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5G in Healthcare Market size to surpass $80bn by 2030
- Published Date: September 12, 2022
5G in healthcare market size is projected to reach USD 80 billion by 2030, according to a new research report by Global Market Insights Inc.
The report further reveals that the demand for technological advancements in medical devices is increasing to improve the efficacy of diagnosis and treatments. The use of wearable devices has grown considerably over the past few years. One of the major reasons for this is their ability to remotely monitor a patient’s health on a real-time basis. Wearable devices can provide cost-effective and sustainable opportunities for remote and real-time monitoring of patients during critical stages of cancer care.
Throughout the COVID-19 pandemic in 2020, remote patient monitoring was considered a valuable technique to offer continuous care to patients. This helped practitioners develop viable avenues for supporting patients and treating chronic as well as infectious diseases from a distance. For instance, according to a research article, in 2020, approximately 23.4 million people in the U.S. were using remote patient monitoring applications for the diagnosis and treatment of various chronic diseases.
Healthcare services to adopt 5G technology for efficient patient care
Services segment captured over 35% share of the 5G in healthcare market in 2021. 5G technology is being integrated in a variety of healthcare services, including telehealth, clinical collaboration & communication, and medical imaging. The low latency and increased bandwidth of 5G networks can improve the quality of telehealth consultations, lower the medical expenditure, and enhance the overall patient experience.
Many companies are creating products and software that will help medical professionals integrate 5G solutions into their services. For example, in May 2022, Verizon partnered with Visionable, a health tech company based in the U.K., to open a technology center that will accelerate the adoption of connected healthcare technologies. This move will help facilitate better patient-centric care.
Browse key industry insights spread across 240 pages with 181 market data tables & 17 figures & charts from the report, “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” in detail along with the table of contents:
Robust adoption of AR/VR technologies in healthcare promote 5G network use
5G in healthcare market share from the AR/VR segment will record a robust growth rate during the forecast period 2022-2030. AR/VR technologies have received notable attention from healthcare experts in recent years because of their ability to conduct remote diagnosis without requiring the physical presence of a doctor. In healthcare, AR/VR uses advanced gadgets and medical equipment to provide critical care to patients suffering from severe injuries without wasting precious time.
5G service providers are partnering with healthcare institutes to leverage the technology to enhance the quality of patient care. For instance, in 2022, Airtel teamed with Apollo Hospitals and Cisco Systems to develop a ‘5G connected ambulance’. The ambulance will be an extension of an emergency room, wherein a patient’s telemetry data, such as vitals, will be transmitted in real-time to doctors and experts at the hospital.
5G to help healthcare payers improve their service quality
Healthcare payers segment accounted for more than 12% share of the global 5G in healthcare market in 2021. Many healthcare payers are incorporating 5G solutions to sort and analyze patient data for medical reimbursements & insurance. These companies can use innovative technologies, such as IoT and cloud to transfer confidential patient information quickly and efficiently, without compromising on the data security. Using 5G network can not only help healthcare payers keep an efficient track of their pending payments, but also assist them in enhancing their service quality.
Europe witnesses robust surge in demand for telehealth services
Europe 5G in healthcare market value is set to exceed USD 7 billion by 2030. Many key factors, including rise in the geriatric population, growing 5G network penetration, high prevalence of chronic diseases, and supportive healthcare policies will drive the regional industry growth. Rising occurrence of chronic ailments, such as diabetes, along with the increasing demand for telehealth services will augment 5G applications. According to the OECD, in 2019, around 32 million adults were diagnosed with diabetes in Europe. This has prompted regulatory authorities to organize several awareness initiatives and screening programs, which would accelerate the demand for 5G solutions substantially.
Product development efforts to outline competitive trends in the industry
The key players in the 5G in healthcare industry include AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Fibocom Wireless Inc., Qualcomm, Ericsson, and Nokia Corporation, among others. The report suggests that strategic partnerships and novel product launches will help these organizations strengthen their competitive edge.
For example, in May 2021, Verizon Communications announced the launch of BlueJeans Telehealth, a simple, smart, and trusted data-driven virtual care conversation device for patients. The device enables healthcare professionals and their teams to connect with their patients remotely in a simple and secured way. This launch helped the company diversify its product portfolio.