The global Tele Intensive Care Unit Market size is expected to reach USD 6.1 billion by 2026, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.7% over the forecast period. Increase in demand for remote patient monitoring with ever-rising old age population, coupled with technological innovations, is the prime factor responsible for the tele intensive care unit (ICU) market growth. As per statistics published by the National Institutes of Health (NIH), in 2016, around 617.0 million people were aged above 65, accounting for 8.5% of the global population.
Moreover,
the world report on aging published in 2015 stated that 17.0% of the global
population would be above 65 by 2050. In U.S., the population aged 65 or above
is expected to reach 88 million by 2050. Old age people are more prone to
health-related issues, so hospitalization rate is high in this age group, which
may lead to surgeries and use of ICU units.
Tele
incentive care unit increases efficiency in healthcare delivery, streamlines
clinical decision time, and enables real-time access for the patient’s health
records. This, in turn, boosts demand for the tele intensive care unit enabled
services. In addition, the advantage of implementing tele intensive care unit
is the reduction in hospital stays and decrease in the overall costs incurred
by the patients. However, major obstacles in the market growth are low adoption
of technology and high implementation costs of the system.
Related Press Release@ Tele Intensive Care Unit Market
Tele Intensive Care Unit Market Report Highlights
- The hardware
component products emerged as the largest segment in 2018, accounting for
a share of 86.2%, owing to technical innovations in the components.
Physiological monitors held the largest share in the hardware segment. The
software segment expected to register the highest CAGR of 18.7% over the
forecast period
- North
America dominated the market with the largest share in 2018. Regulatory
requirements in this region are fueling the market growth. The presence of
super specialty hospitals, growing adoption, and awareness among consumers
are favoring market growth in the region
- Asia Pacific
is expected to witness substantial growth owing to unmet needs of the huge
population base and improving healthcare infrastructure
- Some of the
players operating in the market are Advanced
ICU Care, Banner Health, InTouch health, Philips, iMDsoft, UPMC Italy,
INTELEICU, Tele ICU, INOVA, and VISICU.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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