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The market for virtual intensive care units (ICUs) was estimated to be worth US$ 4.89 billion in 2023 and is projected to increase to US$ 8.59 billion by 2030, at a CAGR of 8.3%. The market is being driven by the rise in chronic illness prevalence, the desire for remote patient monitoring, and the need for better patient outcomes and cost-effectiveness. Additionally, the market for virtual ICUs is expanding as a result of developments in telecommunications technology and the expanding use of telemedicine.
Due of the COVID-19 pandemic's rapid spread starting in 2020, the virtual ICU is rapidly gaining popularity. The telemedicine sector, which includes the virtual ICU, has seen a sharp uptick in consumer uptake since the COVID-19 outbreak. Due to the increasing usage of tele-ICUs or virtual ICUs around the world, the market for these services is anticipated to expand quickly during the forecast period. The critical care of a patient in a medical facility is handled by the virtual ICU. The primary benefit of the virtual intensive care unit is that it establishes a connection between the hospital's intensive care unit staff and the critical care team, which is located in a different place, via video communication and analytics or monitoring systems. The hardware of the virtual ICU gathers patient data and transmits it to the doctor or intensivist who is located elsewhere. One of the main factors influencing the worldwide virtual ICU market is the dearth of sufficient intensivists.
The use of the virtual ICU is anticipated to increase significantly throughout the projected period due to the growing number of hospitals around the world and intensive care units inside hospitals. Additionally, a significant factor driving the market for virtual ICUs is the growing investments made by hospitals to improve operational efficiency through the adoption of cutting-edge technologies and communication systems. Additionally, the adoption of the virtual ICU in hospitals is anticipated to increase due to the rising incidence of chronic diseases and the rising frequency of traffic accidents. The World Health Organization estimates that 1.3 million people lose their lives in traffic accidents every year. The need for the virtual ICU is further increased by the growing geriatric population and the rising disease load. The global market for virtual intensive care units is expanding as a result of the quick adoption of digital or virtual technology throughout the healthcare industry.
Through voice or video conferencing, healthcare experts can assist patients remotely with the support of the virtual ICU, a telehealth service. The virtual ICU has demonstrated to be a successful method for lowering hospital expenses and increasing care in regions with limited access to medical resources. Additionally, it offers security features with immediate access to patient data, is dependable, and is simple to use. To allow data sharing, it can be linked with a hospital's electronic medical record system. Virtual ICUs provide many advantages over conventional ICUs for hospitals, including shorter hospital stays, better patient outcomes and care, lower costs, and more productive personnel.
Due to its advanced healthcare infrastructure and growing government backing for telemedicine, North America is anticipated to hold the greatest share of the virtual ICU market. The virtual ICU industry in North America is expanding significantly thanks in large part to the United States. Due to the expanding use of telemedicine and the prevalence of chronic diseases, the Asia-Pacific region is also anticipated to have considerable growth throughout the projection period. The region's virtual ICU market is anticipated to expand because to the quick development of healthcare infrastructure and rising government measures to support telemedicine in nations like China and India. Due to the region's established healthcare infrastructure and the rising acceptance of telemedicine, Europe is predicted to experience moderate development in the virtual ICU market.
In order to identify at-risk patients and enhance patient care, predictive analytics is being used to evaluate patient data and forecast results. As virtual ICU systems must interface with other healthcare systems and medical equipment to provide a complete picture of patients' health, interoperability is becoming more and more crucial. Healthcare practitioners can effectively manage their time and resources thanks to virtual ICU systems that can monitor numerous patients at once. The usage of telehealth carts with cameras and medical equipment enables remote patient monitoring and virtual consultations.
