5G in Healthcare Market: by Component (Hardware, Services, Connectivity); by Application (Connected Medical Devices, Remote Patient Monitoring, Assets Tracking for Medical Devices, AR/VR, Connected Ambulance); by End User (Healthcare Providers, Healthcare Players); by Region (North America, Europe, Asia Pacific and Rest of the World) -forecast in 2028

5G in Healthcare Market Overview

The global 5G in healthcare market is expected to cross USD 4,200 million by 2028 at a CAGR of ~74.5%. 5G provides a significant advancement in healthcare by enabling a new health ecosystem capable of meeting the demands of patients efficiently, cost-effectively, conveniently, and on a large scale. The use of 5G networks in healthcare has increased over the last few years. 5G networks is expected to witness a boost by advances in robotics, IoT and AI that will reshape the health system into a newly connected ecosystem. This vast network will connect billions of low-energy connected health monitoring devices, distant sensors, and clinical wearables, with 5G serving as the IoT backbone infrastructure.

The interactions between doctors and patients have changed over the years. Today, with advancements in technology, faster networks like 4G LTE and 5G affect healthcare delivery. COVID-19 pandemic results in the rapid adoption of telemedicine solutions across healthcare organizations to keep patients and medical staff safe. 5G boosts the implementation of Internet of Things (IoT) devices that propel the growth of home healthcare, remote patient monitoring, and robotic surgery assistance.

In combination with sophisticated imaging equipment, remote monitoring can put additional demand on healthcare industry business networks. This frequently causes network congestion and reduces network speeds, particularly for healthcare providers who interact with dozens of patients per day. The lag is not only inconvenient for individuals who use it, but the poor quality might cause delays in patient care, potentially harming long-term outcomes. The amount of data on networks is likely to grow much greater as the use of Internet of Things (IoT) technology continues to develop. Hence, the growth of the 5G networks in healthcare applications would drive the global 5G in healthcare market.

COVID-19 Analysis

The spread of COVID-19 has disrupted the healthcare system, and public health measures have made it harder for patients to get healthcare. The emergence of the pandemic has affected people across the globe and resulted in the shutdown of operational facilities worldwide. The healthcare industry is facing exceptional encounters during the lockdown phase. Due to the rapid growth of new patients with COVID-19, healthcare facilities are experiencing interruptions in the provision of regular health services. 5G technology enables healthcare providers to offer advanced healthcare services to handle post-COVID scenarios. 5G solutions allow smart healthcare systems to communicate with each other reliably, enabling new ways to monitor and respond to health emergencies.

The rapid spread of the virus prompted a reevaluation of patient-physician models. New technologies and digital models of care were deployed to combat the pandemic. Advancements in the latest technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, 5G Communications, cloud computing, and blockchain fuel the global 5G in healthcare market. Healthcare services should focus on customized approaches to detail COVID-19 symptoms while improving processes, eliminating possible transmission vectors, and protecting people. 5G in healthcare will give patients and doctors a wealth of information and capabilities and bring great convenience to both of them.

Market Dynamics

Drivers

• 
  Growing adoption of telemedicine
  
  
  
  • For many years, Information and Communication Technology (ICT) and medical expertise have been a potent mix for improving patient care. Remote diagnosis and robotic-assisted surgery are widely implemented worldwide, and the rapid evolution of ICT implies that even more possibilities for these treatments are becoming a reality. Telemedicine requires a network capable of delivering high-quality video in real-time, which frequently means wired networks. Numerous countries have demonstrated increasing support for telemedicine and telehealth and are establishing statewide telehealth coverage, established reimbursement rules, and a legal framework for telehealth services. Moreover, as a result of the pandemic, healthcare delivery changed dramatically. With patients requiring immediate care, hospitals and doctors' offices became potential exposure zones. As a result, telemedicine became the preferred method of care delivery for individuals in need of care. The high grade of virtual care, when combined with the availability of 5G technology solutions and its huge potential, will revolutionize healthcare delivery to new heights.
  
