Jersey City, NJ, March 05, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global 5G in Healthcare Market - (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))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
"5G in Healthcare Market” in terms of revenue was estimated to be worth $4.9 billion in 2023 and is poised to reach $59.9 billion by 2031, growing at a CAGR of 36.89% from 2024 to 2031 according to a new report by InsightAce Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global 5G in Healthcare Market are:
- Improved Connectivity in Rural Areas
- Augmented Reality (AR) and Virtual Reality (VR)
- Improvements In Patient Care, Medical Technology, Therapies, And Programs To Promote Wellness
The following are the primary obstacles to the 5G in Healthcare Market's expansion:
- Lack of Standardization
- Regulatory Compliance
- Cost of Implementation
Future expansion opportunities for the global 5G in Healthcare Market include:
- Data Security and Privacy Solutions
- The Development of A Novel Healthcare Ecosystem
- AI and Machine Learning in Diagnostics
- IoT-Enabled Healthcare Devices
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Market Analysis:
The growing use of telemedicine and robotic surgery is propelling the global industry. Further aiding the overall market growth is expected to be the rapid development of wearable technology for real-time monitoring, continuous treatment information, and support delivery to patients. The market is growing due to a number of factors, including advancements in telecommunication, the use of 5G technology in wearable medical devices, the ability of 5G technology to transport large patient data files quickly, and the availability of low-cost sensors.
Recent Developments:
- In April 2023, Verizon Business announced the launch of a private 5G network at the new Cleveland Clinic Hospital in Ohio. Through this collaboration, the two organizations will explore how to use this technology to improve patient care, provide caregivers with more connectivity to deliver that care and elevate the patient and visitor experience. Verizon will build a private 5G network at Cleveland Clinic using Ericsson technology.
- 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.
- In January 2022, Thailand launched the Association of Southeast Asian Nations (ASEAN) first 5G smart hospital. Under the agreement, the Thailand Office of The National Broadcasting and Telecommunications Commission (NBTC), Siriraj Hospital, and Huawei Technologies (Thailand) Co., Ltd. together established the 'Siriraj World Class 5G Smart Hospital.
- In February 2021, AT&T partnered with Rush University System for Health, a Chicago-based academic health system, to test AT&T Multi-Access Edge Computing (MEC) and other advanced network-related technologies in Rush hospitals for better operations and to improve patient and staff experience.
List of Prominent Players in the 5G Healthcare Market:
- AT&T Inc.,
- Verizon Communications,
- NEC Corporation,
- Cisco Systems, Inc.,
- SK Telecom Co., Ltd.,
- Fibocom Wireless Inc.,
- Qualcomm,
- Ericsson,
- Nokia Corporation,
- Huawei Technologies Co., Ltd.,
- China Mobile Limited,
- Samsung Electronics Co., Ltd.,
- BT Group,
- Deutsche Telekom AG,
- Vodafone,
- China Mobile Limited,
- China Unicom,
- Saudi Telecom Company (STC),
- T-Mobile.
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5G Healthcare Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 4.9 Bn |
| Revenue Forecast In 2031 | USD 59.9 Bn |
| Growth Rate CAGR | CAGR of 36.89 % from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Offering, Application, End-Use |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
| Competitive Landscape | AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Fibocom Wireless Inc., Qualcomm, Ericsson, Nokia Corporation, Huawei Technologies Co., Ltd., China Mobile Limited, Samsung Electronics Co., Ltd., BT Group, Deutsche Telekom AG, Vodafone, China Mobile Limited, China Unicom, Saudi Telecom Company (STC), and T-Mobile. |
| Customization Scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing and Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
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5G in Healthcare Market Dynamics:
Market Drivers: Augmented Reality (AR) and Virtual Reality (VR)
The integration of 5G in healthcare is driven by the transformative capabilities it brings to Augmented Reality (AR) and Virtual Reality (VR) applications. The high data speeds and low latency of 5G networks enhance the real-time, immersive experience of AR and VR in medical settings. This synergy allows for advanced medical training simulations, virtual surgical planning, and remote assistance during complex procedures. The 5G, AR, and VR combination enables healthcare professionals to collaborate seamlessly across locations, fostering improved decision-making and precision in diagnostics and treatment. Ultimately, this convergence propels medical innovation, enhances training methodologies, and elevates patient care through more effective and immersive healthcare experiences.
Challenges: Cost of Implementation
The implementation of 5G in healthcare faces challenges, primarily associated with the substantial cost involved. Integrating 5G infrastructure requires significant investments in upgrading existing networks, deploying new equipment, and ensuring compatibility with healthcare systems. The high cost of implementing 5G technology poses financial constraints for healthcare institutions, hindering widespread adoption. Moreover, the expenses associated with acquiring advanced medical devices and ensuring data security further contribute to the overall cost burden. Overcoming these financial challenges is crucial to realizing the full potential of 5G in healthcare, as it requires strategic planning, collaboration, and innovative funding models to make these technological advancements accessible and beneficial for healthcare providers and, ultimately, patients.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American 5G in Healthcare Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The region is at the forefront of leveraging 5G's capabilities with advanced telemedicine services, remote patient monitoring, and the deployment of IoT-enabled medical devices. The widespread infrastructure development and early 5G network deployments in countries like the United States and Canada have facilitated seamless connectivity, enabling healthcare professionals to deliver real-time, high-quality care. The region's commitment to technological innovation, coupled with a robust regulatory environment, further accelerates the growth of the 5G in the healthcare market in North America, positioning it as a key hub for developing and implementing cutting-edge healthcare solutions.
Segmentation of 5G in Healthcare Market-
By Offering-
- Hardware
- Services
By Application-
- AR/VR
- Virtual Consultations
- Remote Patient Monitoring
- Connected Ambulance
- Inventory Management Devices
- Others
By End-Use-
- Healthcare Providers
- Healthcare Payers
- Pharmaceutical Companies
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global 5G in Healthcare Market
- To receive an industry overview and future trends in the global 5G in Healthcare Market
- To analyze the 5G in Healthcare Market drivers and challenges
- To get information on the 5G in Healthcare Market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisitions in the global 5G in Healthcare Market industry
Other Related Reports Published by InsightAce Analytic:
Internet of Medical Things (IoMT) Market
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