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Industry Overview
The millimeter radar technology is widely used in different applications. Today’s radar systems are compact size, easy to use, more precise and low cost. One of civil radar application is navigation, traffic and speed monitoring and automobile driving including 360-degree monitoring, anti-collision systems, and parking assistant. Metal detection is the other application of civil radar that can be used in the airport security gates to find weapons, in industrial processes such as food production line to find metallic contaminants and for inspection of metallic buried objects such as pipes. Imaging systems, especially through wall imaging, is the other application of civil radar that is useful in crime fighting, building security systems, perimeter and entry alert system and civil protection systems. Also, radar systems have great applications in non-destructive and contact-less testing systems, meteorology, and climatology. The final ones are medical applications of millimeter wave radars. They can be used in medical imaging and other diagnostic procedures. By using radars, human vital signs can be measured and due to their non-invasive property, they can be used in a verity causes and situations including emergency portable systems, fetus’ vital signs monitoring and other incredible application.
The patient monitoring device market includes participants that engage in the sale of remote and local monitoring devices for patients. The product offerings in this industry include Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, etc. With a multitude of applications including Cardiology, Neurology, Respiratory, and Fitness Monitoring, the end users within this segment are composed of Hospitals and Clinics, Home Healthcare applications, etc.
Driven by factors including expected economic growth leading to increases in per capita healthcare expenditures, increasing prevalence of chronic diseases, and increases in the adoption of remote monitoring technologies, this industry was estimated to be worth US$ 22.4 billion globally in 2018 and projected to grow at a CAGR of 8% to $30.7 billion by 2022 [ref]. The North American market was estimated to be worth US$ 6.97 billion in 2020 and projected to grow at a CAGR of 14% to US$ 8.96 billion by 2025 [ref]. In Canada, this industry was projected to grow at a CAGR of 6.5% from 2020 till 2025 and the market concentration is moderately to highly fragmented [ref] .A segment within this industry that had experienced immense growth is the Remote Patient Monitoring Market. With 47% of the growth projected to be generated from the Americas, this segment is expected to grow at a 16% CAGR globally [ref].
The segment that CaCiRa will largely participate in is the Vital Sign Monitoring market. Although only representing a fragment of the patient monitoring market, this industry was valued at US$ 5.1 billion in the year 2020 and is projected to grow at a CAGR of 6.5% from 2019 to 2026 to be valued at US$ 9.1 billion in 2026 [ref]. Hospitals represented the largest end-user of the product offering in this segment, having accounted for 35.9% of the market share in 2018.
First time, radar technology was proposed was in the 1900s. Since then progress millimeter wave radar has been limit however it has been proposed for civil applications recently. Using radar for human vital sign detection is a new technology that has been presented in the last few years and there is some scientific reports and papers related to this issue. But this technology is not commercialized yet.