According to our new research study on “Healthcare Satellite Connectivity Market” Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Connectivity, End User,” the healthcare satellite connectivity market is expected to grow from US$ 6,797.22 million in 2021 to US$ 10,105.21 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The report highlights trends prevailing in the market and factors driving its growth. The market growth is mainly attributed to the factors such as the Government Initiatives for Promotion and Development of Satellite Connectivity-Based Solutions in Healthcare, Rising Adoption of e-Health. However concerns regarding data privacy hinders the market growth.
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Healthcare satellite connectivity allows for remote medical diagnosis and care in the comfort of one’s own home. It enables digital imaging, remote patient monitoring, e-learning and consultation, and access to life sessions to improve the knowledge of medical professionals located at a distance.
The Healthcare Satellite Connectivity Market based on product is segmented into medical device, system and software, services. The system and software segment held the largest share in 2021, also the same segment is anticipated to register the highest CAGR in the market during the coming years. System and software comprise the tools that are used to provide a mobile frame and storage system. Healthcare satellite connectivity system comprises the equipment that can be used in patients at home and in a clinical setting. For instance, blood pressure monitors, Bluetooth-enabled scales, and pulse oximetry monitors are used by specialists as well as consumers. This cart is generally the most popular equipment which helps in a program running. With this help, physicians can move patient’s data room to room. Moreover, they can record and transmit a patient’s medical data.
Impact of COVID-19 Pandemic on Healthcare Satellite Connectivity Market:
The COVID-19 outbreak is adversely affecting the industries worldwide and this devastating effect is continuing in 2021 as well. The outbreak created significant disruptions in primary industries such as manufacturing, healthcare, energy & power, electronics & semiconductor, aerospace & defense, and construction.Governments immediately made digital health platforms available to the general public as a result of reducing the virus’s spread. Hospitals and health systems are already encouraging people with suspected COVID-19 symptoms to use telehealth services to limit people’s flow to already crowded emergency rooms and doctor surgeries. Therefore, the growing demand for telemedicine during COVID-19 is likely to boost the growth of the healthcare satellite connectivity market.
Healthcare systems are experiencing growth in consumer engagement worldwide. In developing countries, the systems are becoming technologically friendly. These are experiencing an internationalization of care as established brands—such as the US-based Cleveland Clinic—expanded their businesses in the UAE, and start-ups—such as England-based Babylon, a primary care diagnostic app powered by machine learning and AI—entered into China and Rwanda markets. Moreover, with increasing investments in the Asia Pacific healthcare sector, IT start-ups offer lucrative opportunities for its growth.
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For instance, in December 2020, DXY (a Chinese healthcare portal company) raised US$ 500 million in a Series E round led by Trustbridge Partners. Alodokter, an Indonesian health tech platform, raised US$ 33 million Series C funding. The growing healthcare IT industry in Asia Pacific is anticipated to provide lucrative opportunities for players to expand their capabilities across the region. Also, COVID-19 pandemic has accelerated the use of digital health technologies globally. The pandemic prioritized remote monitoring solutions. Governments in the area are promoting the use of telemedicine. For instance, in March 2020, the Indian government issued the Telemedicine Practice Guidelines to enable registered medical practitioners to provide healthcare services using telecommunication and digital technologies. Such initiatives would offer lucrative opportunities for the growth of the patient portal market in the coming years.
The report segments the Healthcare Satellite Connectivity Market as follows:
Global Healthcare Satellite Connectivity Market – By Component
- System & Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Medical Device
- Wearable External Device
- Implanted Medical Device
- Stationary Medical Device
- System Integration Services
- Training and Education
- Support and Maintenance Services
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