5G in Healthcare Market: By Component, Application, End User and Forecast to 2028
5G in healthcare market overview
The global 5G in healthcare market is expected to surpass $4.2 billion by 2028 with a robust CAGR of 74.5% over the forecast period. 5G represents a significant advancement in healthcare by enabling a new healthcare ecosystem capable of responding efficiently, cost-effectively, conveniently and globally to patient demands. In recent years, the use of 5G networks in healthcare has increased. 5G networks are expected to benefit from advances in robotics, the Internet of Things and artificial intelligence, which will transform the healthcare system into a newly connected ecosystem. This massive network will connect billions of connected low-power health monitoring devices, remote sensors and clinical wearables, with 5G functioning as the backbone infrastructure for the Internet of Things.
Doctor-patient interactions have evolved over time. Today, as technology advances, faster networks such as 4G LTE and 5G are impacting healthcare delivery. As a result, 5G is accelerating the adoption of Internet of Things (IoT) devices, which in turn is accelerating the expansion of home healthcare, remote patient monitoring and medical assistance. robotic surgery. The growing acceptance of telemedicine and robotic surgery in the wake of COVID-19, as well as the increasing use of 5G-enabled wearable medical devices for real-time remote patient monitoring, are important factors driving the growth of this market.
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Other significant reasons driving the growth of this market are the potential of 5G technology to quickly send large files of patient data, advancements in technology, and the availability of low cost sensors. In the wake of the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will provide remote support for high-quality healthcare while reducing patient exposure to contagion through fewer in-person visits to physicians and health facilities. Patients who cannot go to their healthcare professionals will be able to visit them via telepresence equipment via 5G.
However, the high cost of deploying a 5G network is expected to limit the growth of this market.
Segmental Analysis of the 5G in Healthcare Market
The market has been divided by component into hardware, services and connectivity.
The market has been split by application into Connected Medical Devices, Remote Patient Monitoring, Medical Device Asset Tracking, AR/VR, and Connected Ambulance.
The market is split by end-user into healthcare providers, healthcare payers, and others.
North America accounted for the highest share of 5G in the healthcare market in 2020, owing to increased investment in 5G infrastructure, technological developments, and changing healthcare practices. Moreover, growing investments in digital healthcare solutions, adoption of wearable technology in healthcare, and presence of prominent competitors in the region are all contributing to the growth of the market. Major players in the region including AT&T Inc. (US), Verizon (US), T Mobile USA, Inc. (US) and Cisco Systems, Inc. (US) are expanding their footprint operational, collaborate and partner, and release new products to drive business growth.
The Asia-Pacific 5G market in healthcare is expected to be driven by the increasing modernization of healthcare infrastructure. Consumer expectations, technological improvements, and limited legacy healthcare infrastructure in Asia Pacific are all driving the market growth. By combining these characteristics, governments, payers and providers may be able to reinvent the delivery and management of healthcare. Rapid demographic change in the Asia-Pacific region is increasing the potential demand for health services. Additionally, a lack of high-end infrastructure, budgetary constraints, and a shortage of advanced medical equipment and medical experts are all contributing to the growth of the Asia-Pacific market.
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5G in the Competitive Dynamics of the Healthcare Market
The major market players are AT&T Inc. (US), Verizon (US), Ericsson (Sweden), T’Mobile USA, Inc. (US), Cisco Systems, Inc. is (US ), Telus Communications Inc. (Canada), Telit (UK), Orange SA (France), Telefonica, SA (Spain), SAMSUNG (South Korea), BT Group (UK), NEC Corporation Japan), Qualcomm Technologies, Inc. (USA) and NTT Docomo Inc. (Japan).
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