Report Coverage
Global Virtual ICU research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Virtual ICU report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Virtual ICU competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Virtual ICU market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Virtual ICU market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Virtual ICU market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine, INOVA, Banner Health, iMDsoft, InTouch health, UPMC Italy, INTELEICU, Tele-ICU, VISICU
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Virtual ICU market based on the below-mentioned segments:
Global Virtual ICU Market, By Type
Intensivist
Co-managed
Open
Open with Consultants
Global Virtual ICU market, By Application
Software
Hardware
Global Virtual ICU Market, By Technology
Machine learning
Deep learning
Artificial intelligence
Others
Global Virtual ICU market, Regional Analysis
Due of the COVID-19 pandemic's rapid spread starting in 2020, the virtual ICU is rapidly gaining popularity. The telemedicine sector, which includes the virtual ICU, has seen a sharp uptick in consumer uptake since the COVID-19 outbreak. Due to the increasing usage of tele-ICUs or virtual ICUs around the world, the market for these services is anticipated to expand quickly during the forecast period. The critical care of a patient in a medical facility is handled by the virtual ICU. The primary benefit of the virtual intensive care unit is that it establishes a connection between the hospital's intensive care unit staff and the critical care team, which is located in a different place, via video communication and analytics or monitoring systems. The hardware of the virtual ICU gathers patient data and transmits it to the doctor or intensivist who is located elsewhere. One of the main factors influencing the worldwide virtual ICU market is the dearth of sufficient intensivists.
The use of the virtual ICU is anticipated to increase significantly throughout the projected period due to the growing number of hospitals around the world and intensive care units inside hospitals. Additionally, a significant factor driving the market for virtual ICUs is the growing investments made by hospitals to improve operational efficiency through the adoption of cutting-edge technologies and communication systems. Additionally, the adoption of the virtual ICU in hospitals is anticipated to increase due to the rising incidence of chronic diseases and the rising frequency of traffic accidents. The World Health Organization estimates that 1.3 million people lose their lives in traffic accidents every year. The need for the virtual ICU is further increased by the growing geriatric population and the rising disease load. The global market for virtual intensive care units is expanding as a result of the quick adoption of digital or virtual technology throughout the healthcare industry.
Through voice or video conferencing, healthcare experts can assist patients remotely with the support of the virtual ICU, a telehealth service. The virtual ICU has demonstrated to be a successful method for lowering hospital expenses and increasing care in regions with limited access to medical resources. Additionally, it offers security features with immediate access to patient data, is dependable, and is simple to use. To allow data sharing, it can be linked with a hospital's electronic medical record system. Virtual ICUs provide many advantages over conventional ICUs for hospitals, including shorter hospital stays, better patient outcomes and care, lower costs, and more productive personnel.
Due to its advanced healthcare infrastructure and growing government backing for telemedicine, North America is anticipated to hold the greatest share of the virtual ICU market. The virtual ICU industry in North America is expanding significantly thanks in large part to the United States. Due to the expanding use of telemedicine and the prevalence of chronic diseases, the Asia-Pacific region is also anticipated to have considerable growth throughout the projection period. The region's virtual ICU market is anticipated to expand because to the quick development of healthcare infrastructure and rising government measures to support telemedicine in nations like China and India. Due to the region's established healthcare infrastructure and the rising acceptance of telemedicine, Europe is predicted to experience moderate development in the virtual ICU market.
In order to identify at-risk patients and enhance patient care, predictive analytics is being used to evaluate patient data and forecast results. As virtual ICU systems must interface with other healthcare systems and medical equipment to provide a complete picture of patients' health, interoperability is becoming more and more crucial. Healthcare practitioners can effectively manage their time and resources thanks to virtual ICU systems that can monitor numerous patients at once. The usage of telehealth carts with cameras and medical equipment enables remote patient monitoring and virtual consultations.
Report Coverage
Global Virtual ICU research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Virtual ICU report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Virtual ICU competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Virtual ICU market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine, INOVA, Banner Health, iMDsoft, InTouch health, UPMC Italy, INTELEICU, Tele-ICU, VISICU |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Virtual ICU Market from 2021 to 2030.
- Market Forecast for Virtual ICU Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Virtual ICU competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Virtual ICU
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Virtual ICU market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Virtual ICU market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine, INOVA, Banner Health, iMDsoft, InTouch health, UPMC Italy, INTELEICU, Tele-ICU, VISICU
Primary Target Market
- Market Players of Virtual ICU
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Virtual ICU market based on the below-mentioned segments:
Global Virtual ICU Market, By Type
Intensivist
Co-managed
Open
Open with Consultants
Global Virtual ICU market, By Application
Software
Hardware
Global Virtual ICU Market, By Technology
Machine learning
Deep learning
Artificial intelligence
Others
Global Virtual ICU market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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