June 17, 2024
5G In Healthcare Market

5G in Healthcare Market is Estimated to Witness High Growth Owing to Increased Adoption of Remote Patient Monitoring

The transition to high-speed 5G networks allows doctors to monitor patients remotely using wireless health sensors and mobile medical devices. 5G enables real-time streaming of medical data to the cloud for analysis by care teams, allowing physicians to catch health issues early. Adoption of 5G is also improving access to care for patients in remote and rural locations through telemedicine solutions.

The Global 5G in Healthcare Market is estimated to be valued at US$ 22.60 Bn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period from 2024 to 2031.

5G networks deliver lower latency and faster speeds than previous generations of wireless technology. This allows transmission of dense medical images and supports responsive virtual/augmented reality applications for healthcare. 5G also improves clinical workflows with its ability to connect a large number of wireless devices simultaneously.

Key Takeaways

Key players operating in the 5G in Healthcare are Ericsson, Telit, Verizon, Cisco, Orange S.A., Tata Elxsi, NEC Corporation, AT&T Inc., Fibocom Wireless Inc., BT Group, Huawei Technologies Co., Ltd., SK Telecom Co., Ltd., GE Healthcare. Key players are focusing on development of 5G network infrastructure and customized solutions to enable connected healthcare services.

Growing demand for telehealth and remote patient monitoring is expected to drive the 5G In Healthcare Market Size during the forecast period. 5G helps overcome barriers of distance to provide quality care to rural areas. It also enables hospitals to remotely monitor large numbers of patients suffering from chronic conditions.

Major healthcare providers are collaborating with telecom companies to expand 5G infrastructure globally. This allows hospitals in developed regions to provide specialized medical expertise to underserved populations worldwide. Countries are also supporting 5G in healthcare by launching national telehealth programs and initiatives.

Market Key Trends

Real-time remote diagnosis and monitoring using 5G is a key trend in the healthcare industry. 5G allows real-time transmission of high-resolution medical images and streaming of surgeries between multiple locations. This helps improve collaboration between specialists and access to sub-specialty care. Augmented reality and AI combined with 5G will also transform medical education and training. 5G is crucial for widespread adoption of emerging technologies like telehealth, remote surgery, and virtual healthcare that promise accessibility and affordability of quality medical services on a global scale.

Porter’s Analysis
Threat of new entrants: high capital requirement and spectrum costs acts as deterrent . Bargaining power of buyers: buyers can easily switch to competitors due to relatively undifferentiated offerings. Bargaining power of suppliers: significant suppliers include telecom operators and equipment vendors giving them negotiating power. Threat of new substitutes: substitutes like wired broadband pose threat but 5G enables newer applications. Competitive rivalry: intense competition among existing players to deploy 5G networks and provide solutions.

Geographical Regions
North America currently holds the largest share of the 5G in healthcare market in terms of value due to high telecom and healthcare infrastructure, growing demand for remote and connected care services. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to rapidly improving healthcare infrastructure, initiatives to develop smart cities & focus on remote monitoring in populous nations like China & India.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it