The global tele-ICU market is
expected to reach USD 5.8 billion by 2024, according to a new report by Grand
View Research, Inc. The reduction in ICU complications with the implementation
of tele-ICU has fostered the demand for tele-ICU systems. The real-time
monitoring and alarms systems assist clinicians to avoid vital sign deviations
and reduce associated complications.
Tele-ICU
enables real-time access to the patients’ health records and increases clinical
decision time, improving the overall healthcare delivery. This in turn boosts
the demand for the tele-ICU service.
An important
advantage associated with the implementation of tele-ICU system is the
reduction in the length of the hospital stay. This reduces the overall costs
incurred by patients, thus supporting the growth of tele-ICU systems.
Additionally,
the rising geriatric population base and the increasing prevalence of chronic
conditions, such as cancer, neurological, and other disorders,arefueling the
usage of remote intensive care environment. The geriatric population is highly
susceptible to these disorders. Monitoring chronic conditions in real time
facilitates faster recovery. As the geriatric population is the key target
population, the usage rate of tele-ICU market systems is anticipated to
catapult over the forecast period.
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Further key findings from the study suggest:
- Hardware components held a revenue share of around 80.0% in 2015. A greater volume of hardware components along with high associated costs have contributed to their growth in the tele-ICU market.
- On the other hand, software components are projected to witness a lucrative growth over the forecast period. Upgrading the software periodically helps in increasing the efficiency and supports the increasing demand.
- The market based on types is divided into intensivist, open, open with consultants, and co-managed. The open with consultant model held a substantial share in 2015. The scarcity of intensivist led to the expansion of the open with consultant model.
- On the contrary, an intensivist model of care is likely to witness a remunerative growth over the forecast period. The sufficient availability of critical care staff over the forecast period is anticipated to contribute towards this segment’s growth.
- North America dominated this marketing 2015. Favorable infrastructure, geriatric population, and rising prevalence of chronic disorders governed the growth of tele-ICU service in this region.
- Asia Pacific is anticipated to witness a sturdy growth over the forecast period. The key factors anticipated for the growth in the Asia Pacific region are economic developments, unmet needs of a large population base, supportive government initiatives to improve healthcare system, and booming electronic device industry
- Some key vendors of tele-ICU include advanced ICU care, Banner Health, inTouch health, Philips, iMDsoft, UPMC Italy, INTELEICU, Tele ICU, INOVA, and VISICU. Partnerships with hospitals and collaborations with software and hardware vendors are the notable initiatives in this market.
- For instance, in May 2014, InTouch Health broadened its acute and intensive care offerings by launching the FDA-approved application for iPad. This initiative helped the company to enrich its portfolio in critical care.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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