5G in Healthcare Market by Component (Hardware, Services, and Connectivity), Application (Connected Medical Devices, Remote Patient Monitoring, AR/VR, Asset Tracking for Medical Devices, and Connected Ambulance), End User (Healthcare Providers, Healthcare Payers, and Other End Users): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 1.08 billion mark in 2022 and is expected to hit US$ 31.60 billion by 2030, recording a CAGR of 52.60% during the forecast period.
5G in Healthcare has been significantly growing with the high adoption of fifth generation of mobile communication technology.
5G is a big leap in cellular technology and and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and provides accurately, efficiently, cost-effectively, conveniently, and at a substantial scale. The ability of 5G technology to transit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market during the forecast period. The hardware segment is attributed to the need for frequent upgradation or replacement to make optimal use to the latest software available across the market. Further, other segment such as services and connectivity is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into component, application, end users, and geography. By component, the market is further segmented into hardware, services, and connectivity. On the basis of application, the market is categorized into connected medical devices, remote patient monitoring, AV/VR, asset tracking for medical devices, and connected ambulance. By end users, the market is categorized into healthcare providers, healthcare payers, and other end users. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing adoption of telehealth and robotics surgery.
5G network has the ability to transform and improve all the critical components of healthcare. The much-awaited fifth generation of cellular wireless technology can revolutionize healthcare with its high speed and strong connection power. Along with its many initial advantages, it will also empower medical innovations along with extended reality (augmented/virtual/mixed reality), artificial intelligence, remote medical learning, patient care, and patient monitoring, to name a few. The healthcare industry has a critical and time-sensitive nature makes it even more essential to have continuous access to near real-time data to support and derive full use of the advanced technologies today. The applications of 5G in healthcare assures effective communications, efficient and quick transmission of huge amounts of data for early diagnosis of life-threatening diseases, coupled with low latency and high computing power to accelerate the growth of diagnosis and therapy exponentially. This has further led to the growth of the overall 5G in healthcare market growth during the forecast period.
Rising adoption in various end user is one of the major factors accelerating the market growth.
The end users are further bifurcated into healthcare providers, healthcare payers, and other end users for 5G in healthcare. Healthcare providers holds dominates the 5G in healthcare market. The large share of this segment can be anticipated due to the growing need for an efficient healthcare system, growing patient volume, rising number of hospitals and ambulatory care centers, growth in telehealth, rising adoption of 5G enabled wearable medical devices, and the growing demand for better technologies that help in the easy transfer of large data files. Other end user such as healthcare payers and other end users are also encouraging the use of this 5G in healthcare industry.
Recent strategic developments in 5G in healthcare market
The 5G in healthcare market has undergone several significant developments, and a few of these have been mentioned below:
- In June 2020, ZTE, along with Huawei, built 5G demo sites for remote consultation and outpatient & image diagnosis.
- In January 2019, Rush University Medical Center acquired AT&T to bring out the latest mobile communications technology to clinical care based on 5G to improve communications, data processing requirements, and the patient experience.
- In February 2020, Emory Healthcare partnered with Verizon. Emory Healthcare is using Verizon’s 5G Ultra-Wideband to enhance augmented reality and virtual reality (AR/VR) applications for medical training, telemedicine, and remote monitoring, in addition to diagnostic and imaging systems from ambulances to ER.
The 5G in healthcare market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. AT&T, Verizon, China Mobile Limited, T-Mobile, Ericsson, Telit, Telus, Vodafone, Nokia, Samsung are among the prominent players operating in the market.
Target audience for the report:
- Service providers
- Device servicing providers
- Component service providers
- Service-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Devices distributors and sales firms
- End users of services
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Component:
- Hardware
- Services
- Connectivity
- Application
- Connected Medical Devices
- Remote Patient Monitoring
- AR/VR
- Asset tracking for Medical Devices
- Connected Ambulance
- End User:
- Healthcare Providers
- Healthcare Payers
- Others End Users
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- AT&T
- Verizon
- China Mobile Limited
- Telit
- Telus
- Ericsson
- T-Mobile
- Vodafone
- Nokia
- Samsung
The List of Companies
- AT&T
- Verizon
- China Mobile Limited
- Telit
- Telus
- Ericsson
- T-Mobile
- Vodafone
- Nokia
- Samsung