The 5G in the healthcare market has been estimated to experience significant growth opportunities in the forthcoming years. This market growth is on the back of the rising adoption of robotics surgery and telehealth on the back of the COVID-19 pandemic. Further, the growing adoption of the 5G-enabled wearable healthcare devices to get real-time remote monitoring is also serving as a prominent growth driver in the market.
The availability of low-cost sensors and advancements in telecommunication are some of the key factors to drive growth impetus in the 5G in the healthcare market. Further, the capability of 5G technology for the transmission of large patient data files rapidly also serves as a driving factor to generate demand avenues in the market. However, the high deployment cost of the 5G network has been predicted to restrict the growth prospects in the market.
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5G in Healthcare Market: Key Trends
Medical expertise and ICT have been a powerful combination to enhance patient care for a lot of years. Robotic-assisted surgery and remote diagnosis are commonly used healthcare practices around the world. Further, the rapid pace of ICT evolution is projected to create various growth opportunities in the 5G in the healthcare market.
Telemedicine needs a network in order to support real-time high-quality videos. This is commonly related to wired networks. Various countries around the world have shown interest in increasing support for telehealth and telemedicine. These countries are taking initiatives for the establishment of statewide telehealth coverage, the legal framework for telehealth practices, and defined reimbursement policies. These initiatives are anticipated to create numerous expansion opportunities in the 5G in the healthcare market.
The sudden outbreak of the COVID-19 has changed healthcare delivery significantly. Hospitals and nursing homes have become potential exposure zones with patients requiring urgent medical care. As a result, telemedicine has become the primary option to provide healthcare solutions to patients. The presence of a 5G network and a high standard of virtual care have been anticipated to transform healthcare delivery to a great level. Owing to these factors, the 5G in the healthcare market has been estimated to boost expansion opportunities in the forthcoming years.
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5G in Healthcare Market: Competitive Dynamics and Key Developments
The key players operating in the 5G in the healthcare market have been incorporating various strategies to boost growth opportunities in the upcoming years. Collaborations, partnerships, acquisitions, product approvals, agreements, expansions, and novel service launches are some of the major strategies that have been adopted by the key companies to strengthen growth avenues in the market.
For instance, ZTE (China) and Huawei (China) have built the 5G demo sites in June 2020. The objective of these sites is to provide remote consultation along with outpatient & image diagnosis.
West China hospital, ZTE (China), and China Telecom (China) are facilitating services for remote diagnosis of the novel coronavirus through 5G in January 2020.
Some prominent players in the global 5G in healthcare market include:
- Deutsche Telekom AG
- Sierra Wireless
- BT Group
- SK Telecom Co., Ltd.
- NTT DOCOMO
5G in Healthcare Market: Regional Assessment
The 5G in the healthcare market is spread across various geographical locations across the world including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these regions, the Asia Pacific region has accounted for the largest market share of 33.8%. Further, the APAC region has been estimated to become the fastest and largest-growing area in the market. This market growth is attributed to the increasing number of government initiatives for the IoT, continuously improving network connectivity, and growing adoption of advanced technologies. In addition to this, the rising count of IoT-enabled medical devices is likely to boost growth opportunities in the 5G in the healthcare market.
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