Tele-ICU Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI498
Tele-ICU Market size has consistently evolved over the years and will experience notable expansion over 2021-2027. The increasing geriatric population and rise in various chronic diseases has created the need for new ways of providing access to patient care, improving patient outcomes, and reducing healthcare costs. The COVID-19 pandemic and widespread adoption of telehealth services has provided significant momentum to the market and will continue to promote the use of tele-intensive care unit solutions.
A tele-ICU enables off-site physicians to interact with patients and the bedside staff to consult on treatment and care. The technology allows one centralized team to manage a number of geographically distributed ICU locations to remotely exchange health information in real-time.
The hardware segment of market is expected to capture a substantial revenue share by the end of 2027. In recent years, telemedicine through the use of hardware devices has witnessed high success rates, especially in critical care patients. Tele-ICU hardware components serve as a valuable link between healthcare systems to deliver improved patient care.
Considering the geographical outlook, the market in Europe is slated to grow substantially in the forthcoming years. The regional trends can be largely associated with an aging population and the increasing occurrence of various chronic diseases. The recent COVID-19 situation has augmented the use of telehealth and tele-ICU significantly, bolstering the regional outlook.
Globally, Philips, Banner Health UPMC Italy, Advanced ICU Care, VISICU (Philips), Inova, INTeleICU, inTouch Health (Teladoc Health), iMDsoft (N. Harris Computer Corporation), and TeleICU are among the leading providers of tele-ICU components and services. These companies constantly work on designing novel solutions to address several unmet needs, surging rapidly throughout 2020 due to the COVID-19 pandemic.
In June 2020, Philips had partnered with the American Telemedicine Association (ATA) to help accelerate the usage of telehealth solutions and connect care across acute, post acute, and homecare settings. As part of the partnership, the company is also offering the Philips Virtual Connected Care Ecosystem which comprises eCare Managed, an FDA-approved tele-ICU software, along with AI-powered decision support algorithms to connect critical care clinicians with onsite staff and patients.
COVID-19 crisis and its impact on tele-ICU market
Rapid outbreak of the coronavirus pandemic throughout the world has fueled the need for innovative solutions to extend care for critically ill COVID-19 patients. Telehealth has been a promising technology which has witnessed increased acceptance during the crisis. Numerous initiatives and implementations have been carried out by government organizations, private healthcare institutions, and manufacturers to deliver quality tele-ICU services.
For instance, when the COVID-19 pandemic hit in March 2020, Houston Methodist Hospital had deployed mobile carts equipped with iPad devices in its premise to deliver extended tele-ICU support, allowing remote teams to monitor patients. New York’s Northwell Health had also implemented tele-ICU infrastructure in numerous ways during the pandemic to provide critical care guidance to popup ICUs and support bedside nurses. The institution had also onboarded two more hospitals into its tele-ICU program.
While the pandemic has increased reliance on telehealth services considerably, the adoption of these services is expected to soar even after the pandemic with higher awareness and healthcare spending, ensuring a positive growth trend for the market over the next few years.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability