The global virtual ICU market size is expected to estimate at US$ 11.2 billion by 2030 with a rising CAGR of 15.8% from 2021 to 2030, according to Precedence Research.
The global virtual ICU market size is expected to estimate at US$ 11.2 billion by 2030 with a rising CAGR of 15.8% from 2021 to 2030, according to Precedence Research.
Growth Factors
The global virtual ICU market is anticipated to be growing at a burgeoning rate owing to the rising penetration of the telehealth industry across the globe. The surging prevalence of various chronic diseases coupled with the increased adoption of the digital technologies in the healthcare space is significantly contributing towards the growth of the global virtual ICU market. The virtual ICU establishes a connection between the critical care team present at a distant location with the intensive care team present in the hospital. The virtual ICU transfers patients data in real-time with the physicians and the physicians can share their useful insights regarding the patients’ health to the intensive care team during procedures. The lack of the sufficient number of intensivists across the globe is a major factor that drives the adoption of the virtual ICU in the hospitals. The virtual ICU is potentially improving the patient care and contributes in saving patients’ lives.
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Report Highlights:
- On the basis of type, open with consultants was the leading segment in the global virtual ICU market, accounting for a market share of over 40% in 2020. The higher efficiency of the virtual ICU open with consultants has led to its increased adoption in the hospitals. The rising investments towards advancements of the healthcare infrastructure and the development of smart hospitals is significantly boosting the growth of this segment.
- Based on the components, the hardware segment accounted for over 85% of the market share and dominated the global virtual ICU market in 2020. Different hardware devices such as mobile frame, computer systems, video feed, therapeutic devices, and communication lines are used in the virtual ICU and the high costs of these devices has resulted in the increased revenue of the hardware segment in the global virtual ICU market.
- North America was the dominant market that accounted for a market share of around 60% in 2020. The higher demand for the technologically advanced devices and software systems in the healthcare sector has favored the growth of the market. Furthermore, the favorable government regulations pertaining to the adoption of the digital technologies in the North American healthcare sector is a major factor responsible for the growth of the North America virtual ICU market. The increased prevalence of various chronic diseases and the increased hospital admissions in the region coupled with the favorable reimbursement policies regarding the telehealth platforms are several major growth drivers of the North America virtual ICU market.
- Asia Pacific is expected to witness the highest CAGR during the forecast period. This is attributed to the rising investments in the development of Smart hospitals in the countries like China and India. Furthermore, the rising penetration of the telehealth platforms owing to the rising penetration of the digital technologies is expected to drive the market growth during the forecast period. The continuously developing telecommunication and IT infrastructure has a major role to play in the growth of the virtual ICU market. The rising prevalence of chronic diseases and growing healthcare expenditure is anticipated to positively impact the market growth during the forecast period in Asia Pacific.
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Future of Virtual ICU Market
The number of internet users is rapidly growing across the globe. According to the International Telecommunications Union, around 63% of the global population had access to the internet in 2021 and this number is rising rapidly. Rising literacy rates and rising penetration of the smartphones is supporting the adoption of the telehealth across the globe which is expected to be a major growth factor in the upcoming future.
COVID-19 Impact Analysis:
- The demand for the telehealth platforms were increased rapidly during the pandemic.
- The increased number of patients and higher number of ICU admissions across the globe has positively impacted the growth of the virtual ICU market.
- The government has undergone several regulatory changes to boost the adoption of the telehealth technologies and framed a favorable reimbursement policies.
- The investments towards the digitization of the healthcare sector was accelerated during the pandemic, which will have a significant impact on the market growth.
Key Developments in the Marketplace:
- In April 2017, Philips launched its eCareManager4.1, a virtual health software at the trade showof American Telemedicine Association, which helped in strengthening its market position.
- In January 2018, Advanced ICU Care entered into a partnership agreement with Florida Hospital New Smyrna to provide virtual ICU services for the critically ill patients in intensive care units.
Segments Covered in the Report
By Type
- Intensivist
- Co-managed
- Open
- Open with Consultants
By Component
- Software
- Hardware
- Communication Lines
- Physiological Monitors
- Computer Systems
- Therapeutic Devices
- Display Panels
- Others
By Geography
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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