According to the research report published by Credible Markets, global Tele Intensive Care Unit Market is currently valued at USD 4973.68 million and is anticipated to grow at a CAGR of 17.64% over the forecast period.
Global Tele Intensive Care Unit (ICU) Market Overview
Tele-intensive care ICU (ICU) refers to an application of telemedicine which deals with critical care of a patient in a hospital. Tele-ICU has helped and is helping in connecting the critical care team at a distant location alongside the bedside ICU team through audio-visual communication and monitoring systems. This system consists of hardware which collects the patient’s data and transmits it from the remote ICU to the physician at a distant location with the help of a command centre. The data which is collected and transmitted by the ICU system comprises of the patient’s physiological status, treatment, and medical records.
Key trends- Growth Determinants and Challenges
The Tele Intensive Care Unit Market growth is being fuelled by factors such as increasing demand for remote monitoring and the growth in the geriatric population across the globe. The rise in the popularity of these services are because of the features, such as real-time monitoring and remote access to patient data and also the benefits that are offered include, decreasing clinical decision time and facilitating efficient healthcare delivery that accelerates the tele-intensive care unit (ICU) market growth.
Also, the increase in the prevalence of chronic diseases among population, such as cancer and neurological disorders and the rise in use of therapeutic devices in ICU also grows the tele-intensive care unit (ICU) market. Additionally, the growth in population globally, and rising awareness, gush in healthcare expenditure, and improving healthcare infrastructure have positively affected the tele-intensive care unit (ICU) market.
On the flip side, high cost that is associated with the maintenance and annual costs of ICU are projected to hinder the tele-intensive care unit (ICU) market growth. Also, the rise in the cost of treatments of the patients can challenge the tele-intensive care unit (ICU) market in the forecast period.
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Segmental Analysis of the Tele Intensive Care Unite Market
Based on Type
• Centralized models
• Decentralized models
• Others
The centralized model segment is expected to register the highest CAGR during the forecast period.
Based on Component
• Hardware
• Software
The Software segment is expected to register the highest CAGR during the forecast year. The hardware component emerged as the largest segment in 2018.
Asia Pacific is expected to show a better growth rate during the forecast period
Asia-Pacific is one of the fastest growing regions in the Global Tele-intensive care unit Market. This is because of the growing geriatric population and an increase in the prevalence of chronic diseases. Several government initiatives have also supported the advancement of health care systems with economic developments that has ignited the market growth in APAC countries. Along with Asia Pacific, North America, Europe, South America, and Middle east and Africa are the major regions constituting the geographical landscape of worldwide tele intensive care unit market.
Competitive Landscape
The prominent players influencing the competitive hierarchy of the market sphere of Tele Intensive Care Unit (ICU) are InTouch Technologies Inc., Advanced ICU Care, Koninklijke Philips N.V., UPMC, Banner Health, Eagle Telemedicine, Apollo Tele Health Services, SOC Telemed, INTeleICU, iMDsoft, Inova, CEIBA-TELEICU, Mid-Atlantic Telehealth Resource Center, Cerner Corporation, Inova, INTeleICU.
Major Developments
• In February 2020, Intercept TeleMed, leveraged Philips’ eCareManager Acute Telehealth Suite that has launched tele-ICU services for hospitals.
• In October 2020, Advanced ICU Care has announced the addition to its longstanding relationship with AdventHealth as it launched its comprehensive tele-ICU care services at AdventHealth Lake Wales.
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Major Questions Answered in This Report
• What is the growth rate of Global Tele Intensive Care Unit (ICU) Market?
• What are the primary growth determinants of the global Tele Intensive Care Unit(ICU) Market?
• Which are the major regions constituting the geographical landscape of the market?
• Which are the prominent companies operating in the market?
Key Takeaways from the Report
• Global Tele Intensive Care Unit (ICU) Market is projected to register at a CAGR of 17.64% over 2022-2030.
• Increasing demand for remote monitoring and the growth in the geriatric population across the globe are aiding market progression.
• Hardware component segment is poised to expand significantly during the forecast period.
• Asia Pacific is expected to be one of the fastest growing region in the tele intensive care unit market.
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