Global 5G in Healthcare Market: Overview
The 5G in healthcare market valued at an estimation of USD 379.05 Million in 2022 and is projected to reach USD 35376.04 Million by 2030 at a CAGR of 76.3%. The rapidity of telehealth and robotics surgery due to COVID-19 and the rising commonness of 5G-enabled wearable medical devices for remote patient monitoring are driving the growth of this market.
5G stands for the fifth generation of mobile communication technology. With each generation’s new standards and technology there have been advancements in imparting speed and network capacity.
5G represents giant strides in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem. One such that can meet the requirements of patients and providers accurately, cost-effectively, effectively, conveniently, and at a substantial scale.
This enormous network will include billions of low-bitrates and low-energy connected health monitoring devices, clinical wearables and remote sensors with 5G providing a backbone infrastructure for Internet of Things.
The potential of 5G technology to transmit large patient data files quickly, the availability of low-cost sensors advancements in telecommunication are some of the factors thrusting the growth of this market.
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Key Market Trends: Growth Determinants and Challenges
Growing use of automated healthcare technologies provides greater efficiency and reach in healthcare delivery but has high-security risks due to the broader access offered.
Approximately one-third of data contravention result in medical identity theft in the healthcare industry, majorly due to the scarcity of internal control over patient information, procedures or non-adherence to existing ones, outdated policies and inadequate personnel training.
5G brings together applications that are relying on data moving very rapidly in a real-time environment.
Although, it is not only about quicker speeds to the smartphone but also about connecting devices and machines to each other. But integrating these devices to one another comes with its own set of concerns.
An AI-powered, real-time remote monitoring solution warrants caregivers to passively detect changes in conditions, improve quality metrics and reduce hospitalizations.
AI and 5G-enabled devices track users’ daily living activities using novel gesture-detection algorithms and provide insights and predictive analytics around them, including sleep quality, fall detection, fall risk, drinking or hydration, wandering, activity pattern and UTI risk.
These data deliver crucial clinical insights to healthcare providers, helping them maintain continuous contact with and improve the well-being of those under their care.
Segmental Analysis of Global 5G in Healthcare Network:
Based on Component
- Connectivity
- Services
- Hardware
Based on Application
- AR or VR
- Asset tracking for medical devices
- Remote Patient Monitoring
- Connected Medical Devices
Based on End-User
- Healthcare Payers
- Healthcare Providers
Asia –Pacific is accounted for the largest regional market:
The global 5G in healthcare market is segmented into five major regions, North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share in the global market. The APAC is the largest and fastest-growing region in the 5G in healthcare market. This growth can be attributed to the significant adoption of advanced technologies, continuously enhancing network connectivity and the increasing number of IoT-enabled medical devices.
Competitive Landscape:
- AT&T
- China Mobile Limited
- T-Mobile
- Verizon
- Telit
- Ericsson
- Telus
- Vodafone
- Nokia
- Deustsche Telekom
- Samsung
- BT Group
- SK Telecom Co. Ltd.
- Orange S.A
- Telefonica
- NTT DOCOMO
- NEC Corporation
- Airtel
- Huawei Technologes
- Quectel
- Sequans
- Fibocom Wireless
Major Developments:
In January 2019, Rush University Medical Centre collaborated with AT&T to bring the latest mobile communications technology to clinical care based on 5G to improve communications, the patient experience and the data processing needs.
In May 2019, Ooredoo worked with Ericsson to leverage 5G technology in ambulances to allow doctors to treat patients remotely by controlling a special haptic glove worn by the paramedic on the scene.
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, remote monitoring and telemedicine in addition to diagnostic and imaging systems from ambulances to ER.
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Major Questions answered in the report:
- Which region is dominating the Market industry of 5G in Healthcare Market?
- Who are the major key players in the Global 5G Network in Healthcare Market?
- What are the prime developments in the Global 5G Network in the Healthcare Market?
Key takeaways in the report:
- Detailed overview of 5G Network in Healthcare Market.
- Recent Industry Trends and Developments.
- Segmental Analysis of 5G Network in Healthcare Market.
- Growing at a CAGR of 76.3% to reach a value of $35376.04 Million by 2030.
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