Market Trends of Healthcare Satellite Connectivity Industry
Telemedicine Segment is Expected to Hold Significant Share Over The Forecast Period
The combination of increased access to healthcare, improved connectivity, cost and time efficiency, demographic trends, and technological advancements are certain factors that are projected to drive the growth of the telemedicine segment in the healthcare satellite connectivity market.
In addition, the rising number of imaging procedures, the development of IT infrastructure, the rise in healthcare expenditure, and the increasing prevalence of osteoarthritis and chronic diseases are also increasing the segment growth. For instance, as per the article published by the American Cancer Society Journal in January 2022, approximately 1.9 million new cancer cases were projected to occur in the United States in 2022. The rising prevalence of chronic conditions, such as cancer, is increasing the diagnostic imaging procedural rate. Hence, the rising number of imaging procedures is projected to boost the demand for reliable and efficient teleradiology solutions, resulting in high growth in the market.
Additionally, the increasing healthcare expenditure is positively influencing the overall market growth. For instance, as per the National Health Expenditure Projections 2023-2024, growth rates in United States health expenditures are projected to be 5% and 5.1% throughout 2023 and 2024, respectively, as patient care patterns are assumed to revert to pre-pandemic levels. Telemedicine solutions have demonstrated the ability to enhance health outcomes and reduce costs. Telemedicine has been decreasing the cost of healthcare while increasing efficiency through improved management of chronic diseases, reduced travel times, and fewer and shorter hospital stays.
Moreover, the active participation of prominent players in the launch of various teleradiology platforms is also increasing the market growth. For instance, in August 2022, 5C Network launched its artificial intelligence-powered platform Prodigi to interpret radiology images directly from the cloud. This state-of-the-art platform enables teleradiology at a massive scale and makes it possible for diagnostic centers and hospitals to submit scans and access reports. Thus, such developments made by prominent players are projected to burgeon segment growth during the forecast period.
Therefore, due to the above-mentioned factors, the telemedicine segment in the healthcare satellite connectivity market is projected to grow significantly during the forecast period.
North America Region is Expected to Occupy a Major Share in the Healthcare Satellite Connectivity Market Over the Forecast Period
The geographical analysis of the healthcare satellite connectivity market shows that North America holds a significant market share in the global market. This is due to the rising number of Internet users, the increasing prevalence of chronic diseases, the well-developed healthcare infrastructure, and various strategies prominent regional players perform.
For instance, as per the data updated by the Center for Disease Control and Prevention (CDC) in December 2022, 6 in 10 adults in the United States currently have a chronic disease. The same source mentioned that approximately 4 in 10 adults in the country now suffer from two or more chronic conditions. Therefore, such a large proportion of people suffering from chronic diseases in the country is projected to create a massive demand for telemedicine services, thereby increasing the healthcare satellite connectivity market growth.
In addition, the increasing investments by government organizations in the region in various health sectors are also projected to increase market growth during the forecast period. For instance, as per the data updated by the National Institutes of Health (NIH), in March 2023, the United States healthcare expenditure in biomedical imaging rose from USD 2,774 million in 2021 to USD 3,101 million in 2022. Furthermore, rising agreements between prominent regional players drive market growth. For instance, in March 2023, Monogoto, the United States-based company, signed an agreement with Non-Terrestrial Network (NTN) service operator Skylo Technologies. This new agreement lowers developers' barriers to adding satellite connectivity to existing public and/or private networks already available on Monogoto Cloud. Monogoto's technology connects sensors and devices in the United States in the healthcare sector.
Therefore, due to the rising prevalence of chronic diseases, increasing healthcare expenditure, and various agreements, the regional market growth is projected to grow significantly during the forecast period.
