Meticulous Research®—a leading global market research company, published a research report titled ‘5G in Healthcare Market by Component (Hardware, Services [Professional, Managed], Connectivity), Application (Healthcare Management, Remote Healthcare, AR/VR, Asset Tracking, Connected Medical Devices), End User (Payer, Provider)—Global Forecast to 2030.
According to this latest publication from Meticulous Research®, the 5G in Healthcare Market is projected to reach $166.1 billion by 2030, at a CAGR of 29.5% during the forecast period. The growth of this market is attributed to factors such as the advancements in telecommunication, the increased patient data transmission rate offered by 5G technology, the increasing adoption of telehealth and nursing robots after the COVID-19 outbreak, the availability of low-cost sensors, and the increasing adoption of 5G-enabled medical devices for patient monitoring.
5G in Healthcare Market: Future Outlook
The 5G in healthcare market is segmented based on Component (Hardware, Services [Professional Services, Managed Services], Connectivity), Application (Healthcare Management Software, Remote Healthcare [Remote Patient Monitoring, Virtual Consultations, Video-Enabled Prescription Management], Augmented Reality/Virtual Reality, Asset Tracking for Medical Devices, Connected Medical Devices, Other Applications), End User (Healthcare Providers, Healthcare Payers, Other End Users), and GeographyThe study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on component, in 2023, the hardware segment is expected to account for the largest share of the 5G in healthcare market. The growth of this segment is attributed to the need for upgrading devices for optimal use of the latest technologies, the rising demand for ultra-high bandwidth for connecting devices, and the need for massive connectivity.
Based on application, the 5G in healthcare market is segmented into healthcare management software, remote healthcare, augmented reality (AR)/virtual reality (VR) healthcare, telemedicine, medical/nursing telerobotics, connected medical devices, and other applications. The remote healthcare segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need for long-term home care, the increasing burden of chronic diseases, the rising geriatric population, and the growing demand for remote health checkups. Additionally, the rising awareness and demand for telehealth consultations drive the demand for remote patient monitoring solutions.
Based on end user, in 2023, the healthcare providers segment is expected to account for the largest share of the market. The growth of this segment is attributed to the increased need for 5G services for medical device tracking, patient monitoring, and healthcare data management. In addition, the increasing number of ambulatory centers and hospitals and the high adoption of 5G-enabled medical devices contribute to the growth of this segment.
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This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa.
In 2023, North America is expected to account for the largest share of the 5G in healthcare market, followed by Europe and Asia-Pacific. Furthermore, the U.S. is expected to be the largest shareholding market in North America in 2023. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, favorable government investments for the digitalization of the healthcare sector, and the availability of advanced infrastructure for the implementation of 5G services.
The key players operating in the 5G in healthcare market are AT&T Inc. (U.S.), Verizon Communications Inc. (U.S.), LM ERICSSON TELEPHONE COMPANY (Sweden), T‑Mobile USA, Inc. (U.S.), Cisco Systems, Inc. (U.S.), TELUS Corporation (U.S.), Telit corporate group (U.S.), Orange SA (France), Telefónica, S.A.(Spain), SAMSUNG ELECTRONICS CO., LTD. (South Korea), BT Group plc (U.K.), NEC Corporation (Japan), and QUALCOMM Incorporated (U.S.).
Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, end user, and region/country?
- What was the historical market size for 5G in healthcare across the globe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global market of 5G in healthcare?
- Who are the major players in the global 5G in healthcare market?
- How is the competitive landscape, and who are the market leaders in the global 5G in healthcare market?
- What are the recent developments in the 5G in healthcare market?
- What are the different strategies adopted by the major players in the 5G in healthcare market?
- What are the geographical trends and high growth regions/countries?
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Author:
Mr. Khushal Bombe
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