Artificial Intelligence
Global Virtual ICU Market to Surpass $8.52 Billion by 2030, Says Coherent Market Insigths
Burlingame, July 13, 2023 (GLOBE NEWSWIRE) — According to Coherent Market Insights, global virtual ICU market is estimated to be valued at US$ 4.85 billion in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030).
The global virtual ICU market is witnessing strong growth on the account of rapid adoption of digital or virtual technology across the healthcare industry. This has led to a rise in the number of telemedicine products, such as virtual intensive care units. These devices have a wide range of applications, from remote monitoring and diagnostics to connecting patients with their families while they are hospitalized. The virtual ICU gained significant growth during the COVID-19 as hospitals restrict visitors to stop spread of the infection.
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Key Trends and Analysis of the Global Virtual ICU Market:
Growing trend of digitalization is propelling growth of the virtual ICU market. This is attributed to the increasing penetration of interent worldwide. International Telecommunication Union estimates that around 5.3 billion people – or 66 per cent of the world’s population – were using the Internet in 2022. This represents an increase of 24 per cent since 2019, with 1.1 billion people estimated to have come online during that period.
Global Virtual ICU Market – Drivers
Increasing prevalenace of chronic disease and road accidents to foster market growth
A key factor driving virtual ICUs market growth is the increasing prevalence of chronic diseases and road accidents. Moreover, the increasing aging population is leading to rise in the number of patients needing critical care. Due to this hospitals are investing in advanced technologies and communication systems to enhance their patient outcomes. Virtual ICUs has ability to connect with family members who aren’t able to visit in person.
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: |
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| Segments covered: |
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| 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: |
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| Restraints & Challenges: |
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Increasing new product launch due to ongoing innovation in the technology to propel market growth
Key players are highly focused on introducing novel product to meet the growing demand worldwide. For instance, in September 2022, Penn State Health announced that it has executed an agreement – and begun implementation – to offer virtual intensive care units – or vICU – using CLEW Medical’s cloud-based tele-ICU platform. CLEW ICU leverages advanced AI technology to identify patients that are most and least likely to deteriorate in the near future and streamlines workflow to improve communications, decision making, and care implementation.
Global Virtual ICU Market – Restrain
Shortage of intensivists and the high cost of virtual ICUs to hamper market growth
The virtual ICU market growth is restraint by several factors. One of these is the shortage of intensivists. This is a significant challenge, as the unavailability of intensivists can negatively impact patient outcomes. Moreover, the high cost of virtual ICUs is another factor that is expected to limit market growth.
Global Virtual ICU Market – Opportunities
Increasing integration of virtual ICU with AI and machine learning is expected to provide significant market growth opportunities
Advent of virtual ICU with AI and machine learning is expected to offer profitable market opportunities for key players in the near future. For instance, in April 2023, Caregility, an enterprise telehealth marketer, has launched a new portfolio of AI-enhanced hybrid care solutions built on Caregility Cloud, its Best in KLAS virtual care platform (non-EMR). The improvements reduce technology investment risks for hospitals and health systems by offering the flexibility to choose those health AI applications that are the best fit for their environment.
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Global Virtual ICU Market – Key Developments
In December 2020, GE Healthcare announced a multi-year agreement with Oregon Health & Science University (OHSU) to oversee and help provide care to ICU patients across eight hospital sites via a “Virtual ICU” (VICU), using the GE Healthcare Mural Virtual Care Solution.
In September 2022, Penn State Health has introduced its virtual intensive care unit program this week. The health system is transitioning from an outside vendor that provided a similar service but will now run the program internally, which will be known as vICU at Penn State Health
In 2021, Banner Health launched its virtual care platform, which includes a virtual ICU component that provides remote patient monitoring and critical care support.
Key Market Takeaways:
Global Virtual ICU market is expected to exhibit a CAGR of 7.3% during the forecast period, owing to growing prevalence of chronic disease, increasing adoption of telemedicine, and growing investment in healthcare sector.
On the basis of Product type, hardware segment is expected to hold a dominant position. The hardware consist of various devices and are widely used in the hospitals.
On the basis of Technology, Artificial Intelligence segment is expected to hold a dominant position, as market players are incorporating AI in virtual ICU. For instance, in April 2020, GE Healthcare and Microsoft have launched a new software-as-a-service product that reduces the burden on professionals by allowing them to care for multiple ICU patients, — including those who are ventilated — simultaneously and remotely.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to presence of well-established healthcare infrastructure and high adoption of telemedicine in the region.
Competitive Landscape:
Key players operating in the global Virtual ICU market include 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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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
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Reports:
North America Healthcare Virtual Assistants Market, By Components (Speech Recognition, Text-to-Speech, Voice Recognition), By End User (Payers, Providers, Others), By Countries (US, Canada, and Mexico) – Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
Artificial Intelligence in Healthcare Market, by Products and Services (Hardware and Software & Services), by Technology (Speech Recognition, Natural Language Processing, Machine Learning, and Context Aware Processing), by Application (Imaging & Diagnostics, Home Health, Medical Device and Robotics, Virtual Assistants, and Others), by End User (Hospitals & Clinics, Medical Device Companies, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.
AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
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Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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