by According to Precedence Research, the global virtual ICU market size is forecasted to reach US$ 11.2 billion by 2030 from US$ 3 billion in 2021, by growing at a lucrative CAGR of 15.8% between 2021 and 2030.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.
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The various benefits such as time management, remote monitoring, resource management, and increased efficiency in treatment associated with the adoption of virtual ICU is significantly driving the demand for the global virtual ICU market across the globe. The rising penetration of internet connectivity, introduction of 5G, and rising investments to develop IT infrastructure are the major impacting factors that propels the growth of the virtual ICU market. The telemedicine industry has gained rapid popularity and success in a very short span of time. The regular developments and rising adoption of technologically advanced electronic systems in the hospitals is surging the demand for the virtual ICU across the globe. Furthermore, the lack of adequate number of intensivists is fostering the adoption of the virtual ICUs. The virtual ICU communicates with the physician or intensivist at a distant location to help the ICU members take clinical decisions and helps in effective and efficient patient care.
The rising prevalence of chronic diseases among the population, growing geriatric population, and rising number of road accidents are the major factors that necessitates the adoption of virtual ICUs at hospitals.According to the World Health Organization, around 1.3 million people die each year due to road accidents. Further, the rising number of ICUs in the hospitals owing to the rising governed investments in the development of healthcare infrastructure is boosting the growth of the global virtual ICU market.
North America dominated the virtual ICU market, garnering around 60% of the market share in 2020. North America is characterized by developed healthcare infrastructure, developed IT infrastructure, rising penetration of internet connectivity, and higher adoption rate of technologically advanced hardware and software systems. Nation like US is witnessing a surge in the geriatric population along the rising number of hospital admissions. All these factors have significantly contributed towards the growth of the virtual ICU market in North America.
Asia Pacific is expected to register highest CAGR during the forecast period. The nations like China, South Korea, Singapore, and India are witnessing an increased penetration of electronic medical devices in the healthcare sector owing to the increasing government investments on the development of strong healthcare infrastructure. Moreover, surge in the investments regarding the adoption of 5G internet connectivity is expected to show a positive effect on the market. Further, the rising number of road accidents may boost the adoption of virtual ICU. According to the World Health Organization, around 1.3 million people die each year due to road accidents. Around 93% of these road accidents occur in underdeveloped and developing regions. Hence, these factors are expected to benefit the market growth in this region.
The high cost of ICU is a major restraining factor. According to the Society of Critical Care Medicine, cost of ICU in 2010 was estimated at US$ 4,300 per day. There was an increase of around 61% in the per day cost of ICU since 2000. The cost of ICU in 2000 was US$ 2,669 per day. Therefore the high costs of the ICUs may restrict the market growth in the low and middle-income countries during the forecast period.
The regular updates and addition of new features as a result of constant research and development by the key market players is expected to provide new growth avenues in the forthcoming future. However, the lack of adequate healthcare and IT infrastructure especially in the underdeveloped economies is restricting the growth of the virtual ICU market. Moreover, lack of adequate amount of funds may further delay the development of the market in the forthcoming years.
Based on the type, the intensivists segment is estimated to be the most opportunistic segment during the forecast period. The increased usage of virtual ICUs to establish a smooth connection between the intensivist and intensive care unit members is surging day by day. Further, the rising number of ICUs in hospitals coupled with the rising number of intensivists is expected to drive the growth of this segment in the upcoming years.
Based on the component, the hardware segment dominated the market in 2020. The hardware consists of wide variety of devices such as keyboards, monitors, communication lines, and various other devices. The extensive use of wide variety of costly hardware devices have significantly contributed towards the growth of this segment. Moreover, increasing investments on the acquisition of advanced hardware in the hospitals for improving the patient care services is positively impacting the segment growth.
Scope of the Virtual ICU Market Report
| Report Highlights | Details |
| Market Size | US$ 9.5 Billion by 2030 |
| Growth Rate | CAGR of 15.8% from 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
Some of the prominent players in the global virtual ICU market are listed as below:
- Advanced ICU Care
- INOVA
- Banner Health
- Philips
- iMDsoft
- InTouch health
- UPMC Italy
- INTELEICU
- Tele-ICU
- VISICU
Segments Covered in the Report
By Type
- Intensivist
- Co-managed
- Open
- Open with Consultants
By Component
- Software
- Hardware
- Communication Lines
- Physiological Monitors
- Computer Systems
- Therapeutic Devices
- Display Panels
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Virtual ICU Market
5.1. COVID-19 Landscape: Virtual ICU Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Virtual ICU Market, By Product
8.1. Virtual ICU Market, by Product Type, 2021-2030
8.1.1. Intensivist
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Co-managed
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Open
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Open with Consultants
8.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Virtual ICU Market, By Component
9.1. Virtual ICU Market, by Component, 2021-2030
9.1.1. Software
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Hardware
9.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Virtual ICU Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by Component (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Component (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by Component (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Component (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Component (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Component (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Component (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Component (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Component (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by Component (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Component (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Component (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Component (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by Component (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.3.2. Market Revenue and Forecast, by Component (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Component (2019-2030)
Chapter 11. Company Profiles
11.1. Advanced ICU Care
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. INOVA
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Banner Health
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Philips
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. iMDsoft
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. InTouch health
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. UPMC Italy
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. INTELEICU
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Tele-ICU
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. VISICU
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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