Tele-ICU Market Size Projected to Reach $5.8 Billion by 2024: Grand View Research, Inc.

SAN FRANCISCO, June 15, 2016 /PRNewswire/ --

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.

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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.

Browse full research report with TOC on "Tele-Intensive Care Unit (ICU) Market Analysis By Component (Hardware, Software), By Type (Intensivist, Co-managed, Open, Open With Consultants) And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/tele-intensive-care-unit-icu-market..

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 marketin 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.

Grand View Research has segmented the global tele-ICU market on the basis of type, products, and region: 

• Global Tele-ICU Market By Component (USD Million), 2013 - 2024 
  • Hardware
  • Computer System
  • Communication Lines
  • Physiological Monitors
  • Therapeutic Devices
  • Video Feed
  • Display Panels
  • Software
• Global Tele-ICU Market By Type (USD Million), 2013 - 2024 
  • Intensivist
  • Co-Managed
  • Open
  • Open With Consultants
• Tele-ICU Market By Region (USD Million), 2013 - 2024 
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia

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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.

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