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5G in Healthcare Market Size By Offering (Hardware, Services), By Application (AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Ambulance, Inventory Management Devices), By End-use (Healthcare Providers, Healthcare Payers, Pharmaceutical Companies), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5317
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Overview

5G in Healthcare Market size was more than USD 2.5 billion in 2021 and is anticipated to register more than 35% CAGR during the forecast timeframe 2022-2030. Increasing integration of emerging and latest technologies with 5G will foster the global market growth.
 

5G in Healthcare Market

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The healthcare industry is undergoing a notable transformation, with the introduction of a variety of advanced technologies that make diagnosis more accurate and treatments more efficient. The rollout of the 5G technology in the healthcare sector has created several business opportunities for medical professionals. According to the CDC, in 2020, the use of telehealth in the U.S. increased by 50% in 2020 as compared to 2019, due to the COVID-19 pandemic. These factors are set to increase the demand for 5G from medical professionals.
 

The adoption of 5G networks can offer significant computational abilities to operate virtual systems, boosting cloud deployment. The technology will strengthen the integration of IoT devices across medical facilities. The availability of digital networks and increasing access to broadband in several countries will represent new prospects for solution providers.
 

However, the high deployment cost of 5G networks may hamper the 5G in healthcare market growth. The cost of 5G infrastructure is heavily influenced by various factors, such as required annual interest rate, throughput density, and base station pricing, which is over five times that of the lower frequencies deployed in 4G LTE. Also, in low-middle income nations, the high cost of 5G medical technologies and equipment could prevent most healthcare providers and payers from adopting 5G network.
 

5G hardware devices allow seamless digitization of healthcare processes

Global 5G in Healthcare Market Share, By Offering,

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The global 5G in healthcare industry share from the hardware segment is projected to surpass USD 47 billion by 2030. Hardware devices that use 5G solutions enable seamless digitization of healthcare processes. For instance, the idea of remote patient monitoring gained traction across hospitals during the COVID-19 pandemic from 2020 due to travel and movement restrictions. It fueled the use of 5G connectivity. Some examples of 5G hardware include 5G small cells, Wi-Fi, and network equipment. 5G technology in hardware devices is used in areas such as data transmission, telediagnosis, wearable devices, and telerobotic surgery, among others.
 

Virtual consultations via 5G to expand reach of healthcare services

5G in healthcare market share from the virtual consultation applications was valued at more than USD 1 billion in 2021. The World Health Organization (WHO) encouraged medical institutes to conduct virtual consultations and use telemedicine as a primary practice to overcome the challenges associated with the COVID-19 pandemic. Several governments have since adopted supportive strategies to initiate these consultations. For instance, according to the U.S. Office of Health Policy, in 2021, a significant surge was recorded in telehealth visits in 2020, with a substantial number of visitors being reimbursed through Medicare, which was not a common practice before the pandemic.
 

5G to enable healthcare providers improve quality of patient care

Global 5G in Healthcare Market, By End-use,

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Based on end-use, global 5G in healthcare market is segmented into healthcare providers, healthcare payers, and pharmaceutical companies. The increasing prevalence of chronic diseases among the adult population will drive the patient footfall across healthcare facilities. Healthcare providers are adopting 5G services to cater to a wide range of customers through many applications, including advanced patient monitoring, connected ambulance, and asset tracking devices.
 

The 5G in healthcare industry share from the healthcare provider segment is predicted to exceed USD 60 billion by 2030. The asset tracking systems are integrated with 5G technology that deliver innovative features. These include quick and easy access to medical equipment in real-time, reduced procurement costs, improved inventory management, and enhanced accuracy for healthcare providers.
 

North America 5G in healthcare industry landscape to remain positive

Global 5G in Healthcare Market, By Region,

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North America 5G in healthcare market size will surpass USD 17 billion in value by 2030. Numerous variables, such as rising prevalence of coronary artery diseases (CAD), rapidly aging population, and novel product launches by key market players are contributing to the regional industry expansion. Increasing awareness regarding the benefits of introducing 5G technology in healthcare products and services will accelerate the technology deployment.
 

According to the CDC, in 2020, approximately 20 million American citizens were suffering from CAD. The number is increasing at a steady pace every year due to key lifestyle variables. These patients require advanced and reliable remote patient monitoring devices for better, constant, and efficient supervision, thereby driving the regional industry trends.
 

Key industry partnerships to strengthen the competitive landscape

AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Fibocom Wireless Inc., Qualcomm, Ericsson, Nokia Corporation, Huawei Technologies Co., Ltd., China Mobile Limited, Samsung Electronics Co., Ltd., BT Group, Deutsche Telekom AG, Vodafone, China Mobile Limited, China Unicom, Saudi Telecom Company (STC), and T-Mobile, are some of the renowned companies involved in 5G in healthcare market. These organizations are entering into strategic partnerships, mergers, and acquisitions to expand their market presence.
 

For example, in February 2021, AT&T partnered with the U.S. Department of Veterans Affairs (VA) to test the 5G-powered healthcare innovations. This collaboration helped the company closely study 5G and multi-access edge computing (MEC) technologies to improve healthcare delivery for approximately 9 million Veterans who avail VA healthcare services each year. It also helped the firm enhance its R&D capabilities and increase its revenue.
 

Impact of COVID-19 crisis on global 5G in healthcare industry

The COVID-19 pandemic had a positive impact on the 5G in healthcare market forecast, as it amplified the adoption of cutting-edge medical devices and solutions. Healthcare professionals faced a greater risk of contracting the infection, creating a bigger impact on hospitals and diagnostic facilities. These centers can use 5G services to support critical processes, which include robotic surgery, patient monitoring, contact tracing, diagnostic imaging tests, emergency medical services, and robot-assisted tele-ultrasound.
 

The 5G in healthcare market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030 for the following segments:

By Offering

  • Hardware
  • Serivces

By Application

  • AR/VR
  • Virtual Consultations
  • Remote Patient Monitoring
  • Connected Ambulance
  • Inventory Management Devices
  • Others

By End-use

  • Healthcare Providers
  • Healthcare Payers
  • Pharmaceutical Companies

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • The Netherlands
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Australia
    • Philippines
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global 5G in healthcare market size had crossed USD 2.5 billion in 2021 and is anticipated to register more than 35% CAGR during 2022-2030.

The 5G in healthcare industry share from virtual consultation applications was valued at more than USD 1 billion in 2021 and will expand further, as the WHO encouraged medical institutes to conduct online sessions and use telemedicine as a primary practice to overcome the challenges associated with the COVID-19 pandemic.

North America 5G in healthcare industry size will surpass USD 17 billion by 2030 due to factors such as rising prevalence of coronary artery diseases (CAD), rapidly aging population, and novel product launches across the region.

AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Qualcomm, Ericsson, Nokia Corporation, Huawei Technologies Co., Ltd., China Mobile Limited, and Samsung Electronics Co., Ltd., among several others, are the key companies across global 5G in healthcare industry.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 18
  • Tables & Figures: 198
  • Countries covered: 18
  • Pages: 180

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