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

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

The global 5G in healthcare market is projected to witness a substantial growth by 2030, with the increased rollout of the new communication technology across several countries. 5G networks can benefit many domains across the healthcare sector, including telehealth, patient monitoring, and inventory management. Medical professionals are becoming aware of the benefits of 5G-powered medical devices and their ability to improve the quality of patient care, diagnosis, and treatment. The technology is also undergoing notable improvements to adapt to the continuously changing requirements of healthcare experts.
The COVID-19 pandemic in 2020 has been instrumental in boosting the demand for robotic surgeries. Patients who were required to undergo operation were severely affected by lockdowns and other restrictions. Robot-assisted surgeries can help doctors perform a wide range of complex operations during this period. Robotic surgeries can reduce the recovery time of patients, decreasing their hospital stay by almost 20%. 5G networks can be used to operate surgical robots and send high-quality, real-time video footage from the operation theater to surgeons.
In terms of the type of offering, the global 5G in healthcare market value from the services segment is anticipated to cross USD 30 billion by 2030. Some of the examples of healthcare services that can effectively use 5G solutions include clinical collaboration & communication, telehealth, and medical imaging. With rural areas not receiving a proper access to advanced healthcare amenities, the demand for telemedicine services will rise at a notable rate. Doctors could extend the reach of their services with the help of 5G technology, as they can conduct videoconferences to talk to their patients and prepare a primary diagnosis.
The global 5G in healthcare industry share from the inventory management device applications is likely to record over 35% CAGR through 2022-2030. The major advantages offered by these devices include proper stock balancing & retention of inventory, consistent delivery of better clinical outcome, and incessant & advanced patient care, among others. Technological advancements in inventory management devices have allowed pharmacies working in close partnership with hospitals to assist patients in a better manner and facilitate faster dispensing of medicines.
The 5G in healthcare market share from the pharmaceutical company end-users will exhibit a robust CAGR of over 43% up to 2030. The network of pharma companies is continuously expanding to accommodate the ever-increasing demand for innovative medicines from hospitals. As these companies are engaged in the development of newer drugs, the role of 5G solutions is likely to gain importance. Drug companies can use IoT-powered monitoring devices to supervise the different stages of clinical trials, thereby ensuring accurate results.
The growing awareness about the advantages of incorporating 5G technologies in medical device will augment Latin America 5G in healthcare industry forecast. Brazil has become one of the most popular medical tourism destinations in the region. The country’s capital was the first city to witness the launch of 5G mobile technology in July 2022, indicating strong potential for the network adoption in healthcare. In the previous year, a collaborative project was also announced in in the nation, conducted at one of LATAM’s largest hospitals, to perform 5G private network field trial across healthcare applications.