Growth in the global tele-intensive care unit market is anticipated to accelerate the growth of the tele-intensive care unit market from 2017 to 2025.
The global tele-intensive care unit market is expected to reach US$ 7,363.3 Mn in 2025 from US$ 1,541.8 in 2017. The growth of the tele-intensive care unit market is primarily attributed to the rising demand for remote patient monitoring, growing government initiatives for telemedicine and increasing ICU admissions and shortage of intensivists in the forecast period. However, regulatory barriers for telemedicine and high cost of treatment and expensive set-up is expected to act as major challenges hindering the tele-intensive care unit market growth at certain extent.
Various technological advancements have been witnessed in the healthcare industry such as, scalp cooling technology, wearable contacts and use of 3D visualization for surgeries. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being preferred to in the healthcare systems in the emerging economies. The increase in ageing population, incidences of chronic illnesses and pediatric care are the primary factors driving the growth of healthcare sector. There has been a significant increase in the healthcare expenditure during the previous years. As per World Bank, Healthcare expenditure accounts for 9.94% of global GDP. In the United States, 17.1% of its GDP is committed to the industry, whereas in Latin America, HC expenditures account for only 7.24%, with Brazil at 8.3%, and Mexico at 6.3%. Whereas the healthcare expenditure per capita was 11.3%, 9.1%, 5.6%, and 4.7% in Germany, UK, China, and India, respectively during the year 2017. The above stated factors are expected to offer broad growth opportunities in the healthcare industry at the global level.
A number of developments have taken place within recent years in the tele-intensive care unit market. These developments comprise of both the organic and inorganic developments contributed by the company to increase the business and revenue generation in the market. For instance, in July 2018, InTouch Health and NTT DATA Services entered into a partnership to provide a turnkey virtual care solution that enables healthcare organizations to expand access to healthcare services, optimize care delivery, and reduce costs. In addition, July 2018, Royal Philips launched Japan’s first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, designed to help improve the outcomes of high risk patients and advancing the globalization of critical care. On the other hand, growing advanced techniques in the emerging economies and increasing demand for tele-intensive care unit products is expected to provide novel growth opportunities for the tele-intensive care unit market players in the coming years.
Some of the key players operating the global tele-intensive care unit market include, InTouch Technologies, Inc., Advanced ICU Care, Koninklijke Philips N.V., Ceiba-TeleICU, Banner Health, TeleICUCare, Eagle Telemedicine, Apollo Tele Health Services, SOC Telemed, and INTeleICU. and among others.
