Market Trends of Tele Intensive Care Unit Industry
Software and Services Segment is Expected to Witness Growth Over the Forecast Period
The software and services segment is anticipated to witness significant growth in the tele-intensive care unit (ICU) market over the forecast period. It is owing to factors such as the increasing demand and adoption of tele-ICU across hospitals and rising companies and government initiatives.
The increasing company and government initiatives to develop new technologies and services are expected to increase segment growth. For instance, in November 2022, the Karnataka government's Department of Health and Family Welfare, in collaboration with Bengaluru-based non-profit eGovernments Foundation and Google Cloud, launched cloud-based remote intensive care unit (ICU) services at 41 state-run hospitals. Also, in July 2021, Hicuity Health, a provider of high-acuity telemedicine services, and Covenant Health, a not-for-profit healthcare system providing comprehensive services in East Tennessee, launched Knoxville's telemedicine center and the introduction of tele-ICU services. The collaboration uses Hicuity Health's technological and operational infrastructure, proprietary HUB workflow management platform, and multiple existing clinical operations centers in a shared services arrangement. Also, this partnership provides tele-ICU treatment to critically ill patients across Covenant's nine acute care facilities. It is done through a tele-ICU care delivery team comprising Hicuity Health and Covenant Health clinicians.
Therefore, owing to the factors above, the segment is expected to grow significantly over the forecast period.
North America is Expected to Hold the Significant Market Share Over the Forecast Period
North America is anticipated to hold a significant market share over the forecast period owing to factors such as the growing geriatric population, an increase in the prevalence of chronic diseases, and various government initiatives. In addition, the well-developed IT infrastructure, robust communication networks, and the growing demand for remote monitoring systems are also expected to boost the market growth.
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and others are the key factors driving the market growth. For instance, according to 2023 statistics published by ACS, about 19,58,310 new cancer cases are expected to be diagnosed in the United States in 2023. Additionally, according to 2022 statistics published by the Canadian Cancer Society, about 233,900 people were diagnosed with cancer in Canada in 2022. The high number of people with cancer raises the need for long hospital stays for their treatment, fueling the demand for tele-ICUs, hence contributing to the market growth.
Furthermore, the rising new product launches increase the availability of advanced tele-ICU devices, software, and solutions in the market. For instance, in March 2022, Hicuity Health, a United States-based provider of high-acuity telemedicine services, expanded its telemedicine services relationship with Baptist Health, a 9-hospital system. In this expansion, tele-ICU services were extended to Baptist Health Deaconess Madisonville, a facility that provides care to residents throughout western Kentucky. Introducing Hicuity Health tele-ICU at the Madisonville facility provided critical care support to its Baptist Health team members and their patients.
Moreover, the increasing focus of the companies to adopt key strategies such as collaborations, partnerships, and other initiatives are also contributing to the market growth in the region. For instance, in January 2022, Avel eCARE, a telehealth network and virtual hospital, helped develop the federally funded initiative, the National Emergency Tele-Critical Care Network. It expanded its work with the Department of Health and Human Services and the Department of Defense to provide critical care expertise to hospitals and municipalities struggling with COVID-19 surges in the South.
Therefore, the studied market is anticipated to grow over the forecast period due to the factors above, such as the high burden of cancer, new product launches, and increasing company activities.
