Redding, California, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘5G in Healthcare Market by Component (Hardware, Services [Professional, Managed], Connectivity), Application (Healthcare Management, Remote Healthcare, AR/VR, Asset Tracking, Connected Medical Devices), End User (Payer, Provider) - Global Forecast to 2030,’ published by Meticulous Research®, the 5G in healthcare market is projected to reach $166.1 billion by 2030, at a CAGR of 29.5% from 2023 to 2030.
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The healthcare sector is the least digitalized sector globally, with many healthcare practices and hospitals continuing their paper-based operations. The slow adoption of technology is due to the lack of IT expertise and budget, stringent regulations around security (especially patient data) and reliability, and differentiations in technical penetration across localities.
The adoption of 5G services in healthcare offers several benefits, such as connected ambulances, remote patient monitoring, virtual consultations, advanced predictive maintenance, augmented reality, and inventory management devices. Additionally, the growing need for improved security and reliable networks for maintaining data privacy and service continuity for critical applications supports the market’s growth.
Impact of COVID-19 on the 5G in Healthcare Market
The COVID-19 pandemic positively impacted the 5G in healthcare market. The pandemic increased the adoption of telehealth, making it a primary source of care for many patients. According to the 2021 World Economic Forum’s 5G Outlook Series report, there has been an increase of 490% in telemedicine visits for urgent cases. Furthermore, the outbreak of the COVID-19 pandemic increased the demand for digital healthcare infrastructure, increasing investments among major companies in expanding their 5G network. For instance, in February 2020, Emory Healthcare (U.S.) collaborated with Verizon (U.S.) to test and develop 5G Ultra Wideband for its Emory healthcare innovation hub.
5G services were used in hospitals to deal with the COVID-19 outbreak. For instance, in 2020, the Chinese Government built nearly 20 hospitals equipped with 5G technology. The Fancang hospital was built in February 2020 within 29 hours in Wuhan. These hospitals were equipped with 5G technology and engaged in mobile computed tomography (CT) scanning, blood testing, and administering oral medicines. The use of 5G-enabled technologies in these hospitals enabled virtual & electronic communication and minimal maintenance of terminal device networks, which minimized the physical interaction of nurses & doctors with infected patients and significantly reduced the risk of cross-infection.
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The 5G in healthcare market is segmented based on Component (Hardware, Services [Professional Services, Managed Services], Connectivity), Application (Healthcare Management Software, Remote Healthcare [Remote Patient Monitoring, Virtual Consultations, Video-enabled Prescription Management], Augmented Reality (AR)/Virtual Reality (VR), Asset Tracking for Medical Devices, Connected Medical Devices, Other Applications), End User (Healthcare Providers, Healthcare Payers, Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at the country and regional levels.
Based on component, in 2023, the hardware segment is expected to account for the largest share of the 5G in healthcare market. The growth of this segment is attributed to the rising need to replace & upgrade devices to enable the use of the latest software in the market and the rising demand for ultra-high bandwidth and ultra-low latency connectivity.
Based on application, the remote healthcare segment is projected to register the highest growth rate during the forecast period. The growth of this segment is attributed to the rising need for remote medical report analysis, real-time streaming, and remote patient data monitoring from wearables and health devices.
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Based on end user, in 2023, the healthcare providers segment is expected to account for the largest share of the 5G in healthcare market. The growth of this segment is attributed to the high adoption of 5G-enabled medical wearable devices, the rising prevalence of chronic diseases, the increasing number of ambulatory centers and hospitals, and the need for connected medical devices.
Based on geography, in 2023, North America is expected to account for the largest share of the 5G in healthcare market, followed by Europe and Asia-Pacific. Furthermore, the U.S. is expected to be the largest shareholding market in North America in 2023. The market growth in the U.S. is attributed to the high disposable incomes of the population, the rising number of patients with chronic diseases, favorable government investments for the digitalization of the healthcare sector, and the availability of advanced infrastructure for the implementation of 5G services. However, APAC is expected to witness a rapid growth during the forecast period. The growth of this regional market is attributed to the increasing geriatric population, the rising prevalence of chronic diseases in developing nations, the increasing investments in the healthcare sector in developing countries such as China and India, the growing focus on digitizing the healthcare sector, and the increased adoption of smart medical devices for remote patient care. Furthermore, government initiatives to develop 5G infrastructure and the increasing investments by major market players are driving the growth of the 5G in healthcare market in Asia-Pacific.
The report also includes an extensive assessment of the key growth strategies adopted by leading market players between 2020 and 2022. In the last couple of years, the global 5G in healthcare market has witnessed various strategic developments.
Some of the key players operating in the global 5G in healthcare market are AT&T Inc.(U.S.), Verizon Communications Inc. (U.S.), LM ERICSSON TELEPHONE COMPANY (Sweden), T‑Mobile USA, Inc. (U.S.), Cisco Systems, Inc. (U.S.), TELUS Corporation (U.S.), Telit corporate group (U.S.), Orange SA (France), Telefónica, S.A. (Spain), SAMSUNG ELECTRONICS CO., LTD. (South Korea), BT Group plc (U.K.), NEC Corporation (Japan), and QUALCOMM Incorporated (U.S.).
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Scope of the Report:
5G in Healthcare Market, by Component
- Hardware
- Services
- Professional Services
- Managed Services
- Connectivity
5G in Healthcare Market, by Application
- Healthcare Management Software
- Remote Healthcare
- Remote Patient Monitoring
- Virtual Consultations
- Video-enabled Prescription Management
- Augmented Reality (AR)/Virtual Reality (VR)
- Asset Tracking for Medical Devices
- Connected Medical Devices
- Other Applications
Note: Other applications include smart wearables, connected ambulances, and medical/nursing telerobotics.
5G in Healthcare Market, by End User
- Healthcare Providers
- Healthcare Payers
- Other End Users
Note: Other end users include pharmaceutical, educational, and research organizations.
5G in Healthcare Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
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