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5G in Healthcare Market Overview
The global 5G in healthcare market is projected to reach USD 4.2 billion by 2028 at a CAGR of 74.5% by 2028. Factors driving the 5G market in healthcare, include quick transfer of huge imaging files, increasing adoption of telemedicine, remote monitoring that is both reliable & real-time and improving augmented reality, virtual reality, and spatial computing. The high grade of virtual care, when combined with the availability of 5G and its huge potential, will revolutionize healthcare delivery to new heights. Following the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will offer remote support for high-quality healthcare while lowering patient exposure to contagion through few in-person visits to doctors and healthcare institutions. Patients who are unable to travel to their healthcare professionals will be able to visit them via telepresence equipment via 5G.
5G represents a huge advancement in healthcare by enabling a new health ecosystem capable of efficiently, cost-effectively, conveniently, and on a global scale addressing the demands of patients. Over the previous few years, the utilisation of 5G networks in healthcare has increased. 5G networks are expected to benefit from advancements in robotics, the Internet of Things, and artificial intelligence, which will remodel the health system into a newly connected ecosystem. This massive network will connect billions of low-energy connected health monitoring devices, remote sensors, and clinical wearables, with 5G functioning as the Internet of Things’ backbone infrastructure.
Doctor-patient interactions have evolved over time. Today, as technology advances, faster networks such as 4G LTE and 5G have an impact on healthcare delivery. As a result, 5G accelerates the adoption of Internet of Things (IoT) devices, which in turn accelerates the expansion of home healthcare, remote patient monitoring, and robotic surgery aid. The growing acceptance of telemedicine and robotic surgery as a result of COVID-19, as well as the growing usage of 5G-enabled wearable medical devices for real-time remote patient monitoring, are significant factors driving this market’s growth.
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Other significant reasons driving the growth of this market are the potential of 5G technology to send big patient data files fast, technological advancements, and the availability of low-cost sensors. Following the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will offer remote support for high-quality healthcare while lowering patient exposure to contagion through fewer in-person visits to doctors and healthcare institutions. Patients who are unable to travel to their healthcare professionals will be able to visit them via telepresence equipment via 5G.
However, the expensive cost of deploying a 5G network is projected to limit this market’s growth.
5G in Healthcare Market Segmental Analysis
The market has been split by component into Hardware, Services, and Connectivity.
The market has been divided by application into Connected Medical Devices, Remote Patient Monitoring, Medical Device Asset Tracking, AR/VR, and Connected Ambulance.
The market is divided by End User into Healthcare Providers, Healthcare Payers, and Others.
North America accounted for the highest share of the 5G in healthcare market in 2020, owing to increased 5G infrastructure investments, technological developments, and altering healthcare practises. Additionally, growing investments in digital health solutions, the adoption of wearable technology in healthcare, and the presence of significant competitors in the region all contribute to the market’s growth. The region’s leading players, including AT&T Inc. (US), Verizon (US), T Mobile USA, Inc. (US), and Cisco Systems, Inc. (US), are expanding their operating footprints, collaborating and partnering, and releasing new products to drive business growth.
The Asia-Pacific 5G in healthcare market is predicted to be fueled by increasing modernization of healthcare infrastructure. Consumer expectations, technological improvements, and the limited legacy health infrastructure in Asia-Pacific all contribute to the market’s growth. By combining these characteristics, governments, payers, and providers may be able to reinvent healthcare delivery and management. Rapid demographic shift in the Asia-Pacific area increases the potential demand for healthcare services. Additionally, a lack of high-end infrastructure, budgetary restraints, and a shortage of advanced medical equipment and medical experts all contribute to the market’s growth in Asia-Pacific.
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5G in Healthcare Market Competitive Dynamics
The notable players of the market are AT&T Inc. (US), Verizon (US), Ericsson (Sweden), T?Mobile USA, Inc. (US), Cisco Systems, Inc. is (US), Telus Communications Inc. (Canada), Telit (UK), Orange S.A. (France), Telefónica, S.A. (Spain), SAMSUNG (South Korea), BT Group (UK), NEC Corporation Japan), Qualcomm Technologies, Inc. (US), and NTT Docomo Inc. (Japan).
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