Tele-Intensive Care Services Market Overview
Tele-Intensive Care Services Market size is estimated to reach $9.2 billion by 2027, growing at a CAGR of 6.1% during the forecast period 2022-2027. Tele intensive care services can be delineated as offsite services which make use of two-way audio-video and data monitoring in order to deliver far-off care to frowningly ill patients. Tele-Intensive care services are the unsurpassed way to close the gap in health access through remote patient monitoring and dynamic patient care. The finest benefit of such services is that they permit patients in rustic parts of the globe to have a day-and-night connection with critical care physicians. The sophisticated computer systems help doctors to have live access to patients’ essential signs such as blood pressure, body temperature, heartbeat, and others. Besides signs, electronic medical records (EMR systems) help doctors in studying patients’ history and health-related data to make swift decisions during the treatment. Tele-Intensive care services are the need of the hour as the COVID-19 is roaming around the world. Moreover, the Tele-Intensive care services market outlook is exceptionally fascinating and appealing with the growing demand for telemedicine or e-care. Also, high-tech discoveries, expanding existence of such facilities, heightening healthcare costs, the spiraling prevalence of cardiovascular disease and cancer are the factors set to drive the growth of the Tele-Intensive Care Services Market for the period 2022-2027.
The report: “Tele-Intensive Care Services Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Tele-Intensive Care Services Market.
- Geographically, the North America Tele-Intensive Care Services Market accounted for the highest revenue share in 2021. The growth is owing to higher adoption of telemedicine by hospitals and other medical facilities, better infrastructure to execute offsite medical procedures, and high R&D spending. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- The broadening trend of telemedicine, growing cost of healthcare, and pandemic restrictions are said to be preeminent drivers driving the growth of the Tele-Intensive Care Services Market. Technical faults, weak network connection, the exorbitant price of data management hardware are said to reduce the market growth.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Tele-Intensive Care Services Market report.
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Tele-Intensive Care Services Market Segment Analysis-By Component
The Tele-Intensive Care Services Market based on the component can be further segmented into software and hardware (carts, computers, therapeutic devices, and others). The hardware segment held the largest share in 2021. The growth is owing to widescale use to successfully execute critical care procedures. Medical devices are an inextricable part of tele-intensive care. For instance, without carts, computers, and cameras the question of setting a contact between the critical care team and bedside staff doesn’t even arise. In addition to that, hardware plays a noteworthy role in transmitting data from point A to point B. in addition to that, the technological breakthroughs made robot-assisted treatments possible which is contributing to growth. Nevertheless, the software is estimated to be the fastest-growing segment with a CAGR of 6.7% over the forecast period 2022-2027. This growth is owing to better decision-making and rapid advancements in software development throughout the globe. Software development has reached the level where it can’t be kept away from executing Tele intensive care services.
Tele-Intensive Care Services Market Segment Analysis-By End-User
The Tele-Intensive Care Services Market based on end-user can be further segmented into Hospitals, ASCs, Cancer Treatment centers, and others. The hospital segment held the largest share in 2021. The growth is owing to the presence of adequate resources and medical professionals to execute such procedures with utmost ease. For instance, Apollo hospital is one of the renowned companies with a vast telemedicine network. Moreover, hospitals remain a potential target for various corporate players operating in the aforementioned market for acquisition purposes. Unlike, other medical facilities hospitals offer healthy salary packages that encourage top-flight professionals to serve in said facilities. Thus, hospitals have well-versed teams working round-the-clock to offer critical care services to patients. Nevertheless, hospitals along with cancer treatment centers are estimated to be the fastest-growing segments with a CAGR of 6.9% over the forecast period 2022-2027. This growth is owing to proliferating incidences of cancer worldwide. Therefore, care centers like CTCs are swerving toward telemedicine to enhance their reach to a larger chunk of the population.
