5G in Healthcare Market Overview
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 in Healthcare Market Trends, 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 global 5G in healthcare market is expected to register a CAGR of 74.5% from 2021 to 2028 and hold a value of USD 4,200 million by 2028. Factors driving the 5G market in healthcare, include quick transfer of huge imaging files, increasing adoption of telemedicine, remote monitoring that is both reliable & real-time and improving augmented reality, virtual reality, and spatial computing. The high grade of virtual care, when combined with the availability of 5G and its huge potential, will revolutionize healthcare delivery to new heights. Following the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will offer remote support for high-quality healthcare while lowering patient exposure to contagion through few in-person visits to doctors and healthcare institutions. Patients who are unable to travel to their healthcare professionals will be able to visit them via telepresence equipment via 5G.
. 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 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
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5G in Healthcare Market Players
- AT&T Inc. (US)
- Verizon (US)
- Ericsson (Sweden)
- T‑Mobile USA
- (US)
- Cisco Systems
- is (US)
- Telus Communications Inc. (Canada)
- Telit (UK)
- Orange S.A. (France)
- Telefónica
- A. (Spain)
- SAMSUNG (South Korea)
- BT Group (UK)
5G in Healthcare Market Segmentation
The global 5G in healthcare market has been segmented into hardware, services, and connectivity. By application, the market has been segregated into connected medical devices, remote patient monitoring, asset tracking for medical devices, AR/VR, conncetd ambulance and others. The connected medical devices segment is expected to hold a considerable share of the market in 2020 owing to the growing government initiative for promoting digital healthcare.
Based on end user, the global 5G in healthcare market has been classified as healthcare providers, healthcare payers and other end users. The healthcare providers segment held the largest market share in 2020, owing to the increasing application of the 5G technology solutions in healthcare.
5G in Healthcare Market Regional Analysis
North America is expected to dominate the 5G in healthcare market, owing to growing 5G infrastructure investments, technological advancements, evolving healthcare models, and presence of major industry players across the region. In addition, increased investments in R&D of new products by the government and private organizations have surged the level of competition among the market players. The prominent players are also involved in collaborations, partnerships, and geographic expansions, which contribute to market growth.
Europe is expected to account for the second-largest position in the 5G in healthacre market in 2021 due to significant investment by mobile operators to build 5G infrastructure across the region. In addition, increasing demand for a low latency rate and the need to minimize downtime in remote robotic surgeries propels the growth of Europe 5G in healthcare market.. Technological advancements in Germany and UK aid in driving the 5G in healthcare market growth in the European region.
Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period due to increasing investment in healthcare infrastructure, rising number of geriatric population and growing awareness among the healthcare professionals about 5G technology uses in healthcare. In addition, increasing modernization in healthcare infrastructure is creating new opportunities for industry players.
The growth of the 5G in healthcare market in the Rest of the World is attributed to the technological advancements in 5G technology solutions with the expansion of distribution channels throughout the region
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