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Over the last decade, there has been significant growth in TeleICU, both in the US and globally. Several medical-based studies of the advantages and disadvantages of TeleICU (Intensive care unit telemedicine) have shown dissimilar findings. However, market research showing that remote hospital inpatient monitoring and coverage is a robust industry. TeleICU provides a solution that meets the practical requirements of inpatient care and fills gaps in intensive care units.
Global TeleIcu market will reach USD 7.39 billion
The latest statistics reported by market intelligence company Fior Markets predicts that the global TeleIcu market will reach USD 7.39 billion by 2027 from USD 2.10 billion in 2019. Furthermore, the forecast period of 2020-2027 shows a CAGR of 17 percent. The report includes an analysis of over 30 countries.
What is propelling this growth? TeleICU addresses pain points in intensive care units by providing remote patient monitoring, relieving the workload of nurses and physicians, particularly in the face of the global rise in geriatric population levels and chronic diseases, such as neurological disorders and cancer. Harnessing technological innovation backed by R&D spend and product and solution roll-out is essential for the evolution of every industry. As such, service providers offering spot-on strategies, such as TeleICU, are seizing the opportunity and further propelling the market growth.
Where are we now?
Before delving into how TeleICU will develop, it is crucial to understand its goal and driving factors for acceptance.
In an article by Cleveland Clinic Foundation researchers, “Telemedicine/Virtual ICU: Where Are We and Where Are We Going?” remote TeleICU specialists bolster on-call intensivists of the critically ill. TeleICU achieves this via audio (the relay of data from bedside caregivers), visual (video visualization of patients), and electronic processes (access to EMR).
TeleICU platforms leverage smart risk-prediction algorithms to scrutinize patient data while considering physiological parameters and clinical risk factors. As such, off-site caregivers can predict deterioration, provide decision-making support, and reduce ICU risk, mortality, and LOS.
Harnessing this technology also boosts standard coverage in multiple ICUS in any part of the world where onsite intensivists are unavailable or insufficient (such as rural or remote areas) and where there are gaps in nocturnal care. Added benefits are reducing inter-hospital transfers and improving staff satisfaction by diminishing workload. Reduced LOS means cost reduction of patients, and real-time monitoring abilities are also contributors to market growth. The bottom line of TeleICU? Around-the-clock instant access to critical care.
Where are we going?
For an inkling into the future of companies offering tele ICU services and the segment’s growth, data points to two prominent and interrelated factors. First is the ever-increasing global geriatric population. Second is an associated increase in chronic diseases. Both are a driving force behind the prevalence of critical illness requiring intensivists and ICU intervention.
Advances in medicine are pushing new boundaries in expected lifespan. The UN 2019 World Population Ageing report states that population aging is a global phenomenon in almost every country. In 2019 703 million people were 65 years of age or above. This number will likely double, reaching 1.5 billion in 2050. Globally, the number of people aged 80 years or older nearly tripled from 1990- 2019 from 54 million to 143 million and should triple again between 2019- 2050, reaching 426 million.
Increases in expected life span translates to more people with health-related issues, notably neurological and cardiovascular diseases, and in correlation, more ICU patients, heightened demand for intensivists, and progressively insufficient clinical resources.
Regarding increases in chronic diseases, in 2018, the Center for Disease Control reported that in the US alone, over two-thirds of all deaths were due to cancer, heart disease, stroke, diabetes, and chronic obstructive lung disease. Chronic diseases in the US also accounted for almost 75 percent of the cumulative health spending, with approximately USD 5,300 per person annually.
Tele-ICU and Telehealth
ICU telehealth is an important solution to address clinical needs and cost constraint factors. While some barriers currently impact implementations, such as operational and installation costs, lack of operation knowledge by staff, and last-mile telecommunications connectivity in developing countries. However, this is changing rapidly with advances in technology, a growing appreciation of the benefits of TeleICU adoption, and ultimate ROI.
RemoteICU answers market demand by offering a comprehensive physician provision and technology solution for several hundred hospitals. In addition, its global future-facing TeleICU services cover physician shortages in all specialties. A leader in its field, the company’s offering includes solutions such as RemoteICU Tele-Neurologists, Tele-Hospitalists, Tele-Intensivists (Tele ICU care), and fulfil other crucial roles as if our specialists were at the bedside.
Explore growth and reinforcement with RemoteICU.