  
  
  

• The capacity of 5G technology to transmit large patient data files quickly will be a key factor in the development of new medical services


• Rapid advancements in 5G technology healthcare solutions

Restraints:

• 
  High deployement cost of 5G network
  
  
  
  • Massive investments would be required to make the transition from 4G to 5G technology. The required throughput density, periodic interest rate, and base station pricing influence the cost of 5G infrastructure. For effective and ultra-dense tiny cell deployments, these expenses must be reduced. The challenge for the Communication Service Provider (CSP) in transitioning to 5G is justifying the multibillion-dollar investments in new network equipment required to transform their network to a virtualized infrastructure and migrate services from 3G and 4G to 5G and protect their business from ever-increasing disruptions and cyber threats. They will need a distributed, autonomous network with an edge compute platform, network slicing, and control/user plane separation to successfully acquire enterprise clients with low latency apps
  
  
  
  

Technology Analysis

5G is the fifth generation of wireless technology, following 1G, 2G, 3G, and 4G. With 5G, healthcare providers will be able to connect remotely to machines, devices, and possibly even people in order to monitor their health status. 5G wireless technology will deliver high speed, to more people, at a lower cost. The new 5G technology developments will expand beyond the traditional mobile network. 5G is used for a whole range of connected services, from mobile broadband to remote healthcare applications. So far, 5G has been deployed in more than 60 countries and the rollout and adoption have been going much faster compared with 4G. Consumers are very excited to experience high speeds and low latencies.

Segment Overview

By Application

• Connected Medical Devices: Advances in wireless technology, miniaturization and computing power are driving the innovation of connected medical devices that create the Internet of Medical Things (IoMT). Greater connectivity between sensors and devices is enabling healthcare providers to streamline clinical operations, workflow management and improve patient care


• Remote Patient Monitoring: Remote patient monitoring devices include non-invasive monitors that monitor common physiological parameters and monitors that transmit the information to healthcare providers


• Asset Tracking for Medical Devices: To meet increasing demands, healthcare providers need to eliminate wasted steps and create a more streamlined workflow. Asset tracking solutions help healthcare service providers in the effective workflow of asset tracking and management


• AR/VR: Medical practitioners use VR technologies to engage their patients in healthcare activities effectively. VR and AR solutions also enable aesthetic medicine and orthodontia healthcare providers to plan the sequence of procedures and view their results


• Connected Ambulance: Connected ambulance connects patients, ambulance workers, and remote medical experts in real-time by leveraging 5G technology


• Others: Others include virtual consultations and prescription management. High Definition (HD) video consultations enable healthcare organizations to conduct initial screening assessments, routine check-ups, and rehabilitation sessions, resulting in propelling the adoption of 5G in healthcare. Video-enabled prescription management enables pharmacists and cat ers to monitor patients directly and ensures correct prescription and dosage is taken on time.

By End User

• Healthcare Providers: The advancements in 5G technology help healthcare providers meet the growing demands of digital transformation that include quick transmitting large imaging files, growing telemedicine solutions, improving AR, VR capabilities, and reliable, real-time remote monitoring.


• Healthcare Payers: Payers include Medicare and Medicaid and other organizations that establish service rates and process claims and pay provider claims. 5G technology helps healthcare providers, fitness and medical trackers, patients, and healthcare insurers improve their data exchange, enabling healthcare payers to create customized health and life insurance products for consumers.


• Other End Users: Other end users segment includes pharmaceutical companies. 5G networks will enable continuous clinical trials and generate large amounts of patient data for new drugs and therapies. 5G infrastructure helps drug manufacturers place IoT-connected monitoring devices at patients' homes during clinical trials, reducing administrative overheads and processing costs.

