Global 5G in Healthcare

Global 5G in Healthcare

5G, the fifth generation of cellular wireless technology, has the potential to provide massive connection power and fast speeds that can help transform healthcare delivery. 5G can impact the Internet of Medical Things (IoMT). Also, it will assist in enabling medical innovations by utilizing augmented reality, virtual reality, artificial intelligence (AI), remote medical learning, remote patient monitoring, and much more. Nowadays, it is necessary to get access to near real-time data, as well as to make split-second decisions in healthcare environments, and 5G will provide benefits to this sector in the forecast period. The implementation of 5G in healthcare will lead to better communications with high efficiencies, faster diagnostics at lightning speeds, and transfers of massive files, images, and other content.

The Global 5G in Healthcare Market is expected to grow at a strong CAGR of 40% during the forecast period (2023-2030). The demand for 5G in the healthcare market is burgeoning on account of the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring and the increasing adoption of telehealth and robotics surgery due to COVID-19. Telemedicine involves a network that can establish real-time high-quality video, which often means wired networks. As per the report by Frost & Sullivan, telehealth will grow sevenfold by 2025, with a compounded annual growth rate of 38.2%, parallel with the emergence and rollout of 5G. The government efforts of several countries for the establishment of telemedicine & and telehealth-defined reimbursement policies, and a legal framework for telehealth practices are intensifying the market growth. For example, in April 2019, the Centers for Medicare & Medicaid Services (CMS) announced and finalized changes in Medicare’s telehealth policy to enable remote patient monitoring for patients to access the latest technology and improve the coordination of healthcare processes. In addition, the ability of 5G technology to transmit large patient data files at a faster speed, advancements in telecommunication, and the availability of low-cost sensors also drive the market growth. Moreover, the rising integration of Artificial Intelligence in solutions in the global 5G in the healthcare market also intensifies the market growth.

• Based on Component, the market is fragmented into hardware, services, and connectivity. The Hardware segment dominated the market in 2022 and is expected to grow at lucrative growth owing to the need for frequent up-gradation or replacement to make optimal use of the latest software available in the market. Moreover, the rising adoption of new technologies in healthcare and their high implementation drives the demand for hardware. The main hardware components of 5G technology infrastructure include 5G small cell infrastructure and RAN towers.
• Based on Application, the market is fragmented into connected medical devices, remote patient monitoring, ar/vr, asset tracking for medical devices, and connected ambulance. The Connected Medical Devices segment dominated the market in 2022 owing to the growing inclination towards home healthcare and growth in the telehealth market. Also, the high burden of COVID-19, rising healthcare costs, strong government support as well as initiatives, and the growing focus on the quality of care and patient safety are intensifying the segment growth. 5G infrastructure and connectivity provide the drug manufacturers an opportunity to place IoT-connected monitoring devices in the participants’ homes during clinical trials which reduce administrative overhead and processing costs. This brings down the price of each trial allowing pharma companies to trial more drugs every year. The availability of the data in real-time shortens the drug trial period. According to the renowned Irish-based multinational professional services company, 65% of consumers and 86% of doctors agree that wearables increase patients’ engagement with their health. This engagement is expected to decrease hospital costs by 16% over the next five years.
• Based on End Users, the market is fragmented into healthcare providers, healthcare payers, and other end users. The Healthcare Providers segment dominated the market in 2022 and is expected to grow at lucrative growth during the forecasted period owing to the rising need for an efficient healthcare system, growing patient volume, and an increasing number of hospitals and ambulatory care centers. Moreover, the growth in telehealth, the rising adoption of 5G-enabled wearable medical devices, and the rising demand for better technologies that assist in the easy transfer of large data files also drive market growth.
• For a better understanding of the market adoption of 5G in healthcare, the market is analyzed based on its worldwide presence in countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is expected to dominate the 5G in the healthcare market on account of the presence of a smaller number of vendors. In addition, the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT also drive the market growth in the region.
• Some of the major players operating in the market include AT&T, Verizon, China Mobile Limited, T‑Mobile USA, Inc., Telefonaktiebolaget LM Ericsson, Telit, TELUS, Vodafone Idea Limited, Nokia, SAMSUNG SDS. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.