Tele-Intensive Care Services Market Segment Analysis-By Geography
The Tele-Intensive Care Services Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 40% of the overall market in 2021. The growth in this segment is owing to the factors such as the high adoption of telemedicine in countries like the U.S. and Canada. The U.S. is home to leading Tele intensive care providers such as Teledoc, Banner Health, PlusCare, AmWell, and others. On another hand, ever-rising healthcare costs in the U.S. are driving people toward telehealth as such procedures are much more cost-effective and convenient. In addition to that, the availability of all-weather high-speed internet has its fair share in the growth of the Tele-Intensive care services market. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to augmenting prevalence of the chronic illnesses as a larger chunk of the Chinese and Japanese population is turning old. Moreover, tele-intensive care is the need of the hour in countries like India, Pakistan, and Bangladesh where a big percentage of the population has poor access to critical care services because they reside in the remotest part of the world. As a result, the demand for the said market is growing between among mentioned countries.
Tele-Intensive Care Services Market Drivers
Mounting chronic illnesses is Anticipated to Boost Market Demand.
Enlarging threats of novel communicable illnesses reaching epidemic proportions and far-reaching prevalence of cardiovascular and cancer complications is a prominent driver driving the growth of the Tele-Intensive care services market. For instance, the concept of Tele-intensive care is growing in the US as the country is reeling under the weight of widescale cancer prevalence. According to a report, the U.S. witnessed more than 1,898,000 cancer cases in 2021. Moreover, over 608,000 Americans lost their lives because of cancer. In addition to that, a report published by WHO claimed that every year nearly 17.9 million people worldwide lose their lives to cardiovascular illnesses. The figures are anticipated to rise steadily as the world’s geriatric population is likely to reach 2 billion in foreseeable future. As a result, the overall demand for the Tele-Intensive care services market is mounting year after year.
Incomprehensive access to healthcare and rising healthcare cost is Expected to Boost Market Demand.
As of 2022, still, more than 43 percent of the total world population is residing in remote areas. Out of these 43 percent, a bigger chunk of people living in Africa and Asia are deprived of even basic amenities such as internet connection, better healthcare access, and others. As a result, the demand for the Tele-Intensive care services market is rising sweepingly as said concept of telemedicine has the potential to revolutionize the entire healthcare system and provide more inclusive access to healthcare despite geographies. On another hand, escalating healthcare costs are encouraging people to adopt such offsite services rather than undergoing procedures that are a bit on the other side.
Tele-Intensive Care Services Market Challenges
Data security, technical fault, and weak internet connectivity is Anticipated to Hamper Market Growth.
The biggest challenge for Tele-Intensive care services market growth is the data security threats associated with electronic medical records which contain confidential information about patients or medical procedures. Data breaches resulted in 36 billion records being exposed in the first three quarters of 2020, according to RiskBased Security research. Further, according to an IBM report, the average cost of a data breach in 2019 was $3.92 million, while a healthcare industry breach typically costs $6.45 million, limiting the market growth. This cost was the highest in the U.S. compared to other countries. Moreover, other complications such as weak internet connection and technical faults can court disaster as they may hamper the ongoing critical procedures and patient might lose their lives. In addition to that, data management hardware taken into account to execute such services are too expensive which may hamper the growth of the aforementioned market.
Tele-Intensive Care Services Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Tele-Intensive Care Services market top 10 companies include-
- Teladoc Health
- Banner Health
- Koninklijke Philips
- InTouch Health
- Advanced ICU Care
- SOC Telemed
- Apollo TeleHealth Services
- On February 9, 2021, Amsterdam, Netherlands-based renowned conglomerate “Koninklijke Philips” announced that it has successfully acquired Pennsylvania, United States-based company “Biotelemetry” which is recognized for its remote medical technology. The total value of the transaction stands at around $2.8 billion ($72 per share).
- On August 13, 2020, Arizona, United States-based health system (non-profit) “Banner Health” announced the successful acquisition of Wyoming-based hospital “Wyoming Medical Center.” The announcement came after the approval of the county commissioners. Furthermore, a payment of $200 million has made by Banner Health in order to bring the acquisition to a close.
- On July 2, 2020, New York, United States-based well-recognized and leading company in telemedicine “Teladoc Health” announced the successful acquisition of California, United States-based company “InTouch Health”, a firm which is known for its virtual medical treatments. A payment of $600 million was made by Teledoc to bring the acquisition to a close.