In 2021, the market for 5G in Healthcare market worldwide was worth $ 42 billion US dollars. AMR Group projects that the market will reach US$ 450 billion by 2031, growing at a CAGR of 33.5 percent between 2022 and 2031.
Industry Overview
5G is symbolized for the 5th generation mobile network. 5G provides a new advancement in network that is developed to connect digitally everyone and everything together including objects, machines, and devices. The basic components of healthcare could all be increased and changed by 5G networks. Over the past years, the utilization of 5G network in healthcare industry have increased, and its applications are being strengthened by advancement in IoT, robotics, and AI. The healthcare industry produces a huge amount of data and medical records. A single patient may have generated hundreds of gigabytes of data, which may include everything from patient medical records to the enormous image files generated by Magnetic Resonance Imaging (MRI), Computerized Axial Tomography (CAT), or Positron Emission Tomography (PET) scans. When the network capacity is constrained, the transfer of those huge data might get slow or fails, causing significantly slowing down the delivery of patient care. The availability and capacity of healthcare can be improved by integrating high-speed 5G networks into current designs to help efficiently and reliably move big data files of medical pictures. Therefore, the increasing adoption of 5G networks in healthcare systems is expected to be the important driver of market growth in the upcoming years. Dependable data and High bandwidth connectivity services are available with 5G networks.
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The 5G in Healthcare Market tends to grow due to rising the developments in telecommunication, advancements of wearable medical devices with 5G technology. The capacity of 5G technology to transfer huge patient data files at a faster speed. The accessibility of inexpensive sensors is also fueling the market growth. Moreover, an increase in government and key market player’s investments for the deployment of 5G in healthcare is boosting the market growth.
Market Dynamics
In healthcare industries, network technology is expected to significantly improve the responsiveness of wireless networks, coverage and speed. Therefore, the rising demand for faster and more reliable data transmission in the healthcare industry is fueling the market growth. In 2021, Enovacom, a subsidiary of Orange organization, launched the Enovacom Patient Link solution to enhance the digitalization of the patient administrative and medical processes, easier & faster. 5G technology in healthcare provides necessary levels of connection for a new health ecosystem that can be cost-effectively, efficiently, precisely, and fulfill the requirements of patients and providers.
Moreover, to remote sensors, low-bitrates, clinical wearables, and low energy connected health monitoring devices, 5G will serve as the IoT’s backbone infrastructure. Technological advancement is one of the driving factor for the growth in market. In 2019, Ooredoo and Ericsson together in a joint venture developed a 5G-enabled haptic glove that empowered doctors to treat patients remotely. The glove is worn by the paramedic on the scene The 5G network is now used in healthcare tests and it develops a new solution that provides to enhance & revolutionize patient care services. Leading players in 5G market for the healthcare sector are now focused on developing innovative technologies to improve their market position. However, the healthcare sector is facing some challenges, including the high cost of drugs & therapies and a significant change in this area. The major challenge faced by healthcare systems throughout is the non-availability of fastest transmission of data.
COVID Impact
The COVID-19 pandemic substantially impacted the global healthcare industry, specifically hospitals, due to the sudden increase in patients. The 5G in Healthcare market has shown a positive impact during the COVID-19 pandemic period. The COVID-19 outbreak has highly impact and accelerated the shift towards the digital transformation of the healthcare system. A focus on adopting telehealth, thermal imaging solutions and remote care services. The services require a significant amount of bandwidth, especially online medical consultations that involve image transmission and real-time video conferencing. In 2020, University Hospitals in Ohio, introduced a remote patient monitoring device, a wireless sensor device that monitors patient’s temperature, oxygen levels, and reparation rate to detect possibilities of having COVID-19.
Regional Trend
Geographically, the global 5G in Healthcare market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is dominating the largest share of the global 5G in Healthcare market with a share of over 35% in 2021. Moreover, Asia Pacific is lined up to register the highest CAGR during the forecast period. The growth in the market in Asia-Pacific is driven by the significant acceptance of enhanced network connectivity, advanced technologies, and increased government initiatives for raising awareness regarding telehealth & penetration of 5G in the healthcare industry. For instance, in November 2020, the health operator IHH Healthcare and the Chinese government together launched a WeChat program as an initiative to strengthen telehealth.
Competitive Landscape
Key players operating in the global tissue diagnostics market are AT&T Inc., BT Group, China Mobile International Limited, China Unicom, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Fibocom Wireless Inc., Huawei Technologies Co., Ltd., NEC Corporation, Nokia Corporation, Orange, Qualcomm, Quectel, Samsung Electronics Co., Ltd., Saudi Telecom Company (STC), SK Telecom Co., Ltd., Telit, Telus, T-Mobile, Verizon Communications, and Vodafone among others. In 2020, Verizon and Emory Healthcare entered a partnership on February 2020. Emory Healthcare is increasing diagnostic and imaging systems for ambulances and emergency rooms by utilizing Verizon’s 5G Ultra-Wideband for augmented reality and virtual reality (AR/VR) applications for remote monitoring, telemedicine and medical training.
Key USP’s-
The Government of India has launched a special incentive scheme to support 75 healthcare startups in telemedicine and digital health in 2021. Cloud based developments help providers in significant flexibility and cost savings. The private network market is growing, driven by many infrastructures that need technological upgrade.
Market Segmentation
Based upon the component used in 5G in Healthcare Market is segmented into three segments of Hardware, Services and Connectivity in the healthcare process. Based on application, the 5G in Healthcare Market is segmented into AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Medical Devices, Connected Ambulance, Home Healthcare, Telemedicine and Smart Wearables. Based on End user, the 5G in Healthcare Market is segmented into Healthcare Providers and Healthcare Payers. In this segments, the healthcare providers segment dominated the market in 2021 with a revenue share of over 60%. This attributes the increasing use of wearable medical devices with 5G technologies, rising demand for better technologies, increasing patient volume, and an increasing number of ambulatory care centers and hospitals.
By Component
• Hardware
• Services
• Connectivity
By Application
• AR/VR
• Virtual Consultations
• Remote Patient Monitoring
• Connected Medical Devices
• Connected Ambulance
• Home Healthcare
• Telemedicine
• Smart Wearables
By End User
• Healthcare Providers
• Healthcare Payers
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Key Questions answered with an analysis in this report:
- What are the current market trends? Will there be an increase or decrease in market demand in the following years?
- Which product categories are expected to have the highest demand? What kind and applications might we expect in the future?
- What Economic Predictions are Available for the Industry Considering Capacity, Production, and Production Value?
- Which costs and profits are projected? What Will the Market Share, Consumption, and Supply Be? How do imports and exports operate?
- In light of the strategic advancements, where will the industry be in the mid- to long-term?
- What are the primary raw materials employed in the production?
- What is the value of the global market? How much was the market worth in 2022?
- Which companies are the main players in the market? Which businesses are leading the pack?
- What are the current business trends that can be used to create new sources of income?
- What Entry Strategies, Economic Impact Countermeasures, and Marketing Channels Should the Industry Use?
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