5G in Healthcare Market Highlights
According to MRFR analysis, the global 5G in healthcare market is expected to reach USD 4,200 million by 2028 at CAGR of 74.5%. 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.
The key players are involved in new product launches, strategic agreements, funding, investments, and joint ventures to maintain their market positions. The key players in the 5G healthcare market have been implementing a variety of tactics to capitalize on growth prospects in the following years. For example, ZTE (China) and Huawei (China) announced the establishment of 5G demonstration sites in June 2020. These sites are designed to give remote consultation in addition to outpatient and imaging diagnostics. In addition, In October 2021, Verizon Business (US) launched a combination of customer-facing network, hardware, and intelligence offerings for Internet of Things (IoT) applications across industries that include manufacturing, healthcare, utilities, transportation, retail/supply chain, and public safety.
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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.
North America is expected to dominate the 5G in healthcare market, owing to growing 5G infrastructure investments, technological advancements, evolving healthcare models, and presence of major industry players across the region. In addition, increased investments in R&D of new products by the government and private organizations have surged the level of competition among the market players. The prominent players are also involved in collaborations, partnerships, and geographic expansions, which contribute to market growth.
Europe is expected to account for the second-largest position in the 5G in healthacre market in 2021 due to significant investment by mobile operators to build 5G infrastructure across the region. In addition, increasing demand for a low latency rate and the need to minimize downtime in remote robotic surgeries propels the growth of Europe 5G in healthcare market.. Technological advancements in Germany and UK aid in driving the 5G in healthcare market growth in the European region.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period due to increasing investment in healthcare infrastructure, rising number of geriatric population and growing awareness among the healthcare professionals about 5G technology uses in healthcare. In addition, increasing modernization in healthcare infrastructure is creating new opportunities for industry players.
The growth of the 5G in healthcare market in the Rest of the World is attributed to the technological advancements in 5G technology solutions with the expansion of distribution channels throughout the region.
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).
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