Virtual icu market

Virtual ICU Market, By Product Type (Software, Hardware), By Technology (Machine Learning, Deep Learning, Artificial Intelligence, Others), And by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

  • Apr 2023
  • CMI5640
  • 159 Pages
  • Excel & Pdf
  • Healthcare IT

The global virtual ICU market size was valued at US$ 4.85 billion in 2022 and is expected to reach US$ 8.52 billion by 2030, growing at a CAGR of 7.3%. The market is being driven by the increasing demand for remote patient monitoring, the rising prevalence of chronic diseases, and the need for improved patient outcomes and cost-effectiveness. Additionally, advancements in telecommunication technologies and the growing adoption of telemedicine are also contributing to the growth of the virtual ICU market.

Virtual ICU Market Regional Insights:

North America is expected to hold the largest share of the virtual ICU market due to the presence of advanced healthcare infrastructure and increasing government support for telemedicine. The United States is a major contributor to the growth of the virtual ICU market in North America.

The Asia-Pacific region is also expected to witness significant growth during the forecast period due to the increasing adoption of telemedicine and the rising prevalence of chronic diseases. The rapid development of healthcare infrastructure and increasing government initiatives to promote telemedicine in countries like China and India are expected to further drive the growth of the virtual ICU market in the region.

Europe is expected to show moderate growth in the virtual ICU market due to the increasing adoption of telemedicine and the presence of established healthcare infrastructure in the region.

Virtual ICU Market Drivers:

  1. Increasing demand for remote patient monitoring: With the rising prevalence of chronic diseases and the aging population, there is a growing need for remote patient monitoring. Virtual ICU systems enable healthcare providers to monitor patients remotely and provide timely interventions.
  2. Improved patient outcomes: The use of virtual ICU technology can lead to improved patient outcomes as it allows for more frequent monitoring and early intervention, which can help prevent adverse events and improve patient recovery.
  3. Cost-effectiveness: Virtual ICU systems can reduce healthcare costs by decreasing the length of hospital stays, preventing readmissions, and reducing the need for expensive procedures.
  4. Growing adoption of telemedicine: The adoption of telemedicine is increasing as it allows for remote consultations, diagnosis, and treatment, and can help improve access to healthcare services, particularly in rural areas.
  5. Government support: Governments in several countries are supporting the adoption of virtual ICU technology through funding, regulatory policies, and incentives, which is expected to further drive market growth.

Virtual ICU Market Opportunities:

  1. Integration with AI and machine learning: The integration of AI and machine learning technologies can enhance the capabilities of virtual ICU systems, such as predicting patient outcomes and identifying at-risk patients.
  2. Development of new applications: Virtual ICU technology can be applied in various healthcare settings, including emergency departments, nursing homes, and home healthcare. Developing new applications can open up new markets and revenue streams.
  3. Collaborations and partnerships: Partnerships between virtual ICU providers and healthcare organizations can help to improve patient outcomes and reduce healthcare costs.
  4. Increased focus on patient-centered care: As healthcare becomes more patient-centered, virtual ICU technology can help to personalize care and improve patient satisfaction.
  5. Emerging markets: The virtual ICU market presents an opportunity for growth in emerging markets, particularly in Asia-Pacific and Latin America, where there is a growing need for remote patient monitoring and telemedicine services.

Virtual ICU Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 4.85 Bn
Historical Data for: 2017 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 7.3% 2030 Value Projection: US$ 8.52 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa
Segments covered:
  • By Product type: Software, Hardware
  • By Technology: Machine Learning, Deep Learning, Artificial Intelligence, Others
Companies covered:

Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine

Growth Drivers:
  • Increasing demand for remote patient monitoring
  • Improved patient outcomes
  • Cost-effectiveness
  • Growing adoption of telemedicine
Restraints & Challenges:
  • Lack of reimbursement policies
  • Security and privacy concerns
  • Technical challenges

Virtual ICU Market Trends:

  1. Adoption of predictive analytics: Predictive analytics is being used to analyze patient data and predict outcomes, which can help to identify at-risk patients and improve patient care.
  2. Emphasis on interoperability: Interoperability is becoming increasingly important as virtual ICU systems need to integrate with other healthcare systems and medical devices to provide a comprehensive view of patient health.
  3. Remote monitoring of multiple patients: Virtual ICU systems are being developed that can monitor multiple patients simultaneously, allowing healthcare providers to efficiently manage their time and resources.
  4. Use of telehealth carts: Telehealth carts equipped with cameras and medical devices are being used to enable virtual consultations and remote patient monitoring.
  5. Growing demand for remote care: The COVID-19 pandemic has increased the demand for remote care and telemedicine services, which has accelerated the adoption of virtual ICU technology.

Virtual ICU Market Restraints:

  1. Lack of reimbursement policies: The lack of clear reimbursement policies for virtual ICU services can hinder the adoption of the technology.
  2. Security and privacy concerns: Virtual ICU systems can be vulnerable to cyber-attacks, which can compromise patient data and privacy.
  3. Technical challenges: Virtual ICU systems require integration with various healthcare systems and medical devices, which can be technically challenging and time-consuming.

Virtual ICU Market Recent Developments

New product launches

  1. In 2021, GE Healthcare launched its Mural Virtual Care Solution, which includes a virtual ICU platform that provides remote patient monitoring and virtual care services.
  2. In 2021, Huma, a digital health company, launched its Huma Insights platform, which uses AI to predict patient outcomes and identify at-risk patients.
  3. In 2021, Banner Health launched its virtual care platform, which includes a virtual ICU component that provides remote patient monitoring and critical care support.
  4. In 2020, InTouch Health launched its Virtual ICU (VICU) platform, which provides real-time audio and video communications between healthcare providers and remote patients.

