Frost & Sullivan Examines Virtual Critical Care Solutions for Application in the US and EU-5 by 2025
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Proof of concept set in place by leading solutions providers and flexibility provided by software/web-enabled platforms benefit users of predictive, protocol and surveillance-based solutions
SANTA CLARA, Calif., Feb. 17, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis finds that the outbreak of COVID-19 and the shortage of intensivists exposed the dire need for virtual critical care solutions that can cater to large patient populations remotely. The US & EU-5 virtual critical care solutions market is estimated to generate revenue of $1.5 billion by 2025 from $818 million in 2020, registering impressive expansion at a compound annual growth rate (CAGR) of 11.5%.
Patient monitoring and electronic medical record (EMR) companies are trying to develop their own integrated solutions. Competition is coming from niche analytics and B2C telehealth companies expanding their critical care portfolios to offset decreasing margins in low-acuity segments. Tier II solutions, including flexible software/web-enabled platforms, are expected to witness faster growth than Tier I, end-to-end solutions from big vendors and Tier III segments, which are specialized solutions for specific protocols/clinical decision support.
For further information on this analysis, Increasing Demand for Value-based Care and Acute Shortage of ICU Staff to Drive Growth of the Virtual Critical Solutions Markets, please visit: http://frost.ly/59y
"Value-based virtual critical care platforms, which are backed by strong clinical evidence for improving patient outcomes and lowering cost—compared to those that focus only on workflow optimization and patient stratification—are expected to be in demand over the forecast period," said Kaustubh Suresh Savant, Healthcare Research Analyst at Frost & Sullivan. "To provide more preventive care rather than reactive, vendors will increase the adoption of artificial intelligence (AI) predictive algorithms. Cloud-based integration of virtual care platforms could further improve the adoption and support quick scale-up."
Savant added: "Increased awareness regarding the need for and benefits of virtual care solutions, specifically to address ICU problems such as maintaining a live population view, infection control monitoring, and coping with staff shortages, along with favorable changes to regulatory/reimbursement policies, is expected to act as a strong catalyst for the faster penetration of virtual critical care solutions in the next five years."
To tap into the growth prospects exposed by the rapid expansion of virtual critical care solutions, market participants need to focus on the following:
- As critical care becomes increasingly data-intensive, there will be a need for companies to collaborate with other cloud solutions providers.
- With changing reimbursement and regulatory scenarios for virtual care, vendors should better integrate their solutions with value-based care benefits.
- Market players should focus on region-specific, centralized project opportunities.
- As the care moves from reactive to predictive, companies should focus on innovating their predictive offerings.
- Along with improvements in their solutions for monitoring critical care patients, market participants should leverage their solutions for low-acuity segments to reduce initial critical care admissions.
Increasing Demand for Value-based Care and Acute Shortage of ICU Staff to Drive Growth of the US & EU-5 Virtual Critical Care Solutions Market, 2025 is the latest addition to Frost & Sullivan's Healthcare research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion
Increasing Demand for Value-based Care and Acute Shortage of ICU Staff to Drive Growth of the US & EU-5 Virtual Critical Care Solutions Market, 2025
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SOURCE Frost & Sullivan
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