Regional Analysis

North America

• Growing 5G infrastructure investments, technological advancements, and evolving healthcare models is driving the North American 5G in healthcare market

North America held the largest 5G in healthcare market share in 2020, owing to the growing 5G infrastructure investments, technological advancements, and evolving healthcare models. According to the Commonwealth Fund, the US healthcare costs are estimated to be 17% of the country's gross domestic product in 2018. Moreover, increasing investments on digital health solutions, increasing wearable technology in healthcare, and the presence of major players in the region is further fuelling the growth of the market. The prominent players such as AT&T Inc. (US), Verizon (US), T‑Mobile USA, Inc. (US), Cisco Systems, Inc. is (US) are involved in expanding their operational facilities across the region, engaging in collaborations and partnerships, and launching new products for business growth.

Asia-Pacific

• Increasing consumer expectations, technological advancements is fueling the 5G in healthcare market in Asia-Pacific

Increasing modernization in healthcare infrastructure is expected to fuel the Asia-Pacific 5G in healthcare market. Increasing consumer expectations, technological advancements, and limited legacy health infrastructure contribute to the growth of the Asia-Pacific 5G in healthcare market. Collectively, these factors could enable governments, payers, and providers to reimagine healthcare delivery and management. A rapid demographic change increases the potential demand for healthcare services in the Asia-Pacific region. Moreover, lack of high-end infrastructure, financial constraints, shortage of advanced medical equipment and medical professionals fuel the growth of the Asia-Pacific 5G in healthcare market.

Competitive Landscape

The 5G in healthcare market is profitable, both for existing players as well as new entrants. Our analysis revealed that market players adopt different strategies and innovative R&D techniques to expand their business and secure their position in the market. As wireless operators modernize their infrastructures to deliver high speed eMBB services, they are also upgrading their networks with FWA and CBRS technology to compete with fixed broadband providers and offer a better experience for their customers. Cloud-based deployments help providers in significant flexibility and cost savings. The private network market is expanding, driven by the end-of-life of many legacy infrastructures that need technology refresh. The companies are investing in R&D activities to expand their product portfolio, further driving the 5G in healthcare market. In addition, the market players are adopting various strategies such as mergers & acquisitions, contractual agreements, new product launches, increasing investments in R&D, and partnering with other players to expand their global footprint.

List of Key Companies Covered in this Report:  

• AT&T Inc. (US)


• Verizon (US)


• Ericsson (Sweden)


• T‑Mobile USA, Inc. (US)


• Cisco Systems, Inc. is (US)


• Telus Communications Inc. (Canada)


• Telit (UK)


• Orange S.A. (France)


• Telefónica, S.A. (Spain)


• SAMSUNG (South Korea)


• BT Group (UK)


• NEC Corporation Japan)


• Qualcomm Technologies, Inc. (US)


• NTT Docomo Inc. (Japan)

Recent Developments

• In October 2021, Verizon (US) Business launched combination of customer-facing network, hardware and intelligence offerings for Internet of Things (IoT) applications across industries that includs manufacturing, healthcare, utilities, transportation, retail/supply chain, and public safety


• In September 2021, TPG Telecom (Australia), an Australian telecommunications company and Ericsson (Sweden) partnered to to deploy its 5G Core for standalone 5G networks. This partnership enables Ericsson's cloud-native dual-mode 5G Core to offer service and technology innovation for TPG Telecom's customers


• In April 2021, T-Mobile (US) partnered with Zyter (US), a cloud-based digital health solutions provider for providers, payers, and patients, to deliver virtual healthcare solutions that include telehealth and remote patient monitoring and care team collaboration across the US


• In June 2021, Cisco Systems (US) collaborated with Vodafone Idea Limited (VIL) (India), This collaboration enabled Vodafone Idea Limited to automate its network to support 4G and, future, 5G use cases and offers a better experience for its customers

Report Overview

The study covers the existing short-term and long-term market effects, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, Value Chain, and impact of COVID on the market.

Scope of the Report & Segmentation

By Component

• Hardware


• Services


• Connectivity

By Application

• Connected Medical Devices


• Remote Patient Monitoring


• Asset Tracking for Medical Devices


• AR/VR


• Connected Ambulance


• Others

By End User

• Healthcare Providers


• Healthcare Payers


• Other