Acquisition and partnerships:

  1. In 2021, Philips announced a partnership with BioIntelliSense to integrate BioIntelliSense's wearable sensors into Philips' remote patient monitoring platforms.
  2. In 2021, Huma announced a partnership with the Mayo Clinic to develop virtual care solutions, including virtual ICU services.
  3. In 2021, Banner Health announced a partnership with Royal Philips to develop a virtual care program that includes a virtual ICU component.
  4. In 2020, GE Healthcare announced the acquisition of Zionexa, a medical imaging company, to expand its portfolio of diagnostic imaging technologies for virtual ICU services.

Leading companies in Virtual ICU Market

  1. Koninklijke Philips N.V.
  2. GE Healthcare
  3. Medtronic plc
  4. Siemens AG
  5. Cisco Systems, Inc.
  6. Honeywell International Inc.
  7. InTouch Technologies, Inc.
  8. TeleICU Care, LLC
  9. Advanced ICU Care
  10. Eagle Telemedicine

These companies are leading players in the Virtual ICU market and offer a wide range of products and services such as remote monitoring, real-time communication, and data management software, as well as display systems, medical devices, and networking devices. They have a strong global presence and are investing heavily in research and development to further advance their technologies and stay ahead of the competition.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snapshot, By Product type
      • Market Snapshot, By Technology
      • Market Snapshot, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
        • Strong growth of telemedicine industry
        • Rise in number of hospitals with rising adoption of virtual ICU
      • Restraints
        • Lack of enough investment
        • Lack of healthcare IT infrastructure especially in underdeveloped countries
      • Opportunities
        • Outbreak of Covid-19 had spurred demand for virtual ICU
        • Rapid penetration of digital technologies
    • Impact Analysis
    • Key Highlights
    • Regulatory Scenario
    • Product launch/Approvals
    • PEST Analysis
    • PORTER’s Analysis
    • Merger and Acquisition Scenario
  4. Global Virtual ICU Market – Impact of Coronavirus (COVID-19) Pandemic
    • COVID-19 Epidemiology
    • Supply Side and Demand Side Analysis
    • Economic Impact
  5. Global Virtual ICU Market , By Product type, 2017-2030, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2023 and 2030 (%)
      • Y-o-Y Growth Analysis, 2017 – 2030
      • Segment Trends
    • Software
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Bn)
        • Remote monitoring software
        •  Real-time communication software
        •  Data management software
    •  Hardware
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Bn)
        • Display systems
        • Medical devices
        • Networking devices
  6. Global Virtual ICU Market , By Technology, 2017-2030, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2023 and 2030 (%)
      • Y-o-Y Growth Analysis, 2017 – 2030
      • Segment Trends
    • Machine learning
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
    • Deep learning
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
    • Artificial intelligence
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
    • Others
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2017-2030,(US$ Billion)
  7. Global Virtual ICU Market , By Region, 2017-2030, (US$ Bn)
    • Introduction
      • Market Share Analysis, By Country, 2023 and 2030 (%)
      • Y-o-Y Growth Analysis, For Country 2023 –2030
      • Country Trends
    • North America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017-2030,(US$ Bn)
      • Market Size and Forecast, and Y-o-Y Growth, By Technology, 2017-2030,(US$ Bn)
    • Europe
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017-2030,(US$ Bn)
      • Market Size and Forecast, and Y-o-Y Growth, By Technology, 2017-2030,(US$ Bn)
    • Asia Pacific
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017-2030,(US$ Bn)
      • Market Size and Forecast, and Y-o-Y Growth, By Technology, 2017-2030,(US$ Bn)
    • Latin America
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017-2030,(US$ Bn)
      • Market Size and Forecast, and Y-o-Y Growth, By Technology, 2017-2030,(US$ Bn)
    • Middle East & Africa
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017-2030,(US$ Bn)
      • Market Size and Forecast, and Y-o-Y Growth, By Technology, 2017-2030,(US$ Bn)
  8. Competitive Landscape
    • Koninklijke Philips N.V.
      • Company Highlights
      • Product Portfolio
      • Key Developments
      • Financial Performance
      • Strategies
    • GE Healthcare
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Medtronic plc.
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Siemens AG
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Cisco Systems, Inc.
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Honeywell International Inc.
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • InTouch Technologies, Inc.
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • TeleICU Care, LLC
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Advanced ICU Care
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Eagle Telemedicine
      • Company Highlights
      • Product Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • Analyst Views
  9. Section
    • Research Methodology
    • About us

*Browse 24 market data tables and 28 figures on "Global Virtual ICU Market” - Global forecast to 2030

Detailed Segmentation:

  • Global Virtual ICU Market, By Product Type:
    • Software
      • Remote monitoring software
      • Real-time communication software
      • Data management software
    • Hardware
      • Display systems
      • Medical devices
      • Networking devices
  • Global Virtual ICU Market, By Technology:
    • Machine learning
    • Deep learning
    • Artificial intelligence
    • Others
  • Global Virtual ICU Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa
    •  
- Frequently Asked Questions -

What is the global virtual ICU market size?

The global virtual ICU market size was valued at US$ 4.85 billion in 2022 and is expected to reach US$ 8.52 billion by 2030

What are the major factors driving the market growth?

Increasing demand for remote patient monitoring is one of the major driving factor in the market.

Which region will lead the market?

The North America region will lead the in market.

What will be the CAGR of market?

The market growing at a CAGR of 7.3% during the forecast period.

Which are the major players operating in the market?

Koninklijke Philips N.V., GE Healthcare, Medtronic plc, Siemens AG, Cisco Systems, Inc., Honeywell International Inc., InTouch Technologies, Inc., TeleICU Care, LLC, Advanced ICU Care, Eagle Telemedicine
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