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The 5G in Healthcare Market Size is valued at USD 4.90 Billion in 2023 and is predicted to reach USD 59.90 Billion by the year 2031 at a 36.89 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The widespread adoption of 5G in healthcare is fostering innovation and collaboration among stakeholders, including technology developers.
- The 5G in the healthcare market continues to grow, and its impact on improving accessibility, efficiency, and quality of healthcare services.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Enhanced data speed and low latency offered by 5G networks enable seamless telemedicine services.
5G promises a significant advancement in the healthcare sector by enabling a new health ecosystem that can effectively, economically, quickly, and broadly address patients' needs. The utilization of 5G networks in the healthcare sector has increased recently. Innovations in robotics, IoT, and AI will turn the health system into a newly connected ecosystem, boosting 5G networks.
The global market is driven by the rising usage of telehealth and robotic surgery. The market is growing due to expanding telecommunications innovation, the adoption of wearable medical devices driven by 5G technology, the capacity of 5G technology to download massive patient data files at light speed, and the accessibility of inexpensive sensors. Additionally, the government and major industry players are increasing their efforts in implementing 5G in healthcare, accelerating market growth.
Cellular technology is anticipated to increase significantly wireless network speed, coverage, and responsiveness in the healthcare sector. As a result, the demand for quicker and more reliable data transfer in the healthcare sector will continue to grow. Furthermore, the healthcare sector's growing need for faster and more dependable data transmission will fuel market expansion in the years to come.
Market Segmentation:
The 5G in the healthcare market is segmented on the offering, application and end use. Based on offering, the market is segmented into hardware and services. Based on application, the 5G in the healthcare market is segmented into AR/VR, virtual consultations, remote patient monitoring, connected ambulance, inventory management devices and others. Based on end use, the 5G in the healthcare market is segmented into healthcare providers, healthcare payers and pharmaceutical companies.
Based on application, the connected ambulance segment is accounted as a major contributor to the 5G in the healthcare market
Based on application, the 5G in the healthcare market is segmented into AR/VR, virtual consultations, remote patient monitoring, connected ambulance, inventory management devices and others. The connected ambulance category grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time ascribed to the expansion of the telehealth industry and the rising popularity of home healthcare. The market for a connected ambulance in the 5G in healthcare is further being driven by the high burden of COVID-19, rising healthcare expenses, strong government backing and initiatives, and the increased focus on the quality of care and safety of the patient.
The healthcare providers segment witnessed growth at a rapid rate
Based on end use, the 5G in the healthcare market is segmented into healthcare providers, healthcare payers and pharmaceutical companies. The healthcare providers category is anticipated to grow at a significant rate over the forecast period, ascribed to the growing demand for better technologies that facilitate the quick transfer of huge data files, the expanding patient volume, the growing number of hospitals and ambulatory care facilities, the rise of telehealth, and the rising usage of 5G-enabled wearable medical devices.
The North America 5G in the healthcare market hold a significant revenue share in the region
The North America 5G in the healthcare market is expected to register the highest market share in revenue shortly. The regional industry's expansion is influenced by several factors, including the increased frequency of coronary artery disorders (CAD), the rapidly aging population, and novel product introductions by major market competitors. The adoption of the technology will speed up as knowledge of the advantages of incorporating 5G technology into healthcare products and services grows. The CDC estimates that in 2020, about 20 million Americans had CAD. Additionally, it is projected that the Asia Pacific will expand significantly throughout the course of the forecast period. Other factors influencing the growth include a rise in 5G-capable medical devices and government intentions to integrate 5G in healthcare. This trend may also be a result of the widespread adoption of cutting-edge technology, the rise of medical equipment with loT capabilities, ongoing network connectivity improvements, and government initiatives for loT.
Recent Developments:
- In January 2022, Thailand launched the Association of Southeast Asian Nations (ASEAN) first 5G smart hospital. Under the agreement, The 'Siriraj World Class 5G Smart Hospital' was launched through a collaboration between the Thailand Office of NTBC (The National Broadcasting and Telecommunications Commission), Siriraj Hospital, and Huawei Technologies (Thailand) Co., Ltd.
- In February 2021, AT&T announced a partnership with Rush University System for Health, a Chicago-based academic health system, for testing AT&T Multi-Access Edge Computing (MEC) and other advanced network-related technologies in Rush hospitals for better operations and to improve patient and staff experience.
Competitive Landscape:
Some major key players in the 5G in Healthcare Market:
- 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),
- T-Mobile.
5G in Healthcare Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 4.90 Billion |
|
Revenue forecast in 2031 |
USD 59.90 Billion |
|
Growth rate CAGR |
CAGR of 36.89 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Offering, Application, End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
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. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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