Technological Advancements to Drive the Global Tele-Intensive Care Unit (ICU) Market
The global Tele-Intensive Care Unit (ICU) Market is estimated to expand at a CAGR of 16.4% during the forecast period from 2019 to 2024 to expand from a valuation of USD 1820 Million in 2018. This growth is attributable to the improving telemedicine facilities globally coupled with increasing exchange of information or techniques in medical sector such as treatment, monitoring, and rehabilitation. Additionally, the continues improvements in the tele-intensive care units (ICU) for improved treatment of critically ill patients by using clinical resources. Such improvement in the products are driving growth of the global tele-intensive care unit (ICU) market and is likely to offer opportunities for growth in coming future.
The factors such as rising prevalence of chronic disorders including cancer and cardiovascular diseases, improving healthcare sector, increasing patient pool suffering from neurological disorders, and increasing geriatric population are fueling growth of the global tele-intensive care unit (ICU) market. As per the information by the Centers for Disease Control and Prevention (CDC), in 2016, 10.4 million cases were found of tuberculosis globally and about 1.7 million deaths occurred in 2016 due to the same. Increasing such prevalence of diseases along with rising R&D spending are contributing to the growth of the market.
However, the lack of adequate reimbursement policy, scarcity of adequate qualified staff to handle the tele ICU, lack of awareness about availability, and high cost of services and hardware are some of the key factors challenging growth and likely to have impact over the market growth during the assessment period. Nonetheless, some of the aggressive strategies adopted by the top players including new product launches and expansion of services for improving the reach of technologies are estimated to offer several growth opportunities during the forecast period. For instance, in 2019, Dartmouth-Hitchcock opens new tele-intensive care unit hub. This new service will help the rural hospitals or the services available in interior location to provide care especially for the critically ill patients. Additionally, the TeleICU team collaborates with bedside clinicians for offering real-time care, to support, monitoring and for consultations. Increasing adoption of such facilities are fueling growth of the global tele-intensive care unit (ICU) market.
Furthermore, the factors such as growing need for advanced software and accessibility of their newer versions are anticipated to fuel its demand and to propel market growth. Increasing penetration and popularity of the intensivist model owing to efficiency for handling the complications in patients are driving growth of the global tele-intensive care unit (ICU) market. In addition to this, these models offer efficient clinical decisions are propelling growth of the global tele-intensive care unit (ICU) market.
Additionally, increasing adoption from the region such as Asia Pacific is likely to lead the market in region to expand at a fastest growth rate. Owing to increasing geriatric population in the region and rising investment in healthcare for improvement are offering opportunities for growth to the key players during the forecast period. The government in the countries such as China and India are investing more for adopting newer technologies and improvement in the treatment options in the developing countries are driving growth of the market especially in the region.
Americas to Lead the Global Tele-Intensive Care Unit (ICU) Market
Americas region dominated the global tele-intensive care unit (ICU) market and is likely to retain its dominance in terms of revenue owing to technological advancements related to healthcare in the region. Additionally, increasing investment and initiatives for increasing number of hospitals in the regions is fueling growth from past few years. As per the report published by the American Hospital Association, about 5200 community hospitals were existed in the U.S. in the year 2018, out of which 1875 were from rural areas and 3,387 belongs to urban areas. Further, increasing investment for increasing number of hospitals in the region is estimated to offer opportunities for growth during the forecast period.
European region in the market is estimated to grab substantial share in the global tele-intensive care unit (ICU) market owing to increasing demand for systems for providing real-time data along with government funding and support and investment in research and development.