The new report by Expert Market Research titled, ‘Global Tele-ICU Market Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global tele-ICU market, assessing the market based on its segments like components, types of management, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 3%
The tele-ICU industry is being driven by the growing geriatric population and their increased susceptibility to chronic diseases. There is a heightened demand for remote monitoring, owing to the vulnerability of the elderly, particularly after the pandemic outbreak in 2020, and the rising number of surgical operations.
Moreover, the lack of trained medical personnel is also expected to be a major driving factor for the industry. For instance, in case of developing countries like India, there is one doctor for every 1,445 Indians according to the country’s current population estimate, which is lesser than the doctor-patient ratio of 1:1000 set by the WHO. These factors are estimated to contribute to the increasing demand for tele-ICU, thus providing a boost to the market.
Industry Definition and Major Segments
Tele intensive care unit or electronic intensive care unit is an application of telemedicine that renders medical help to people remotely. The tele-ICU enables the bedside ICU team to connect with experts on the other side through electronic means. Additionally, the patients’ health status and medical records are transferred through hardware to the critical care team at a distant location.
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The tele-ICU industry, by component can be segmented into:
- Hardware
- Therapeutic Devices
- Communication Lines
- Computer Systems
- Physiological Monitors
- Display Panels
- Video Feed
- Others
- Software and Services
Based on type of management, the market is classified into:
- Intensivist
- Open
- Co-managed
- Open with Consultant
- Others
The regional markets for tele-ICU include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The challenges faced during the early stage of the pandemic forced governments across the globe to strengthen their tele-ICU services. For instance, in India, the Ministry of Health and Family Welfare released “Telemedicine Guidelines” on 25 March 2020. The rapid development of such guidelines is expected to bolster the market in the forecast period.
Furthermore, the rapidly expanding information and communication technologies are estimated to play a critical role in fuelling the tele-ICU industry. In addition, the government initiatives to improve and expand the healthcare infrastructure of their countries, especially in the rural areas, are further expected to invigorate the market growth. This can be attributed to the lack of multi-speciality hospitals in remote areas.
Key Market Players
The major players in the market are Hicuity Health, Koninklijke Philips NV, iMDsoft, INTeleICU, and CEIBA Tele ICU, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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