5G in healthcare market expected to reach $22.6 billion

BURLINGAME, June 13, 2024 (GLOBE NEWSWIRE) — According to a recent report by Coherent Market Insights, the global 5G in healthcare market size is estimated at USD 2.72 billion in 2024 and is expected to reach approximately USD 22.6 billion by 2031, registering a CAGR of 35.3% between 2024 and 2031. The 5G market in healthcare is expected to witness significant growth owing to enabling next-generation telemedicine applications and improved patient monitoring. 5G will facilitate high-resolution medical images and video consultations, providing quality healthcare in remote locations. It will enable real-time streaming of critical patient data from wearable sensors and IoT-enabled medical devices to clinicians, which will improve continuous remote monitoring of patients suffering from chronic diseases.

Market Trends:

The rapid adoption of 5G technology in healthcare facilities is expected to drive the growth of the 5G in healthcare market during the forecast period. 5G technology enables high-speed data transfer, enabling patient monitoring and surgery in remote locations. It also supports technologies such as telemedicine, connected ambulances, and AI-powered diagnostic tools. Moreover, the 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 growing adoption of telemedicine is one of the major trends observed in the 5G healthcare market. 5G-enabled telemedicine offers high-quality virtual consultations and remote monitoring of patients. This allows doctors to reach out to patients in remote locations and enhance access to healthcare. Moreover, the growing adoption of wearable medical devices is another trend. 5G supports technologies such as augmented reality and AI-powered personal health assistants, which allow for continuous monitoring of vital signs and real-time transmission of data through wearable devices. The rapid growth in digital healthcare infrastructure and focus on patient-centric healthcare delivery models are expected to create lucrative growth opportunities for players in the 5G healthcare market during the forecast period.

5G in Healthcare Market Report Coverage

With the prevalence of chronic diseases and rising healthcare costs, remote patient monitoring allows healthcare providers to continuously monitor patients outside of traditional 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. High speed and low latency 5G networks will support real-time monitoring of vital signs such as electrocardiograms, blood pressure and blood glucose levels. This will create new opportunities for home healthcare and reduce costs for payers.

5G will enable connectivity for a wide range of medical devices, from small wearable sensors to medical imaging equipment. This will help in creating smart hospitals that can utilize medical equipment and staff more efficiently. 5G-connected ultrasound and MRI machines with augmented reality capabilities will aid in remote diagnostic and treatment procedures. 5G can transmit high-resolution video and control signals with minimal latency, facilitating the widespread adoption of connected ambulances and surgical robots. This will enable telemedicine and teleconsultations across geographically separated locations.

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Key Market Points:

The 5G in healthcare market is expected to witness a CAGR of 35.3% during the forecast period (2024-2031), owing to the increased adoption of telemedicine solutions during the COVID-19 pandemic.

Based on component, the hardware segment is expected to hold a dominant position, accounting for around 40% of the market share in 2024. This is owing to increasing investments by telecom operators in 5G infrastructure.

Based on application, the remote patient monitoring segment is expected to account for the largest market share owing to the rise in geriatric population and the increasing need to monitor chronic diseases from home.

Based on the end-user base, the healthcare providers segment is expected to maintain its dominant position during the forecast period owing to the increasing demand for connected care solutions to improve patient outcomes.

Regionally, North America is expected to account for the largest market share owing to favorable government policies and increasing healthcare expenditure.

Some of the major players in 5G in healthcare market include Ericsson, Telit, Verizon, Cisco, Orange SA, Tata Elsie, NEC Corporation, AT&T Corporation, Phibovom Wireless, BT Group, Huawei Technologies Co., Ltd., SK Telecom Co., Ltd. and GE Healthcare Co., Ltd. These companies are focusing on partnerships and product innovation to strengthen their market position.

Recent developments:

In September 2023, the Ministry of North Eastern Development, Government of India launched India’s first 5G training lab and 5G applications in the healthcare sector across all eight states in the northeastern part of India.

GE Healthcare opened its 5G Innovation Lab in India in July 2022, its first such lab in the world.

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Detailed segmentation –

By components:

By application:

• Remote Patient Monitoring
• Connected Medical Devices
• Telemedicine
• others

By end user:

• Healthcare Providers
• Healthcare Payers

By region:

North America:

latin america:

• Brazil
• Argentina
• Mexico
• Other Latin America

Europe:

• Germany
• United Kingdom
• Spain
• France
• Italy
• Russia
• Other Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

middle east:

• GCC Countries
• Israel
• Other Middle East

Africa:

• South Africa
• North Africa
• Central Africa

For more information see:

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Smart Home Healthcare Market: The global smart home healthcare market size is valued at USD 14.14 billion in 2022, and is expected to grow at a compound annual growth rate (CAGR) of 24.4% from 2023 to 2030.

About us:

Coherent Market Insights is a global market intelligence and consulting organization providing syndicated research reports, customized research reports, and consulting services. We are known for providing actionable insights and reliable reports across various sectors including Aerospace & Defense, Agriculture, Food & Beverages, Automotive, Chemicals & Materials, and an exhaustive list of almost all sectors and sub-domains. We create value for our clients through our reliable and accurate reports. We are also committed to playing a leading role in providing insights in various sectors post COVID-19 and continue to deliver measurable and sustainable results to our clients.

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