Tele-ICU Market Analysis, Revenue, Price, Market Share, Growth Rate, Forecast Upto 2024
Date: 2019-02-14   Author: Rahul Sankrityayan  Category: #industry

Tele-ICU Market Analysis, Revenue, Price, Market Share, Growth Rate, Forecast Upto  2024

Growing geriatric population and rising occurrences of chronic diseases like cancer and other neurological disorders will fuel future growth. The global population with the age of above 65 years is forecast to increase from 7% to 16% from 2000 to 2050 as per WHO. The aging population is more susceptible to the chronic diseases. In 2012, 63% of Medicare beneficiaries in the age group of 65 to 74, 78% of those aged between 75 and 84, and 83% of the population aged 85 or older had multiple chronic conditions as per the Centers for Disease Control and Prevention (CDC).

The real-time monitoring and alarm systems reduce complications and enable clinicians to avoid vital sign deviations. Remote patient data accessibility accompanied by reduced clinical decision time is another advantage. The execution of the system enhances the overall care efficiency. Due to the installation of the equipment about 27% reduction in hospital mortality was achieved in 2010 at Sentara Hospital, Virginia as per the Critical Care Journal.

High tele-ICU market price trend coupled with considerable treatment cost will restrain future industry growth. Tele-ICU market size is segmented into hardware and software components based on components. The hardware components are further bifurcated as per products into communication lines, therapeutic devices, display panels, computer systems, physiological monitors and video feeds.

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Hardware components had the largest share of over 80% in 2015 owing to their high costs and utilization in large volumes. Software components are predicted to grow rapidly during the forecast timeframe. Requirement of regular software upgrades and availability of newer versions will propel segment growth. 

On the basis of model or type of care the industry is segmented into co-managed, open with consultants, intensivist and open. Open with consultant model held significant share in 2015.

The intensivist model is forecast to show lucrative growth between 2016 and 2023 owing to its attributes such as efficiency in clinical decisions and avoidance of complications. The model also assists full-time intensive care unit specialist in managing the system. Critical care staff availability will increase future growth.

By Region

North America tele-ICU market share was approximately 60% in 2015, making it the largest regional industry. Existence of supportive infrastructure in the form of communication network, high-speed internet and training personnel are the growth driving forces in the region. Increasing geriatric population and rising incidence of chronic diseases are additional factors. Rising demand for patient monitoring and home healthcare coupled with presence of top tele health service providers will increase future demand in the region. The U.S. tele-ICU market landscape is characterized by growing adoption to facilitate higher degree of patient monitoring in cases where the resources or infrastructure may be absent. This also helps improve the overall efficiency and quality of care, as well as reduced human labor.

Asia Pacific tele-ICU market size is anticipated to showcase sturdy growth at a rate of above 23.5 % over the forecast period. Government initiatives supporting the advancement of health care systems along with economic developments in the countries of India and China will fuel growth. Additionally, the growing electronic devices industry, particularly human interface devices in Korea, Japan and China will support adoption.

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By Industry

Major players in the tele-ICU market share include Banner Health, Philips, UPMC Italy, TeleICU, VISICU, Advanced ICU Care, inTouch Health, iMDsoft, INTeleICU and Inova. The industry being comparatively nascent, companies are engaged in collaborations with software and hardware vendors and partnerships with hospitals to increase their global reach. For instance, InTouch Health launched its FDA approved application for iPad in May 2014 to broaden its acute and intensive care offerings. In order to increase its regional presence, Advanced ICU Care opened a new center in Honolulu in March 2016.

 

 

 



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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