PUBLISHER: The Business Research Company | PRODUCT CODE: 1425863
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425863
Tele Intensive Care Unit Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tele intensive care unit market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tele intensive care unit? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tele intensive care unit market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Tele-intensive care involves leveraging telecommunications infrastructure to provide consultations, allowing remote clinicians to advise on patient care by interacting with on-site healthcare professionals. This approach aids in collecting and monitoring patient health data, enabling real-time disease monitoring, diagnostics, and long-term treatment.
Various types of tele-intensive care units include centralized models, decentralized models, and other variants. Centralized models involve a tele-intensive care unit where management oversees the establishment, development, and implementation of the system before delivering outcomes to specific departments. These units are utilized for emergency care and remote patient monitoring. Management within these units can vary and may include intensive management, open management, co-managed systems, open systems with consultant oversight, among others, employing various hardware and software components. Tele-intensive care services cater to end-users such as hospitals, clinics, and other healthcare facilities.
The tele-intensive care unit market research report is one of a series of new reports from The Business Research Company that provides tele-intensive care unit market statistics, including tele-intensive care unit industry global market size, regional shares, competitors with a tele-intensive care unit market share, detailed tele-intensive care unit market segments, market trends and opportunities, and any further data you may need to thrive in the tele-intensive care unit industry. This tele-intensive care unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tele intensive care unit market size has grown rapidly in recent years. It will grow from $4.52 billion in 2023 to $5.35 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth observed during the historical period can be attributed to several factors, including the impact of the COVID-19 pandemic, early adoption and pilot programs of tele-intensive care, a heightened focus on improving patient outcomes, the shortage of intensive care specialists, and the increased utilization of telemedicine services.
The tele intensive care unit market size is expected to see rapid growth in the next few years. It will grow to $10.80 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. Anticipated growth in the forecast period can be attributed to several key factors, including the ongoing shortage of intensivists, educational initiatives aimed at advancing tele-intensive care, the expansion of remote chronic disease management services, deeper integration with healthcare systems, regulatory developments supporting telemedicine, and the continuation of tele-intensive care post-pandemic. Key trends expected in the forecast period encompass improved geographic accessibility to healthcare services, enhanced cost-effectiveness of tele-intensive care solutions, a shift towards more patient-centered care models, and continuous advancements in technological innovations supporting telemedicine and remote patient monitoring.
The tele-intensive care unit market is witnessing growth driven by an increase in the number of medication errors. Medication errors, which can lead to improper pharmaceutical use, contribute to avoidable occurrences. Tele-intensive care offers advantages such as reducing prescribing errors through physician alerts and reminders, thereby aiding in guiding patients through potential drug interactions. For example, an article published by the National Institutes of Health (NIH) in July 2022 reported that medication errors cause 7,000-9,000 fatalities annually in the United States, affecting over 7 million patients. The cost of treating patients with medication-related errors exceeds $40 billion annually. Consequently, the surge in medication errors is fostering the expansion of the tele-intensive care unit market.
The growth of the tele-intensive care unit market is further propelled by the rising geriatric population. The geriatric population, comprising individuals aged 65 or older, benefits from Tele-Intensive Care Units (Tele-ICUs) as they ensure timely interventions and improved outcomes for critically ill elderly patients. These systems provide remote care and support on-site staff in the intensive care unit (ICU) through secure audio-video and electronic links. According to the World Health Organization (WHO), the global elderly population is expected to reach 2.1 billion by 2050, with 1 in 6 individuals being 60 or older by 2030. Consequently, the increasing geriatric population is a driving force behind the growth of the tele-intensive care unit market.
Technological advancements are key trends gaining traction in the tele-intensive care unit market. Major companies in the market are introducing innovative platforms to enhance their market positions. In June 2022, VA New York Harbor Healthcare System, a US-based company, launched a TeleCritical Care Program in Brooklyn VA Medical Center's Intensive Care Unit. This program employs advanced telehealth technology to provide remote intensive care physicians and nurses who support the care of ICU patients. The Tele-ICU initiative ensures local medical staff have around-the-clock access to experts trained in the care of critically ill patients, showcasing the ongoing technological advancements in the tele-intensive care unit market.
Major companies in the tele-intensive care unit (tele-ICU) market are prioritizing the introduction of tele-ICU platforms to enhance their competitive positions. A tele-ICU platform is a technology-driven system designed to facilitate remote monitoring, consultation, and support for intensive care units (ICUs). In October 2023, HealthNet Global (HNG), an India-based healthcare company, launched a tele-ICU program at Apollo Spectra Hospitals in India. This program connects Apollo Spectra's ICU facility to the Apollo Command Center through HNG's advanced Tele-ICU platform, enabling the delivery of critical care services with precision. The program provides remote intensive care physicians and nurses who support ICU patient care through advanced telehealth technology.
In July 2023, Medanta Group of Hospitals, an India-based hospital group, collaborated with GE Healthcare to introduce the Medanta e-ICU Command Center. This center offers 24/7 advanced consultation, care, and near-real-time remote monitoring of critically ill patients, eliminating the need to physically relocate them to specialized hospitals. GE Healthcare, a US-based medical technology and digital solutions innovator, is part of this collaboration. The focus on tele-ICU platforms reflects a strategic move by major companies to leverage technology for enhancing healthcare services and ensuring timely and effective critical care.
Major companies operating in the tele intensive care unit market report are Hicuity Health LLC, Banner Health System, Teladoc Health Inc., Koninklijke Philips NV, University of Pittsburgh Medical Center, Inova Health System, Apollo TeleHealth Services Limited, Eagle Telemedicine LLC, SOC Telemed Inc., iMDsoft Ltd., CLEW Medical Ltd., Intercept Telemed, General Electric Company, Cloudphysician Healthcare Company, Banner iCare Inc., CyberMed Inc., Dignity Health Telemedicine, EagleForce Health Inc., GlobalMed Inc., InTouch Health Inc., Mercy Virtual Inc., Philips eICU Program LLC, SynsorMed Inc., TeleICU by eCatalyst Healthcare Solutions LLC, TeleMedico Inc., Tri-City Telemetry LLC, Vianova Health Inc., Vidyo Inc., Vituity Telehealth Services Inc., Zipnosis Inc.
North America was the largest region in the tele intensive care unit market in 2023. The regions covered in the tele intensive care unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tele intensive care unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tele-intensive care unit market includes revenues earned by entities by telephonic consultations, video-linked consultations, full-fledged tele-ICU service, bed-side critical care. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.