Virtual ICU Market Size is Forecasted to Reach US$ 11.2 Billion by 2030 Says Precedence Research
The global virtual ICU market was estimated at US$ 2.6 billion in 2020 and is expected to hit US$ 11.2 billion by 2030, registering a CAGR of 15.8% from 2021 to 2030, as per reports by market research and consulting organisation Precedence Research.
The report contains 150+ pages with detailed analysis. The report provides an in-depth analysis of the market size, share, emerging and current trends, future estimations, and key players.
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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.
Competition Landscape
In the final section of the research report, Precedence Research provided the global virtual ICU market structure and a detailed competition landscape to provide a dashboard view of key players operating in the virtual ICU market along with their business strategies to report audiences. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the market.
Some of the major players in the virtual ICU market include:
- Advanced ICU Care
- INOVA
- Banner Health
- Philips
- iMDsoft
- InTouch health
- UPMC Italy
- INTELEICU
- Tele-ICU
- VISICU
Market Segmentation
By Type
- Intensivist
- Co-managed
- Open
- Open with Consultants
By Component
- Software
- Hardware
- Communication Lines
- Physiological Monitors
- Computer Systems
- Therapeutic Devices
- Display Panels
- Others
Regional Segmentation
– North America (U.S. and Canada)
– Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
– Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
– Latin America (Brazil and Rest of Latin America)
– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Research Methodology
Secondary Research
It involves company databases such as Hoover’s: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Why should you invest in this report?
If you are aiming to enter the global virtual ICU market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for virtual ICU are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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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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