Tele-Intensive Care Services Market Segment Analysis By Service Type
Based on Service Type, Centralized Segment accounted for the largest revenue market share in 2020 and is also projected to grow with the fastest CAGR of 15.3% in the forecast period 2021-2026. A centralized Tele-ICU is a hub-and-spoke model in which critical care services originate from a hub and services are delivered at a spoke facility. The hub is an established site with staffing that includes intensivists, nurses, and clerical and technical staff for patient care & remote patient monitoring. The centralized paradigm has enough published data to be linked to reduced mortality and ICU length of stay while remaining cost-effective. Improved compliance with best practises, off-hours implementation of the bedside physician’s care plan, identification of and rapid response to physiological instability, and rapid response to alerts, alarms, or direct notification by bedside clinicians are all factors linked to improved clinical outcomes. The bedside clinician can give the treatment that only they can deliver with enhanced communication and frequent patient care reviews between the tele-ICU and the bedside clinicians, driving the segment growth. Integrated Anesthesia Workstations segment is anticipated to grow with the second fastest CAGR in the forecast period 2021-2026 owing to technological advancements operating in the segment.
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Tele-Intensive Care Services Market Segment Analysis By Component Type
Based on Component Type, Hardware accounted for the largest revenue market share in 2020 owing to technical innovations in the components. Medical therapy devices are a wide range of gadgets designed to help individuals cope with physical ailments. Psychological expertise was utilised in the development of these gadgets, and it can also be useful in understanding and resolving problems with their use. Despite their high cost, hardware components are widely used in the market. The intensivist concept is gaining popularity for its capacity to effectively manage patient problems. In the decentralised tele-ICU, therapeutic devices are extremely useful for patient care and remote patient monitoring. The first specialised Robot-Assisted Cardiac Surgery Unit in India opened in 2019 at Apollo Hospitals Bangalore, India. Thus, introduction of such technologically advanced devices are propelling the industry forward. Software is projected to witness the fastest CAGR of 16.1% during the forecast period 2021-2026. The segment’s growth is projected to be aided by the availability of newer versions and regular upgrades. At the American Telemedicine Association (ATA) trade event in April 2017, Philips, a global leader in health technology, demonstrated their eCare Manager 4.1 telehealth software. The programme aids in clinical decision-making. The demand for software components is expected to rise as the demand for regular programme updates and access to newer versions grows, hence enhancing the market’s growth.
Tele-Intensive Care Services Market Segment Analysis By Geography
Based on Geography, Asia-Pacific Tele-Intensive Care Services Market accounted for the 32% revenue share in 2020 owing to advancements in patient care and remote patient monitoring services. The number of ailments, such as obesity, cardiovascular problems, and various types of malignancies, is expected to continue to climb in the region. For instance, In India, the prevalence of chronic diseases such as cardiovascular disease, respiratory disease, mental illness, diabetes, and cancer has increased, resulting in an increase in ICU admissions. According to Globocan India, there were 11,57,294 new cancer cases in India in 2018 and roughly 7,84,821 cancer-related deaths, contributing to an increase in the number of open and minimally invasive procedures which propel the Tele-Intensive Care Services Market. North America is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to the presence of well-developed health care settings and increasing health awareness levels amongst the people.
Tele-Intensive Care Services Market Drivers
Rising Demand For Remote Patient Monitoring is Fuelling the Demand for Tele-Intensive Care Services:
The rising demand for remote patient monitoring is increasing the growth of the Tele-Intensive Care Services Market. Telemedicine improves ICU outcomes by increasing access to the expertise of dedicated and prompting bedside providers to implement routine evidence-based practices. The tele-ICU are located in remote or rural areas where safe and efficient transfer for patients for regional centers for advanced critical care present difficulties. The command centre communicates with remote ICU employees through speech and can receive televised images and clinical data about the patients. The discovery that caring for ICU patient care by dedicated intensivists improves both patient and cost results spurred the development of Tele-Intensive care services. The monitoring centre can consolidate and standardise treatment, reduce transfer while maximising bed use, and support onsite staff with the help of a centralised remote patient. This lowers expenses while improving revenue, patient flow, and capacity management throughout the system, thereby, aiding expansion to the Tele-Intensive Care Services Industry.
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Tele-Intensive Care Services Market Challenges
High Implementation Cost and Lack of Information To Limit Markets Development:
The Tele-Intensive Care Services Market’s growth is hampered by the high implementation costs and a lack of information about how to handle Tele-Intensive Care globally. For instance, in American ICUs, between 400,000 and 500,000 people die each year. The ICU staff is burdened by the extremely complex environment and significant obligations. There is a significant shortage of ICU personnel, and the number of critical care beds has increased while the number of critical care facilities has dropped. Also, due to high treatment costs and high set-up costs, it is difficult for underdeveloped and emerging countries to afford high initial capital requirements for telemedicine, limiting the market’s growth.
Tele-Intensive Care Services Market – Landscape:
The Tele-Intensive Care Services Market’s main strategies include product launches, mergers and acquisitions, joint ventures, and regional expansion. Tele-Intensive Care Services Market top 10 companies are:
InTouch Technologies, Inc.
Advanced ICU Care
Koninklijke Philips N.V.
UPMC, Banner Health
TeleICUCare
Eagle Telemedicine
Apollo TeleHealth Services
SOC Telemed
INTeleICU
Danaher Corporation
Acquisitions/Product Launches:
In June 2021, Danaher Corporation Danaher Corporation has signed a formal agreement to acquire privately held Aldevron for $9.6 billion in cash. Danaher plans to fund the transaction with cash on hand and/or proceeds from commercial paper issue. Aldevron has made significant contributions to the development of innovative medicines and vaccines based on cell, gene, and other technologies. This purchase will broaden the company’s capabilities in the crucial field of genomic medicine, assisting clients in their drive to bring more life-saving treatments and vaccines to market more quickly.
Key Takeaways
The rapidly rising health consciousness of people around the globe continue to fuel the Tele-Intensive Care Services industry’s expansion.
Geographically, Asia-Pacific Tele-Intensive Care Services Market held the largest revenue share of 32% in 2020 owing to the presence of high-speed internet connectivity in the region. The scope of the Tele-Intensive Care Services Market for various regions will be provided in the final report.
The Tele-Intensive Care Services Industry is expanding owing to the increased use of telemedicine to allow for remote patient monitoring and management of ICU patients by specialty-trained clinicians is becoming more common.
The market’s growth will also be fuelled by ongoing research and advancements in applications is pushing the Tele-Intensive Care Services industry forward during the forecast period 2021-2026.
Regulatory barriers for telemedicine and high cost is poised to create hurdles for the Tele-Intensive Care Services Market.
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