July 13, 2024
Virtual ICU Market

The global Virtual ICU Market is estimated to Accelerating by growing accessibility and affordability

Virtual ICU or tele-ICU is a monitoring system that allows intensivists and critical care physicians to remotely monitor patients in intensive care units (ICUs) using audio-visual and other telecommunications and information technologies. This provides enhanced patient care and better clinical outcomes. Tele-ICU services enable real-time monitoring of patients, instant consultations and treatment plans with the ICU staff. The technology has emerged as an effective and affordable solution to address the shortage of critical care specialists and resources globally. With the increasing demand for healthcare services and rising rates of chronic and infectious diseases, tele-ICU enhances access to critical care while optimizing costs. The global Virtual ICU Market is driven by the rising adoption of telemedicine and telehealth solutions across hospitals and healthcare facilities.

The global Virtual ICU Market is estimated to be valued at US$ 6 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the virtual ICU market size is the growing accessibility and affordability of tele-ICU services. Telehealth platforms have evolved significantly and now offer sophisticated virtual monitoring capabilities and medical-grade equipment at lower costs than traditional in-person ICU services. This has accelerated the adoption of virtual ICU models among small and regional hospitals globally. Another notable trend is the increasing collaborations between telehealth companies and hospital networks to expand tele-ICU programs. Major players are partnering with healthcare providers to implement customized virtual critical care programs tailored for different clinical needs. This is expected to augment the reach of tele-ICU and drive further revenues in the market over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the virtual ICU market is low due to high capital requirements and stringent regulations.

Bargaining power of buyers: The bargaining power of buyers in the virtual ICU market is high due to the availability of substitute products.

Bargaining power of suppliers: The bargaining power of suppliers in the virtual ICU market is low due to the presence of many suppliers.

Threat of new substitutes: The threat of new substitutes in the virtual ICU market is moderate as traditional ICUs are still preferred.

Competitive rivalry: The competitive rivalry in the virtual ICU market is high due to the presence of many established players.

Key Takeaways

The global virtual ICU market is expected to witness high growth over the forecast period. The global Virtual ICU Market is estimated to be valued at US$ 6 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024-2031.

North America is expected to hold the largest share in the virtual ICU market owing to the advanced healthcare infrastructure and high prevalence of chronic diseases. Moreover, the growing geriatric population and their vulnerability to critical health conditions will further support the regional market growth.

Key players: Key players operating in the virtual ICU market are Emergent Biosolutions Inc., SIGA Technologies Inc., Bavarian Nordic A/S, Elusys Therapeutics Inc., Ichor Medical Systems Inc., Amgen Inc., Cleveland BioLabs Inc., Dynavax Technologies Corporation, Alnylam Pharmaceuticals Inc., and XOMA Corporation. Emergent Biosolutions Inc. specializes in medical countermeasures for biodefense and emerging infectious diseases.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it