Virtual ICU

Virtual ICU Market Trending Technology with Growing CAGR of 15.8% Till 2030 Virtual ICU Market (By Type: Intensivist, Co-managed, Open, and Open with Consultants; Component: Software and Hardware) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 - 2030

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As per the experts, the virtual ICU market is predicted to record a growth rate of 15.8% from 2021-2030 and is projected to reach US$ 9.5 billion by 2030. The study provides the overall revenue of the global virtual ICU market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year.

The global virtual ICU market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the virtual ICU industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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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.

Report Scope of the Virtual ICU Market

Report Coverage Details
Market Size in 2020 US$ 2.6 Billion
Growth Rate from 2021 to 2030 CAGR of 15.8%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered Philips, Advanced ICU Care, INOVA, Banner Health, iMDsoft, InTouch health, VISICU, UPMC Italy, INTELEICU, Tele-ICU

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.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global virtual ICU market are as follows:

  • 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

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the virtual ICU market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

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.

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

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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