ID: MRFR/HC/9232-HCR | February 2023 | Region: Global | 120 Pages
The global 5G in healthcare market is expected to cross USD 4,200 million by 2028 at a CAGR of 74.5%.
$4,200 million
74.5%
North America
2020-2028
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
Restraints:
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
By End User
Regional Analysis
North America
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 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: Â
Recent Developments
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
By Application
By End User
Report Attribute/Metric | Details |
---|---|
Market Size | 2028: ~USD 4,200 Million |
CAGR | ~ 74.5% |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Data | 2018-2019 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application, Technology and End User |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World |
Key Vendors | • 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) |
Key Market Opportunities | Increasing integration of AI in 5G healthcare solutions |
Key Market Drivers | • Growing adoption of telemedicine • The capacity of 5G technology to transmit large patient data files quickly will be a key factor in the development of new medical services |
The global 5G in healthcare market is expected to cross USD 4,200 million by 2028 at a CAGR of 74.5%.
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) are the key players in the market of 5g in healthcare
North America is predicted to lead the market of 5g in healthcare
Growing adoption of telemedicine and Rapid advancements in 5G technology healthcare solutions are the major market driver of 5g in healthcare
High deployement cost of 5G network may limit the market growth of 5g in healthcare