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. This is due 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 fuel the growth of the segment. 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.
Similarly, in January 2024, the Karnataka government launched tele-ICUs to enhance the monitoring of patients suffering from SARS-CoV. The use of CARE software digitalizes patients’ records for efficient management. With the tele-ICU system in place, the state aims to bridge the gap in healthcare services, enhance monitoring, and provide timely interventions, ultimately contributing to improved outcomes for COVID-19 patients, especially those with underlying health conditions.
Therefore, owing to growing government initiatives, 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 an increase in the prevalence of chronic diseases, the growing geriatric population, 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 market growth.
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes is a key factor driving market growth. For instance, according to the 2024 statistics published by the American Cancer Society, about 2 million new cancer cases are expected to be diagnosed in the United States in 2024, compared to 1.9 million cancer cases in 2023. Additionally, according to the 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 suffering from cancer raises the need for long hospital stays for their treatment, fueling the demand for tele-ICUs, which is expected to boost market growth.
Furthermore, the rising number of new product launches has increased the availability of advanced tele-ICU devices, software, and solutions in the market. For instance, in March 2022, Hicuity Health, a US-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 its patients.
Moreover, the increasing focus of companies on adopting key strategies such as collaborations and partnerships is also contributing to 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, owing to factors such as the high burden of cancer, new product launches, and increasing company activities, the market studied is anticipated to grow over the forecast period.
