Global 5G in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers and Healthcare Payers), By Application (Connected Healthcare, Smart Hospitals, Healthcare Automation, Augmented Re

Global 5G in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers and Healthcare Payers), By Application (Connected Healthcare, Smart Hospitals, Healthcare Automation, Augmented Reality (AR) And Virtual Reality (VR) in Healthcare, and Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 – 2030

Global 5G in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers and Healthcare Payers), By Application (Connected Healthcare, Smart Hospitals, Healthcare Automation, Augmented Reality (AR) And Virtual Reality (VR) in Healthcare, and Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 - 2030

Global 5G in healthcare market was values US $41.89 billion in 2022 and is expected to reach US $461.41 billion by 2030, growing at a CAGR of 34.97% during the forecast period 2023 – 2030.

The fifth generation of cellular networks, or 5G, promises to outperform 4G by a factor of 100 or more, offering ultra-low latency, quicker connection speeds, and more bandwidth. The term ""5G in healthcare"" refers to the integration of 5G technology into the healthcare industry to allow for remote monitoring and diagnostics, boost operational efficiency by continuously exchanging medical records amongst healthcare parties, track assets, and improve treatment, education, and training through AR and VR. The healthcare business will unavoidably undergo a revolution as a result of the worldwide rollout of 5G networks. This will improve patient care, improve results, and encourage fresh ideas for technologies that were previously thought to be unattainable. To fully use 5G and guarantee a morally sound and safe healthcare ecosystem, it is crucial to address issues like data security and privacy in addition to the new prospects and advances.

Telehealth as an idea has been around for a while. It includes services like consultations for the diagnosis of common diseases and infections, follow-up appointments necessary following hospital stays and treatments, chronic condition management, talk therapy for mental health issues, etc. However, the COVID-19 pandemic caused a boom in the use of telehealth for non-emergency medical illnesses as a result of stay-at-home orders and fear of getting the virus. Since then, telemedicine has gained traction and is here to stay with both patients and providers. It's because of the benefits it offers, which include growing the patient base, improving patient comfort and flexibility—particularly for the elderly and those living far away—and creating more chances for cross-disciplinary medical collaboration. The use of telehealth in the United States rose 7.3% in January 2023 from 5.5% of medical claim lines in December 2022 to 5.9% of medical claim lines in January 2023, according to FAIR Health's Monthly Telehealth Regional Tracker.

Additionally, an editorial published in the American Medical Association (AMA) highlights that telemedicine and increased technological use could be a potential solution to the estimated 37,800 and 124,000 physician shortages by 2034. Therefore, there will inevitably be a greater need for 5G as telemedicine becomes more widely used. The reason is that the telehealth domain will need to be charged with seamless and superior wireless connectivity, minimal latency (delay) in data sharing, greater bandwidth, and sharing higher resolution videos and images across the healthcare ecosystem in order for the adoption and implementation of 5G to take place. This will increase the real-time connectivity value for better patient outcomes.

Additional motivators include the rise in the need for solutions that are compatible with healthcare, the growing usage of 5G in surgical applications, and the expanding supply of wearable technology.

“Hardware segment, by component, to be dominating market from 2023 to 2030.”

With a market share of 72.32%, the hardware category topped the global 5G in the healthcare industry. The network gear that powers the communication infrastructure is the foundation of the 5G healthcare ecosystem. Much hardware has to be upgraded in order to build 5G networks, guarantee dependable connectivity, and handle the increased data volume. Small cells, routers, and high-performance base stations are the essential hardware parts needed to construct a reliable 5G infrastructure for medical applications. Consequently, the adoption of 5G technology in the healthcare sector has led to an increase in demand for particular hardware parts. With a projected compound annual growth rate (CAGR) of 36.70%, the services industry is the one with the quickest rate of growth. Many important considerations, like the growing requirement for seamless connectivity for medical equipment and the desire for faster and more dependable data transfer choices, are driving this segment's rise. Furthermore, the need for higher frequencies and improved mobile broadband have combined to create a stable environment that will allow 5G services to thrive in the healthcare industry and increase market revenue.

