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Tele Intensive Care Unit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The global tele-intensive care unit market was valued at USD 3,160 million in 2020 and is expected to reach USD 8,950 million by 2026, registering a CAGR of about 19% over the forecast period.

New York, March 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tele Intensive Care Unit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028484/?utm_source=GNW
As the COVID?19 pandemic continues to expand throughout the world, innovative methods are required to involve residents in the care of critically ill COVID?19 patients. Telemedicine is one of the promising technologies which is having a significant focus during the pandemic. Several initiatives and implementations have been carried out by various government organizations and market players related to tele ICU which are likely to drive the market growth. For instance, in July 2020, Physician anesthesiologists at the New Hampshire Society of Anesthesiologists (NHSA) have launched Tele-intensive Care Unit (Tele-ICU) hub to collaborate with physicians in rural hospitals to ensure infected patients from across the state get critical care expertise at no expense while receiving care close to home in Chicago. Also, in August 2020, Advanced ICU Care launched comprehensive tele-ICU care in collaboration with CentraState Medical Center located in New Jersey. Thus, in a view of the aforementioned factors, the pandemic is likely to have positive impact on the market studied.

Factors that are responsible for the growth of the market include rising geriatric population across the world and increasing demand for remote patient monitoring in developing regions.

With the increasing geriatric population and prevalence of chronic diseases, there is a growing need to find new ways of improving patient outcomes, increasing access to care, and reducing the cost of medical care. According to Center for Disease Control, in 2018, in United States more than two thirds of the all deaths are caused by one or more of these five chronic diseases, namely heart disease, cancer, stroke, chronic obstructive pulmonary disease, and diabetes. Also, the chronic diseases account to nearly 75 percent of the aggregate health spending, with an estimate of USD 5,300 per person annually in United States. Using remote patient monitoring, which utilizes devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation, the healthcare providers, insurance payers, and the various governments are seeking to alter the way in which care is being delivered, thus reducing the cost of care at the same time.

Also, according to the World Ageing 2019 report, estimates, there were about 703 million population aged 65 years or over in the world in 2019. This number is projected to double to 1.5 billion in 2050. As the aging population creates an increase in health-related issues, especially cardiovascular and neurological diseases, the hospitalization of the patients is also expected to rise. This hospitalization is likely to lead to some sort of surgeries that require intensive care, and this is expected to drive the tele-intensive care unit market.

However, factors such as high cost of treatment and expensive set up, it is difficult for underdevloping and developing countries to fund high initial capital requirements for telemedicine, which is hindering the growth of the market studied.

Key Market Trends
Therapeutic Devices Sub-segment is Expected to Hold the Largest Share in the Hardware Segment

In the hardware segment of the market studied, the therapeutic devices sub-segment is expected to have a significant market share. The role of telemedicine through therapeutic devices in ICU is unavoidable, as telemedicine has witnessed high success rates on patients in critical care. Therapeutic devices are a valuable link between the small and large hospital chains to deliver better quality care.

The therapeutics devices have achieved success in transferring the neurological/cancer– examinations, diagnosis, and consultations, across a range of distances in several developed countries. In the past decade, there were several studies being conducted by engineers and clinicians to apply the robotic devices in multiple indications of heart and brain, such as stroke therapy. The therapeutic devices are highly useful in the decentralized tele-ICU. In 2019, Apollo Hospitals Bangalore, India, launched the first dedicated Robot-Assisted Cardiac Surgery Unit in India.

Also, in 2020, Johnson & Johnson launched its new robot-assisted surgery system. The new system is designed with six arms to provide more control and flexibility in surgery, while its arms will be integrated into the operating table. Additionally, the platform has a zero-footprint design to enable patient access, increase space in the operating room and improve workflow. Thus, introduction of such technologically advanced devices will be facilitating the segmental growth.

A large number of nursing activities are increasing their dependency and providing better patient management through therapeutic devices, even when they are disengaged from the therapeutic interactions. An increase in the number of cancer research centers, which use teletherapy under radiation therapy, where external beams are involved for the treatment of cancer is being observed. Therapeutic devices under tele-ICU are aiding its importance, with the potential to help providers and caregivers to improve the post-acute care, specifically for patients leaving the ICUs.

The lockdown measures across the world resulted in decreased public mobility and impacted the therapeutic devices industry significantly, as the rate of treatment that is non-immediate and is being postponed to decrease the burden on healthcare infrastructure.?

Asia Pacific is Expected to Show Better Growth Rate Over the Forecast Period

The recent COVID 19 pandemic has also boosted the demand for the tele-intensive care unit market owing to the large patient pool that has been affected by COVID 19 Infection. Telemedicine largely through smartphones has become a lifeline for consultation. In August 2020, the Government of Maharashtra has partnered with MedscapeIndia-AMET launched the first Tele ICU for the Covid patients treated in the intensive care units of various hospitals. The new Tele ICU services will help doctors monitor at a remote ICU monitoring care center, reducing the risk of catching the virus themselves.

Also, in one of the states of India, Maharashtra State Government partnered with Cloudphysician to offer its services in Gulbarga Institute of Medical Sciences (GIMS). The firm provides solutions to manage critically ill Covid-19 patients using intensive EMR, audio-visuals, and alert systems.

Asia-Pacific is the fastest-growing region in the Global Tele-intensive care unit Market. Owing to the growing geriatric population, increase in the prevalence of chronic diseases, various government initiatives have also supported the advancement of health care systems, along with economic developments that will fuel the market growth in APAC countries. For instance, in 2018, Myongji Hospital, South Korea, and a leading US-based telehealth firm, InTouch Health, partnered to test out a telehealth system in South Korea, known as the “Korean Telehealth” pilot project. Myongji Hospital will, thus, work to implement the technology developed by InTouch Health and create remote healthcare ecosystem by linking affiliated medical institutions and nursing homes, including Jecheon Myongji Hospital and Incheon Sarang Long-Term Care Facility. Additionally, the growing electronic devices industry, particularly human interface devices in Asian countries, will support its increasing adoption.

Furthermore, there are also a lot of public-private partnerships and the number of initiatives that are being taken by the government to integrate telemedicine into the healthcare systems. For instance, in 2018, Philips, Emory Healthcare, and Royal Perth Hospital in Australia partnered to launch new remote intensive care monitoring program, focused on improving the outcomes of high-risk patients and advancing the globalization of critical care.

Competitive Landscape
The tele-intensive care unit market is highly competitive and consists of several major players. In terms of market share, there is moderate consolidation in the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with less prices. Companies, like INTeLeICU, Philips (VISICU), InTouch Technologies Inc., and Inova, hold the substantial market share in the tele-intensive care unit market.

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Read the full report: https://www.reportlinker.com/p06028484/?utm_source=GNW

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