Global 5G in Healthcare Market 2023-2030

Global 5G in Healthcare Market 2023-2030

Global 5G in Healthcare Market Size, Share & Trends Analysis Report by Component (Hardware, and Services), and by Application (Connected Medical Devices, Remote Patient Monitoring, Augmented Reality (AR)/ Virtual Reality (VR), Connected Ambulance, and Asset Tracking), Forecast Period (2023-2030)

The global 5G in healthcare market is anticipated to grow at a significant CAGR of 51.5% during the forecast period. The growing adoption of 5G technology by healthcare organizations owing to its offered benefits is a key factor driving the growth of the market. The 5G technology can improve both patient and staff experience without the need for extensive training or changes to workflows. If implemented smartly, 5G also represents a rare opportunity to future-proof healthcare facilities.

The growing interest of regional governments to promote 5G in healthcare is further contributing to the global market. For instance, in June 2023, Health Minister of Itanagar, India, Alo Libang launched the ‘5G applications in Northeast Region (NER)’, with its hub in Guwahati (Assam), at the Government College of Nursing (GCN), Bakin Pertin General Hospital (BPGH), and the College of Agriculture (CoA) in East Siang headquarters Pasighat. The initiative, funded by the North Eastern Council (NEC), is expected to transform the health and agriculture sectors of the state and facilitate immersive learning in healthcare education through 5G AI-driven technology intervention.

The increasing adoption of telehealth due to COVID-19, rising adoption of 5G-enabled real-time remote patient monitoring devices, and the ability to share large patient data are other factors contributing to the growth of the global 5G in healthcare market.

Segmental Outlook

The global 5G in healthcare market is segmented based on component and application. Based on component, the market is segmented into hardware and services. Based on application, the market is segmented into connected medical devices, remote patient monitoring, AR/VR, connected ambulance, and asset tracking. Among the application, the connected medical devices is expected to witness an exponential increase in its sales around the globe.

Hardware to Hold a Considerable Share of the Global 5G in healthcare Market

The hardware segment held considerable share in 2022. The high requirement for frequent replacement or up-gradation of the devices to make optimal use of the latest technologies in the market is a key contributor to the high share of this market segment. Moreover, the advancement in technology and growing demand for ultra-high bandwidth, massive connectivity, and ultra-low latency are anticipated to offer lucrative opportunity for the growth of the hardware segment.

Regional Outlooks

The global 5G in healthcare market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). North America held considerable share in the global 5G in healthcare market. The presence of huge geriatric population which is highly prone to chronic disorders, growing demand for telemedicine along with growing interest of healthcare organizations in integrating 5G services in their premises are some of the prominent factors contributing to the high share of the regional market. For instance, in September 2023, Boston Children's Hospital rolls out hybrid 5G network in its premises.

Asia-Pacific to Exhibit High Growth in the Global 5G in healthcare Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing geriatric population coupled with growing integration of IT in healthcare infrastructure. The growing trend for remote patient monitoring devices, connected medical devices along with rising usage of telemedicine are promoting the growth of the regional market. In June 2023, Apollo Multispecialty Hospitals Kolkata had launched a 5G-connected ambulance to provide enhanced healthcare to patients in case of emergency situations. The custom-designed, 5G-connected ambulance is equipped with the latest medical equipment, patient monitoring applications, and telemetry devices that transmit the patient’s health data to the hospital with low latency. Such launches are further contributing to the regional market growth.

Market Players Outlook

The major companies serving the global 5G in healthcare market include AT&T, Inc., Verizon, Ericsson, T‑Mobile USA, Inc., Cisco Systems, Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In September 2023, T-Mobile US, Inc. has collaborated with Pixel Health to deploy a 5G hybrid network at Boston Children’s Hospital. The advanced features offer enhanced scalability that not only matches the connectivity requirements with precision but also lays the foundation for future innovations. Further, in May 2022, O2 Telefónica launched a 5G SA network in a hospital in Germany. The 5G project aims to optimize the efficiency of existing medical systems.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global 5G in healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.