5G in healthcare Market Overview:
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 utilization 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 energies connected health monitoring devices, remote sensors, and clinical wearables, with 5G functioning as the Internet of Things’ backbone infrastructure.
The global 5G in healthcare market is expected to cross USD 4.2 billion by 2028 at a robust CAGR of 74.5% over the review period.
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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5G in healthcare Market Segmentation:
The global 5G in healthcare market has been segmented into hardware, services, and connectivity. By application, the market has been segregated into connected medical devices, remote patient monitoring, asset tracking for medical devices, AR/VR, conncetd ambulance and others. The connected medical devices segment is expected to hold a considerable share of the market in 2020 owing to the growing government initiative for promoting digital healthcare.
Based on end user, the global 5G in healthcare market has been classified as healthcare providers, healthcare payers and other end users. The healthcare providers segment held the largest market share in 2020, owing to the increasing application of the 5G technology solutions in healthcare.
5G in healthcare Market Regional Analysis:
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.
5G in healthcare Market Players:
Some of the key players in the global 5G in healthcare market are AT&T Inc. (US), Verizon (US), Ericsson (Sweden), T?Mobile USA, Inc. (US), Cisco Systems, Inc. (US), Telit (UK), Orange S.A. (France), Telefónica, S.A. (Spain), SAMSUNG (South Korea), BT Group (UK), NEC Corporatioan (Japan), Qualcomm Technologies, Inc. (US), and NTT Docomo Inc. (Japan).
Among others are some key companies in the global 5G in healthcare that are listed by MRFR for market research.
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EBR Systems has managed to attain a total funding of AU$110 million in Initial Public Offering on the Australian Securities Exchange (ASX). The company’s WiSE CRT System is the first-ever and the only heart failure-based wireless endocardial left ventricle pacing system. The device offers treatment to those unable to get CRT from a conventional lead-based device or patients that are at high risk associated with an upgrade surgery
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