Tele-Intensive Care Unit Market Growth Report | 2021 to 2031
The Tele-Intensive Care Unit Market was valued at US$ 2.9 billion in 2021 and is expected to reach US$ 10.7 billion by 2031. The market is expected to register a CAGR of 14.5% from 2023–2031.
Rising integration of technology and healthcare in healthcare facilities is likely to remain a key Tele-Intensive Care Unit Market trends.
Tele-Intensive Care Unit Market Analysis
Demand for Remote/Homecare Patient Monitoring
Incorporating tele-ICU improves overall capacity and throughput for hospitals with low admissions, readmissions, and remote treatment delivery. Also, tele-ICU's ability to reduce length-of-stay (LOS) allows hospitals to improve capacity and throughput by admitting more patients by maintaining the same number of critical care beds and associated ICU staffing costs. Hospitals are facing tremendous pressure to achieve better health outcomes due to serious shortages of physicians and nurses. To address this, various studies/surveys reveal that tele-ICU can help health systems improve operations, allowing more patients to be treated in low-capacity community hospitals ICUs rather than transferring to high-cost and high-capacity tertiary hospitals/centers. For example, installation of tele-ICU at low occupancy rates community hospital compared to big academic medical centers (AMCs) benefits by retaining more patients at their community ICU facilities, increasing Revenue Cycle Management (RCM), and enhancing healthcare delivery sustainability. The aforementioned factors are responsible for influential tele-intensive care unit market growth.
Tele-Intensive Care Unit Market Overview
Technology, innovation, and smart technological solutions continue to influence Tele-intensive care unit significantly. Demand for remote/homecare patient monitoring and efficient hospital outcomes through tele-intensive care unit are the most influential factors responsible for Tele-Intensive Care Unit Market growth. Technological advancement is a key trend for Tele-Intensive Care Unit Market growth. Outsourcing Tele-Intensive Care Unit will provide a lucrative market opportunity.
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Tele-Intensive Care Unit Market: Strategic Insights
Market Size Value in US$ 1,541.8 Million in 2017 Market Size Value by US$ 7,363.3 Million by 2025 Growth rate CAGR of 22.5% from 2017 to 2025 Forecast Period 2017-2025 Base Year 2017
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Tele-Intensive Care Unit Market: Strategic Insights
| Market Size Value in | US$ 1,541.8 Million in 2017 |
| Market Size Value by | US$ 7,363.3 Million by 2025 |
| Growth rate | CAGR of 22.5% from 2017 to 2025 |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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Tele-Intensive Care Unit Market Drivers and Opportunities
Efficient Hospital Outcomes Through Tele-Intensive Care Unit to Favor Market
As per the statistics published by the Koninklijke Philips N.V. report, a 5-year study conducted in hospitals reveals that the impact of tele-ICU across 188, 990 critical care patients across 56 ICUs, 32 hospitals, and 19 reduced health systems resulted in a decrease of patient mortality cases and length of stay (LOS). Additionally, another study published by the Koninklijke Philips report reveals that tele-ICU reduces malpractice healthcare claims by almost 90%.
Therefore, efficient hospital outcomes in terms of reducing malpractice healthcare claims, low mortality rate, and fast hospital patient discharge will contribute significantly for the tele-ICU market in the coming years.
Outsourcing Tele-Intensive Care Unit– An Opportunity
For low-capacity healthcare units or hospitals (capacity of fewer than 50 ICU beds), it may not be possible to implement a complete enterprise tele-ICU with an in-house facility. Therefore, small-scale healthcare units or hospitals may collaborate with the top tele-ICU service providers. For example, Philips modular approach to enterprise tele-ICU service enables low-capacity healthcare units or hospitals to scale up/procure large ICU beds using an efficient implementation plan. For example, Philips "eICU Outreach Program" facilitates access to an extensive range of small to big critical care units or hospitals through a partnership with minimal investment. Therefore, the adoption of outsourcing tele-ICU service by small capacity critical care units or hospitals will provide lucrative market opportunities accounting considerable market share in the coming years for Tele-Intensive Care Unit market.
Tele-Intensive Care Unit Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Tele-Intensive Care Unit Market analysis are candidature and services.
- Based on type, the market is divided into centralized, decentralized, and others. The centralized segment may hold a larger market share in 2023.
- By component, the market is segmented into hardware and software. The hardware segment may hold the largest share of the market in 2023.
Tele-Intensive Care Unit Market Share Analysis by Geography
The geographic scope of the Tele-Intensive Care Unit Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Tele-Intensive Care Unit Market. In North America, US accounts considerable share for tele-intensive care unit. The presence of top medical device companies present in the US, product innovations, and technologically advanced products are the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Tele-Intensive Care Unit Market Report Scope
Tele-Intensive Care Unit Market News and Recent Developments
The Tele-Intensive Care Unit Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Tele-Intensive Care Unit and strategies:
- In July 2023, Medanta (Group of Hospitals) announced the launch of Tele-ICU services in India as the "Medanta e-ICU project" in collaboration with GE Healthcare. The eICU platform will provide near real-time patient monitoring, even during odd hours like midnight, enabling early patient intervention.
Tele-Intensive Care Unit Market Report Coverage and Deliverables
The “Tele-Intensive Care Unit Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Component, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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