Tele-Intensive Care Unit (ICU) Market Share - Segmented by Component (Hardware and Software), Type of Management (Intensivist, Open, Co-Managed, and Others) and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global Tele-Intensive Care Unit (ICU) market is expected to register a CAGR of approximately 13% during 2018-2023 (the forecast period). The Tele-Intensive Care Unit (ICU) is like the second set of eyes which provides the additional clinical support and surveillance. By collaborating this Tele ICU with the bedside team, it can provide support care for the patient without distraction and deliver them in timely interventions when minutes may make the difference. The major purpose of the Tele ICU system is not to replace the bedside clinicians or bedside care, but to provide them with improved safety through redundancy and enhance outcomes through standardization.
Increasing Geriatric Population to Boost the Tele-Intensive Care Unit (ICU) Market
The world’s older population continues to grow at an unprecedented rate. According to the national institute of health, in 2016 it was estimated that, 8.5% of global population (617 million) is aged 65 and above. According to a report given by the Aging World 2015, this percentage is expected to jump to nearly 17% of the world’s population by 2050 (nearly 1.6 billion). America’s 65 and above population is expected to increase that is nearly double over the next three decades, from 48 million to 88 million by year 2050.
The global population with age 80 and above is expected to become more than triple times between 2015 to 2050 period, according to the United Nations in 2017, and it was estimated that 962 million people were aged 60 or over in the world, comprising 13% of the total global population. The population aged 60 or above is growing at a rate of 3% approximately per year. At present, Europe has the greatest percentage of aged population or geriatric population (25%). This rapid ageing is expected to occur in other parts of the world as well, so that by the year 2050 all the regions of the world except Africa would have nearly a quarter or more of their populations at age 60 and above that. With rapid increase in geriatric population, there is a growing need for healthcare and medical services in hospitals. The global increase in the geriatric population could lead to consequences, such as greater incidences of chronic and life-threatening diseases. Ageing is associated with loss in cognition, slowing of normal metabolism, and loss of elasticity for normal tissues. Older people run higher risk of cardiovascular disease, neurodegenerative disease, and other diseases.
As the aging population creates an increase in health-related issues, especially the cardiovascular and neurological diseases, the hospitalization of the pateints is also expected to rise. And this hospitalization may lead to some sort of surgeries which requires ICU and this is expected to drive the Tele Intensive care unit market. Other factors which are driving the Tele Intensive care unit market is increasing demand for remote patient monitoring.
High Cost of Treatment and Expensive Set-Up to Restrain Growth of the Tele-Intensive Care Unit (ICU) Market
One of the major obstacles in the adoption of Tele-Intensive Care Unit (ICU) has been the technology adoption and implementation cost of the systems and equipment, which includes the cost of construction, installation, and training for the healthcare professionals. The command center which is required for a Tele-ICU system has been estimated to cost between USD 2 to 5 million, and the average cost of hardware and software per ICU bed connected to the Tele-ICU system has been estimated to be $48,000 and with each additional Tele-ICU added to the system it costs an additional USD 250,000. Thus these high costs of systems involve in Tele ICU increase the overall treatment costs.
These huge investments for the set up purpose has been a challenge for several hospitals and health systems that lack significant financial funds or borrowing capacity, especially with the annual operating costs of about USD 2 million, including the staffing expenses, maintenance costs, licenses, and additional upgrades. If the Tele-ICU system is not fully compatible with the hardware or software systems of the existing physical ICU of the hospital, then the additional software, hardware, and infrastructure may be required, which would require additional cost to the hospitals. Hence the high cost and expensive set up is expected to restrain the growth of the market.
North America to Dominate the Tele-Intensive Care Unit (ICU) Market
North America is the biggest market for global Tele-Intensive Care Unit (ICU) market owing to the growing investment from Major Players in the development of these software’s, and government initiatives in the region. And even the adoption rate of new software’s and its usage is more in this region. These factors are making the North America region to have highest market share in Tele-Intensive Care Unit (ICU) market.
Key Developments in the Market
- Jul 2018 - Advanced ICU Care launches Remote Telemetry Services with Adventist Health System.
Major Players - Advanced ICU care, Banner Health, iMDsoft, Inova, INTeLeICU, InTouch Technologies, Inc., Koninklijke Philips, SOC Telemed
Reasons to Purchase the Report
- Current and future global Tele-Intensive Care Unit (ICU) market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
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