The global virtual ICU market size was estimated at US$ 3.80 billion in 2022 and is expected to reach over US$ 16.98 billion by 2032, expanding growth at a noteworthy CAGR of 16.20% from 2023 to 2032.
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The U.S. virtual ICU market size accounted for US$ 0.84 billion in 2022 and is projected to grow around US$ 3.73 billion by 2032, growing at a CAGR of 16.20% from 2023 to 2032.
Based on region, the North America accounted for around 60% of the market share. The increasing prevalence of chronic diseases and growing geriatric population in the major economy like US is significantly driving the demand for the virtual ICU in the region. Moreover, the increased demand for the advanced healthcare related devices and software in the region coupled with the developed healthcare infrastructure that facilitates the rapid adoption of advanced technologies is exponentially contributing towards the growth of the North America virtual ICU market.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. The rising awareness regarding the virtual ICU systems along with the rapidly growing healthcare infrastructure in the region is propelling the growth of the market. Further, rapidly growing IT infrastructure and digital communications across the developing nations like China, India, and South Korea is significantly expected to drive the demand for the virtual ICU in the region, in the upcoming future. Furthermore, the increasing number of patients along with the government policies regarding the adoption of electronic medical devices is expected to boost the market growth.
The virtual ICU is gaining rapid traction since 2020 owing to the outbreak of the COVID-19 pandemic. The virtual ICU is a part of the telemedicine industry that gained rapid traction and increased adoption rate among the consumers since the COVID-19 outbreak. The tele-ICU or the virtual ICU market is expected to grow rapidly during the forecast period owing to its rising adoption across the globe. The virtual ICU deals with the critical care of the patient in a healthcare unit. Major advantage of the virtual ICU is that it connects the critical care team, who is at a distant location to the intensive care unit team in the hospital through video communication and analytics or monitoring system. The hardware of the virtual ICU collects the patients’ data and communicates it to the physician or the intensivist at a distant location. The lack of adequate number of intensivist is a major driving force of the global virtual ICU market.
The rising number of hospitals across the globe coupled with the growing number of intensive care units across the hospitals is significantly expected to boost the adoption of the virtual ICU during the forecast period. Further, the rising investments by the hospitals to increase operational efficiency by adopting advanced technologies and communication system is a major driver of the virtual ICU market. Further, the rising prevalence of chronic diseases and rising number of road accidents is expected to boost the adoption of the virtual ICU in the hospitals. According to the World Health Organization, around 1.3 million people die each year due to road accidents. Further, rising burden of diseases coupled with growing geriatric population are the factors that boosts the demand for the virtual ICU. The rapid penetration of the digital or virtual technologies across healthcare sector is facilitating the growth of the virtual ICU market, globally.
Based on type, the open with consultants segment dominated for more than 40% of the market share in 2022 and is estimated to sustain its dominance during the forecast period. This can be attributed to the extensive use of the virtual ICU open with consultants in hospitals owing to its high efficiency. The rising government investments in the development of better healthcare infrastructure are expected to boost the adoption of the virtual ICU and fuel the growth of this segment.
On the other hand, the intensivist segment is estimated to be the most opportunistic segment during the forecast period. The major issue persists with the ICU is the lack of adequate number of intensivist in the healthcare sector. The virtual ICU effectively communicates and connects the intensivist at a distant location to the ICU members to guide regarding the clinical decisions that may help to save the patients’ lives. The number of intensivist is expected rise in the upcoming years, which will further fuel the growth of the market.
Component Insights
Based on component, the hardware segment accounted for more than 85% of the market share in 2022 and is estimated to sustain its dominance during the forecast period. The hardware consists of wide variety of devices and are extensively used in the hospitals. Various hardware are used consists of mobile frame, communication lines, computer systems, therapeutic devices, video feed, and various others. The extensive usage along with the high prices of the hardware has resulted in huge revenue generated by this segment.
On the other hand, the software segment is anticipated to be the fastest-growing segment during the forecast period. The rapid development and updates in the software system to enhance the efficiency and effectiveness of the virtual ICU hardware is exponentially boosting the segment growth. Moreover, it plays an important role in remotely monitoring the patient’s condition, thereby saving his life. This factor is boosting the growth of this segment.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In January 2018, Advanced ICU Care and Florida Hospital New Smyrna entered into a partnership provide virtual ICU services to the critically ill patients who need intensive care.
In April 2017, Philips introduced virtual health software named eCareManager4.1 at the American Telemedicine Association trade show, to strengthen its foothold in the market.
The various developmental strategies like partnerships and new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
| Report Highlights | Details |
| Market Size By 2032 | US$ 16.98 Billion |
| Market Size in 2023 | US$ 3.80 Billion |
| Growth Rate | CAGR of 16.20% from 2023 to 2032 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Companies Mentioned | Advanced ICU Care, INOVA, Banner Health, Philips, iMDsoft, InTouch health, UPMC Italy, INTELEICU, Tele-ICU, VISICU |
Segments Covered in the Report
By Type
By Component
By Geography
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