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The Virtual ICU Market Size is valued at USD 4.34 Billion in 2023 and is predicted to reach USD 13.64 Billion by the year 2031 at a 15.8 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- An ageing global population leads to a higher incidence of chronic diseases and critical health conditions, increasing the demand for ICU services.
- Cardiovascular diseases, diabetes, and respiratory disorders require intensive care, driving the need for virtual ICU services.
- North America dominated the market and accounted for a global revenue share in 2023.
- Insufficient awareness and training among healthcare professionals about the benefits and operation of virtual ICUs can hinder adoption.
A virtual intensive care unit (ICU) is a telemedicine program that deals with a patient's critical care in a hospital (tele-ICU). The virtual ICU helps to connect the critical care team at a distant site with the bedside ICU staff using audio-visual communication and monitoring technology. With the expanding telehealth sector's global penetration, the virtual ICU market is predicted to expand rapidly. The global virtual ICU market is increasing significantly as a result of the rising prevalence of various chronic diseases and the increased use of digital technologies in the healthcare industry.
The virtual ICU creates a link between the hospital's intensive care team and the critical care team operating at a different site. The doctors can communicate their essential observations about the patients' health with the intensive care team during procedures thanks to the virtual ICU's real-time data transfer between patients and doctors. The introduction of the virtual ICU in hospitals is mostly driven by the lack of sufficient intensivists worldwide. Using the virtual ICU may enhance patient care and help save patients' lives.
However, a lack of enough investment may prevent the market from expanding in the years to come. The rise in patient treatment costs is expected to provide difficulties for the virtual intensive care unit (ICU) industry throughout the projected period. The high cost of ICU maintenance and yearly fees is projected to impede the growth of the virtual intensive care unit (ICU) business. The lack of competent healthcare and IT infrastructure, particularly in underdeveloped economies, is limiting the growth of the virtual ICU industry.
Competitive Landscape
Some Major Key Players In The Virtual ICU Market:
- Advanced ICU Care,
- Banner Health,
- InTouchhealth,
- Philips,
- iMDsoft,
- UPMC Italy,
- INTELEICU,
- TeleICU,
- INOVA,
- VISICU,
- Eagle Telemedicine,
- Apollo Tele Health Services,
- SOC Telemed,
- Atrium Health,
- Capsule Technologies.
Market Segmentation:
The Virtual ICU Market is segmented on the basis of Component, Type, and End-User. Based on the Component, the market is segmented into Hardware (Computer System, Communication Lines, Physiological Monitors, Therapeutic Device, Video Feed, Display Panels) and Software. Based on Type, the market is segmented as Traditional Medical ICU (TMICU), Cardiac Care Unit (CCU), Neonatal ICU (NICU), Pediatric ICU (PICU), Trauma ICU (TICU), Psychiatric ICU (PICU), High-Dependency Unit (HDU), and Others. Based on End-User, the market is segmented as Payer, Patient, and Provide.
Based On Components, The Hardware Segment Is Accounted As A Major Contributor To The Virtual ICU Market.
In the forecast period, hardware tools will dominate the market and account for a major share of total revenue. The main factors driving high penetration in this market are the availability of several pieces of equipment and machines for various uses and their widespread deployment. The hardware is widely utilized in hospitals and comprises a wide range of devices. A mobile frame, communication cables, computers, therapeutic devices, video feed, and several other pieces of hardware are used. Physiological Monitor has generated considerable revenue in this market segment as a result of the widespread usage and expensive gear. The prevalence of configured and modular monitors, the rising use of monitors to display information, and the majority of necessary data are some factors that will likely enhance the growth of physiological monitors. Other factors include the increasing number of geriatric populations worldwide and the rising number of patients suffering from lifestyle diseases like cardiovascular disease.
Based On Type, The Pediatric ICU (PICU) Segment Is Accounted As A Significant Contributor To The Virtual ICU Market.
The Pediatric ICU is currently widely used in the sector, and the Pediatric division has drawn a lot of interest. This market's main growth drivers are safety, low health risk to youngsters, and improved treatment. One of the primary factors driving the growth of Pediatric ICU is the increase in the prevalence of chronic diseases or infectious diseases among the pediatric population, such as leukemia, diphtheria, mumps, measles, asthma, anemia, tuberculosis, chickenpox, Lyme disease, whooping cough, and pneumonia. The government's raised investment in research and development programs to build the medical infrastructure in the pediatric field, along with rising demand for devices primarily used in cardiology, neonatal intensive care unit (ICU), and monitoring, propel the growth of the Pediatric ICU.
The North America Virtual ICU Market Holds A Significant Regional Revenue Share.
North America will account for a substantial share of the market share. The region's need for virtual ICUs is being majorly fuelled by the rising prevalence of chronic diseases and the ageing population in major economies like the US. Additionally, the developed healthcare infrastructure that enables the quick implementation of cutting-edge technologies, together with the growing demand for advanced healthcare-related products and Software in the region, is significantly fuelling the expansion of the North American virtual ICU market. The region's rapidly expanding healthcare infrastructure and the growing awareness of virtual ICU systems are driving the market's growth. The government's adoption of electronic medical equipment and the rising number of patients are anticipated to boost market expansion.
Recent Developments:
- In March 27, 2023 – Royal Philips announced the launch of Philips Virtual Care Management, an extensive suite of adaptable services and solutions that enable health systems, payers, providers, and employer groups to more effectively engage and motivate patients from almost any location. By lowering ER visits and improving chronic illness management, Philips Virtual Care Management can lower healthcare costs and alleviate the burden on hospital employees.
Virtual ICU Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 4.34 Billion |
|
Revenue Forecast In 2031 |
USD 13.64 Billion |
|
Growth Rate CAGR |
CAGR of 15.8 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Component, Type, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Advanced ICU Care, Banner Health, InTouchhealth, Philips, iMDsoft, UPMC Italy, INTELEICU, TeleICU, INOVA, VISICU, Eagle Telemedicine, Apollo Tele Health Services, SOC Telemed, Atrium Health, and Capsule Technologies. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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