICU nurse for 24/7, and advanced analytics, eCareManager Acute Telehealth Suite debuted tele-ICU services.

In Jan 2020,Advanced ICU Care, a premier provider of high-acuity telemedicine, has partnered with HSHS St. Mary's Hospital, a full-service health care solution in central Illinois, to offer tele-ICU services. The new care partnership is the latest Intensive Care Unit Care collaboration in the HSHS system. It builds on an already strong relationship with HSHS St. John's Hospital.

Koninklijke Philips NV

Overview: Koninklijke Philips NV is a technology firm that operates in the healthcare, lighting, and consumer well-being sectors. Personal Health, Diagnosis & Treatment, Connected Care & Health Informatics, and Other are its business segments. Personal Health is concerned with healthy living and preventative care. Personal Care, Domestic Appliances, Oral Healthcare, and Mother & Child Care are all part of this segment. The Diagnosis & Treatment segment combines businesses that promise precision diagnosis and disease pathway selection and businesses that provide image-guided, minimally invasive treatments.

Product Portfolio:

Mobile ICU: Philips developed these mobile ICUs to address India's challenging need for critical-care services, leveraging its clinical, technical, and design expertise. These mobile ICUs will benefit government agencies and organizations seeking to improve community outreach and reduce the impact of pandemics and natural disasters such as the ongoing COVID-19.

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Visualize the composition of the global Tele intensive care unit market segmentation by Component, type of management, end user, and region highlighting the key commercial assets and players.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Tele Intensive Care Unit Market– By Type of Management

Intensivist

Open

Co-managed

Open with consultant

Others

Global Tele Intensive Care Unit Market- By Component

Hardware

Therapeutics Devices

Communication Lines

Computer Systems

Physiological Monitors

Display Panels

Video Feed

Other

Software and Services

Global Tele Intensive Care Unit Market– By End User

Hospitals

Clinics

Ambulatory Care Center

Homecare Setting

Others

Global Tele Intensive Care Unit Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America