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5G in Healthcare Market By Component (Hardware, Services and Connectivity) By Application (AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Medical Devices, Connected Ambulance, Home Healthcare, Telemedicine and Smart Wearables) By End user (Healthcare Providers and Healthcare Payers) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2031.

In 2021, the market for 5G in Healthcare market worldwide was worth $ 42 billion US dollars. The market will reach US$ 450 billion by 2031, growing at a CAGR of 33.5 percent between 2022 and 2031.

Market Dynamics

In healthcare industries, network technology is expected to significantly improve the responsiveness of wireless networks, coverage and speed. Therefore, the rising demand for faster and more reliable data transmission in the healthcare industry is fueling the market growth. In 2021, Enovacom, a subsidiary of Orange organization, launched the Enovacom Patient Link solution to enhance the digitalization of the patient administrative and medical processes, easier & faster. 5G technology in healthcare provides necessary levels of connection for a new health ecosystem that can be cost-effectively, efficiently, precisely, and fulfill the requirements of patients and providers.

Moreover, to remote sensors, low-bitrates, clinical wearables, and low energy connected health monitoring devices, 5G will serve as the IoT’s backbone infrastructure. Technological advancement is one of the driving factor for the growth in market. In 2019, Ooredoo and Ericsson together in a joint venture developed a 5G-enabled haptic glove that empowered doctors to treat patients remotely. The glove is worn by the paramedic on the scene The 5G network is now used in healthcare tests and it develops a new solution that provides to enhance & revolutionize patient care services. Leading players in 5G market for the healthcare sector are now focused on developing innovative technologies to improve their market position. However, the healthcare sector is facing some challenges, including the high cost of drugs & therapies and a significant change in this area. The major challenge faced by healthcare systems throughout is the non-availability of fastest transmission of data.

COVID Impact

The COVID-19 pandemic substantially impacted the global healthcare industry, specifically hospitals, due to the sudden increase in patients. The 5G in Healthcare market has shown a positive impact during the COVID-19 pandemic period. The COVID-19 outbreak has highly impact and accelerated the shift towards the digital transformation of the healthcare system. A focus on adopting telehealth, thermal imaging solutions and remote care services. The services require a significant amount of bandwidth, especially online medical consultations that involve image transmission and real-time video conferencing. In 2020, University Hospitals in Ohio, introduced a remote patient monitoring device, a wireless sensor device that monitors patient’s temperature, oxygen levels, and reparation rate to detect possibilities of having COVID-19.

Regional Trend

Geographically, the global 5G in Healthcare market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is dominating the largest share of the global 5G in Healthcare market with a share of over 35% in 2021. Moreover, Asia Pacific is lined up to register the highest CAGR during the forecast period. The growth in the market in Asia-Pacific is driven by the significant acceptance of enhanced network connectivity, advanced technologies, and increased government initiatives for raising awareness regarding telehealth & penetration of 5G in the healthcare industry. For instance, in November 2020, the health operator IHH Healthcare and the Chinese government together launched a WeChat program as an initiative to strengthen telehealth.

Competitive Landscape

Key players operating in the global tissue diagnostics market are AT&T Inc., BT Group, China Mobile International Limited, China Unicom, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Fibocom Wireless Inc., Huawei Technologies Co., Ltd., NEC Corporation, Nokia Corporation, Orange, Qualcomm, Quectel, Samsung Electronics Co., Ltd., Saudi Telecom Company (STC), SK Telecom Co., Ltd., Telit, Telus, T-Mobile, Verizon Communications, and Vodafone among others. In 2020, Verizon and Emory Healthcare entered a partnership on February 2020. Emory Healthcare is increasing diagnostic and imaging systems for ambulances and emergency rooms by utilizing Verizon’s 5G Ultra-Wideband for augmented reality and virtual reality (AR/VR) applications for remote monitoring, telemedicine and medical training.

Key USP’s-

The Government of India has launched a special incentive scheme to support 75 healthcare startups in telemedicine and digital health in 2021. Cloud based developments help providers in significant flexibility and cost savings. The private network market is growing, driven by many infrastructures that need technological upgrade.

Market Segmentation

Based upon the component used in 5G in Healthcare Market is segmented into three segments of Hardware, Services and Connectivity in the healthcare process. Based on application, the 5G in Healthcare Market is segmented into AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Medical Devices, Connected Ambulance, Home Healthcare, Telemedicine and Smart Wearables. Based on End user, the 5G in Healthcare Market is segmented into Healthcare Providers and Healthcare Payers. In this segments, the healthcare providers segment dominated the market in 2021 with a revenue share of over 60%. This attributes the increasing use of wearable medical devices with 5G technologies, rising demand for better technologies, increasing patient volume, and an increasing number of ambulatory care centers and hospitals.

By Component

• Hardware
• Services
• Connectivity

By Application

• AR/VR
• Virtual Consultations
• Remote Patient Monitoring
• Connected Medical Devices
• Connected Ambulance
•  Home Healthcare
• Telemedicine
• Smart Wearables

By End User

• Healthcare Providers
• Healthcare Payers