According to a research report published by Spherical Insights & Consulting, the global 5G market size in healthcare is expected to be valued at $2.6 billion in 2023 and reach $48.7 billion by 2033. Companies covered: Cisco Systems, Inc, Nokia Corporation, Ericsson, BT Group, Fibocom Wireless Inc., Orange SA, VerizonTelit Corporate Group, Deutsche Telekom AG, Quectel, Telus, Ericsson, T-Mobile, Deutsche Telekom AG, and other major vendors.
NEW YORK, United States, June 19, 2024 (GLOBE NEWSWIRE) — The global 5G in healthcare market size is expected to expand from $2.6 billion in 2023 to $48.7 billion by 2033, at a compound annual growth rate (CAGR) of 34.05% during the forecast period.
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The fifth generation (5G) cellular network technology is being used in the medical industry, which is referred to as 5G in healthcare. Compared to previous cellular generations, 5G is expected to offer significantly faster data transfer speeds and less latency. New applications in healthcare, such as real-time mobile ultrasound, networked robotic assistance, and remote surgery, are enabled by improved internet connectivity between devices at the point of care. The market is growing due to several factors, including advancements in communications, the use of 5G technology in wearable medical devices, the ability of 5G technology to transfer large volumes of patient data files quickly, and the availability of low-cost sensors. The increasing use of telemedicine and robotic surgery is the primary factor driving the market growth. Robotic surgery and telemedicine have enabled patients to receive treatment and diagnosis more quickly and accurately. The adoption of 5G in the healthcare sector is driven by its potential for transformative AR and VR applications. However, the high cost of implementing 5G networks is one of the major obstacles hindering its adoption in the healthcare sector. Because new technologies and infrastructure are required, the cost of implementing a 5G network will be much higher than traditional networks such as 4G and 3G networks.
Browse 244 pages of key industry insights and 110 market data tables, figures and chartsGlobal 5G in Healthcare Market Size, share, COVID-19 impact analysis, By component (hardware, connectivity, services, etc.), By application (remote patient monitoring, connected medical devices, AR/VR, connected ambulances, asset tracking, etc.), By end user (healthcare providers, payers, etc.), By region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), analysis and forecast for 2023-2033.
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The hardware segment dominates the market, accounting for the largest market share in the global healthcare 5G market during the forecast period.
Based on component, the global 5G in healthcare market is bifurcated into hardware, connectivity, services, and others. Of these, the hardware segment dominates the market, accounting for the largest market share in the global 5G in healthcare market during the forecast period. Technological developments and the growing need for massive connectivity, ultra-low latency, and ultra-high bandwidth are expected to drive the growth of the hardware market.
The remote patient monitoring segment is expected to grow at the fastest CAGR growth among 5G in global healthcare market during the forecast period.
Based on application, the global 5G in healthcare market is bifurcated into remote patient monitoring, connected medical devices, AR/VR, connected ambulances, asset tracking, and others. Of these, the remote patient monitoring segment is expected to grow at the fastest pace in the global 5G in healthcare market during the forecast period. The growing number of elderly population is driving the demand for online health check-ups. By collaborating with patients to self-manage their conditions from home, healthcare professionals can benefit from remote patient monitoring.
The healthcare providers segment accounted for the largest revenue share throughout the global healthcare 5G market during the estimated period.
Based on end user, the global 5G in healthcare market is segmented into healthcare providers, healthcare payers, and others. Of these, the healthcare providers segment is projected to grow at the highest pace in the global 5G in healthcare market during the estimated period. Rising patient population, rise in outpatient care centers and hospitals, expansion of telemedicine, growing use of wearable medical devices with 5G connectivity, and demand for faster technology that enables quicker transfer of big data sets.
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North America is expected to account for the largest share of the global healthcare 5G market during the forecast period..
North America is expected to hold the largest share of the global healthcare 5G market during the forecast period, owing to its well-established healthcare system, high per capita income, growing number of industry participants, technological advancements, and favorable government funding programs for the healthcare sector, as the market has a high concentration of top suppliers of 5G infrastructure and healthcare IT companies.
Asia Pacific is expected to grow at the fastest pace in the global healthcare 5G market during the forecast period. Factors such as rising medical tourism, chronic disease burden, and increasing focus on integrated healthcare will drive demand.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. The report also provides a detailed analysis focusing on the current news and developments of the companies, including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances. This allows for an assessment of the overall competition within the market. The key vendors in the global healthcare 5G market include Cisco Systems, Inc, Nokia Corporation, Ericsson, BT Group, Fibocom Wireless Inc., Orange SA, VerizonTelit Corporate Group, Deutsche Telekom AG, Quectel, Telus, Ericsson, T-Mobile, Deutsche Telekom AG, and other key vendors.
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Recent developments
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October 2023, Ericsson (Sweden) and Chunghwa Telecom (Taiwan) have collaborated to enable 5G connected ambulances using network slicing, marking a major step forward in the application of 5G technology to enhance emergency medical services.
Market Segments
The study forecasts global, regional and country-level revenue from 2020 to 2033. Spherical Insights segments the global 5G in healthcare market based on the following segments:
Global 5G in Healthcare Market, by Component
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Hardware
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Connectivity
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service
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others
Global 5G in Healthcare Market, by Application
Global 5G in Healthcare Market by End User
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Healthcare Providers
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Healthcare Payers
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others
Global 5G in Healthcare Market by Region
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North America
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Europe
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Germany
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United Kingdom
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France
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Italy
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Spain
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Russia
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Other Europe
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Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Rest of Asia Pacific
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south america
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Brazil
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Argentina
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Rest of South America
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Middle East and Africa
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