Market Snapshot
The global 5G healthcare market is valued at USD 3092 Mn by 2026, recording a CAGR of 61.2% during the forecast period from 2021 to 2026. Development of the market can be attributed to the increased application of 5G networks in healthcare. In addition, rapid transformation in innovative healthcare is expected to bolster the industry in the forecast period. Increasing adoption of telehealth and robotics surgery owing to COVID-19 and the growing adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are other salient factors driving the market in the forecast period. Also, the ability of 5G technology to transmit large patient data files quickly, development in telecommunication, and the availability of low-cost sensors are other factors augmenting the market significantly. On the contrary, high expenses associated with the deployment of the 5G network are projected to hinder the market in the forecast period. Also, increased usage of automated healthcare technologies has high-security risks owing to the broader access offered.
The HIPAA Journal recorded 616 healthcare data breaches in its 2020 breach in the US, a rise of 66% against 2018. As per a publication from HIPAA Journal, HIPAA-covered companies, and business associates have paid nearly USD 13.6 Mn for HIPAA violations in 2020 and USD 15.3 Mn in 2019. As a result, creating a secured communication platform is a significant challenge for manufacturers.
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Market Segmentation
The remote patient monitoring segment is anticipated to dominate the market during the forecast period based on the application. The growth of the segment can be attributed to the expanding senior population. 5G has assisted the segment by enabling the reliability of patients on the security services and enhancing the capacity for the number of intelligent devices per kilometer.
Based on end-user, the payer’s segment is expected to be the fastest-growing segment during the forecast period. Payers refer to private insurance companies and governmental agencies. Details regarding a patient’s health can be directly shared with the payer. It saves costs for the medical insurance payers.
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Regional Analysis
APAC is anticipated to secure the largest market share during the forecast period. The region is expected to have procured 38% of the market share in 2020. The region’s expansion can be attributed to the rapid adoption of advanced technologies, the increasing number of IoT-enabled medical devices, and government initiatives for IoT.
Countries such as; China, Japan, South Korea, and Japan have been identified as the forerunners in the region. For instance, Korea’s Samsung Medical Center is the world’s first hospital to use 5G technology. In another example, in January 2020, China Telecom, ZTE, and West China hospital announced the facilitation of remote diagnosis of COVID-10 via 5G technology. Further, in another occurrence, ZTE and Huawei constructed 5G demo sites for remote consultation and image diagnosis. Owing to these initiatives, the APAC region is likely to flourish significantly in the coming time.
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List of Key Players Covered in the 5G in Healthcare Market:
· AT&T,
· Samsung
· Huawei Technologies
· Sierra Wireless
· Ericsson
· SK Telecom
· Vodafone
· Qualcomm
· among others.
Some of the recent developments among key players are:
· In January 2019, Rush University Medical Center partnered with AT&T to offer the latest mobile communications technology to clinical care based on 5G to enhance communication, patient experience, and data processing needs.
· In February 2020, Emory Healthcare announced a partnership with Verizon. Emory healthcare uses Verizon’s 5G Ultra-Wideband to grow the Augmented Reality and Virtual Reality (AR/VR) applications for telemedicine, medical training, and remote working.
· In May 2019, Ooredoo partnered with Ericsson to leverage 5G technology in ambulances to enable doctors to treat patients remotely by monitoring a special haptic glove worn by the paramedic on the scene.
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Some Points from Table of Contents of the 5G in Healthcare Market: -
Global 5G in Healthcare Market Growth, Trend and Forecast 2021-2028
Chapter 1 5G in Healthcare Market Overview
1.1 Product Overview and Scope of 5G in Healthcare
1.2 5G in Healthcare Market Segmentation by Type
1.2.1 Global Production Market Share of 5G in Healthcare by Type in 2020
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 5G in Healthcare Market Segmentation by Application
1.3.1 5G in Healthcare Consumption Market Share by Application in 2020
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 5G in Healthcare Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of 5G in Healthcare (2014-2028)
Chapter 2 Global Economic Impact on 5G in Healthcare Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global 5G in Healthcare Market Competition by Manufacturers
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