Burlingame, June 13, 2024 (GLOBE NEWSWIRE) -- The global 5G in healthcare market size was estimated at USD 2.72 billion in 2024 and is expected to reach around USD 22.60 billion by 2031, registering a CAGR of 35.3% between 2024 and 2031, as per a recent report by Coherent Market Insights. The 5G in healthcare market is expected to witness significant growth owing to enabling next generation telehealth applications and improved patient monitoring. 5G facilitates high resolution medical imaging and video consulting to deliver quality healthcare in remote areas. It allows real-time streaming of critical patient data from wearable sensors and IoT enabled medical devices to clinicians. This improves continuous remote monitoring of patients suffering from chronic conditions.
Market Dynamics:
The rapid implementation of 5G technology in healthcare facilities is expected to drive the growth of the 5G in healthcare market during the forecast period. 5G technology allows high-speed data transfer which enables remote patient monitoring and surgery. It also supports technologies such as telemedicine, connected ambulances, and AI-powered diagnostic tools. Additionally, growing demand for fast and reliable internet connectivity for seamless healthcare services is also expected to boost the market growth.
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Market Trends:
The increasing deployment of telemedicine is one of the major trends being witnessed in the 5G in healthcare market. 5G-enabled telemedicine offers high-quality virtual visits and remote monitoring of patients. It allows physicians to reach patients in remote locations and enhance healthcare access. Furthermore, the growing adoption of wearable medical devices is another trend. 5G supports technologies such as augmented reality and AI-powered personal health assistants. It enables the continuous monitoring of vital signs and real-time transmission of data through wearable devices. The rapid growth of digital healthcare infrastructure and focus on patient-centric healthcare delivery model are expected to create lucrative growth opportunities for players in the 5G in healthcare market over the forecast period.
5G In Healthcare Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $2.72 billion |
| Estimated Value by 2031 | $22.60 billion |
| Growth Rate | Poised to grow at a CAGR of 35.3% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing Applications of Telehealth and Telemedicine • Integration of Healthcare IoT and Medical Devices |
| Restraints & Challenges | • Lack of Established 5G Infrastructure • Interoperability Issues between Different Products and Applications |
With the growing prevalence of chronic diseases and rising healthcare costs, remote patient monitoring allows healthcare providers to continuously monitor patients outside of conventional clinical settings. 5G networks will enable more reliable and faster transmission of large files such as radiology scans, which are essential for remote patient monitoring. The high-speed, low-latency 5G network supports real-time vital sign monitoring such as ECG, blood pressure, and glucose levels. This offers new opportunities for home healthcare and reduces costs for payers.
5G will allow the connectivity of a vast range of medical devices, from small wearable sensors to medical imaging equipment. This helps create smart hospitals where medical equipment and staff can be more efficiently utilized. 5G-connected ultrasound and MRI machines with augmented reality capabilities could assist remote diagnostic and treatment procedures. 5G will drive the proliferation of connected ambulance and surgical robotics through its ability to transmit high-definition videos and control signals with minimum latency. This facilitates telehealth and telemedicine across geographies.
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Key Market Takeaways:
The 5G in healthcare market is anticipated to witness a CAGR of 35.3% during the forecast period 2024-2031, owing to increased adoption of telehealth solutions during the COVID-19 pandemic.
On the basis of component, the hardware segment is expected to hold a dominant position, accounting for around 40% of the market share in 2024. This is due to rising investments in 5G infrastructure by telecom operators.
By application, the remote patient monitoring segment is expected to hold the largest market share owing to the growing geriatric population and increasing need to monitor chronic diseases from home.
On the basis of end user, the healthcare providers segment is expected to hold a dominant position over the forecast period, due to the growing need for connected care solutions to improve patient outcomes.
Regionally, North America is expected to hold the largest market share due to favorable government policies and increasing healthcare expenditure.
Key players operating in the 5G in healthcare market include Ericsson, Telit, Verizon, Cisco, Orange S.A., Tata Elxsi, NEC Corporation, AT&T Inc., Fibovom Wireless Inc., BT Group, Huawei Technologies Co., Ltd., SK Telecom, Ltd. and GE Healthcare. These players are focusing on partnerships and product innovations to strengthen their market position.
Recent Developments:
In September 2023, The ministry of Development of North Eastern Region, the Government of India launched India’s first 5G training labs and 5G applications in health sector in all the eight North Eastern State of India.
In July 2022, GE Healthcare, launched its 5G Innovation lab in India, the first for GE Healthcare across the globe.
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Detailed Segmentation-
By Component:
- Hardware
- Software
- Services
By Application:
- Remote Patient Monitoring
- Connected Medical Devices
- Telemedicine
- Others
By End User:
- Healthcare Providers
- Healthcare Payers
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