“Healthcare providers segment, by end user, to be dominating market from 2023 to 2030.”

With a market share of 62.45% in 2022, the healthcare providers category led the 5G in the healthcare industry. By tackling important issues, healthcare providers—such as clinics, hospitals, ambulatory centres, etc.—can transform the way that healthcare is delivered. This market is experiencing an all-time high in demand for 5G-enabled devices, equipment, and services because of the technology's ultra-fast speeds and low latency, which provide real-time access to patient medical records for effective diagnosis and treatment planning. Therefore, in an effort to continuously enhance patient outcomes, healthcare providers will account for a large portion of market income.

“Connected healthcare segment, by application, to be dominating market from 2023 to 2030.”

With a market share of 29.12% in 2022, the connected healthcare category led the 5G healthcare market. Over the course of the forecast period, this segment is expected to grow at the quickest rate, with a compound annual growth rate of 35.66%. Healthcare professionals may now quickly and effectively remotely monitor patients' vital signs, symptoms, and health data in real-time because to technology advancements and the growing use of wearables, medical devices, and sensors. Early identification of health problems makes it possible to implement prompt treatments and individualised treatment plans thanks to this proactive and ongoing monitoring. Additional advantages of remote patient monitoring include patients taking an active role in their own care and fewer hospital visits, which lessens the strain on healthcare facilities and improves overall efficiency.

“North America to be largest region in 5G in Healthcare Market.”

The global market for 5G in healthcare is segmented by region into North America, Europe, Asia-Pacific, and other regions. South America and the Middle East make up the remaining categories.

With a market share of 34.22% in 2022, the North American area led the global 5G in the healthcare sector. The quick adoption of 5G technology in nations like the United States and Canada can be attributed to its disruptive impact on a range of healthcare applications, such as telemedicine, remote patient monitoring, and augmented reality applications. For example, the U.S. has the biggest demand for telehealth, which is a major factor driving the high market revenue for 5G in the healthcare industry. The smooth video conferencing features of 5G have revolutionised remote consultations, making it possible for medical professionals to more effectively reach patients in both rural and metropolitan settings. Because of its accessibility, the area's access to healthcare has increased, patient outcomes have improved, and healthcare expenses have decreased.

5G in Healthcare Competitive Landscape

The competitive landscape of the 5G in Healthcare Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of 5G in Healthcare technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The 5G in Healthcare Market is highly competitive, with numerous companies vying for market share. Prominent companies in the 5G in Healthcare Market include:

Major Players:

AT&T (U.S.)

Verizon (U.S.)

China Mobile International Limited (China)

Quectel (China)

Telit Communications (U.K.)

Telus Corporation (Canada)

Huawei Technologies Co., Ltd. (China)

Cisco System Inc. (U.S.)

Orange SA (France)

NEC Corporation (Japan)

SK Telecom Co., Ltd. (South Korea)

Fibocom Wireless Inc. (China)

Qualcomm (U.S.)

Ericsson (Sweden)

Nokia Corporation (Finland)

Samsung Electronics Co., Ltd. (South Korea)

BT Group (U.K.)

Deutsche Telekom AG (Germany)

Vodafone Group Plc (U.K.)

Saudi Telecom Company (STC) (Saudi Arabia)

Recent Developments:

June 2023: Network operators' plan to demand big tech corporations pay for the rollout of 5G and broadband was turned down by telecom ministers from at least eighteen EU member states.

May 2023: This week, a group of over a dozen vendors reported that a test program for 5G network slicing had achieved a 70% reduction in the time needed to generate a network slice programmatically. This represents a significant advancement in the creation of private 5G for enterprise users.

In May 2023, AT&T, Dell, and VMware will collaborate to develop a multi-access edge computing (MEC) system that will incorporate on-site, private 5G wifi. With the goal of accelerating the adoption of 5G technology in enterprises, the three manufacturers pooled their expertise in 5G communications and edge infrastructure to develop AT&T MEC with Dell Apex, an integrated 5G MEC solution.