Overview of 5G in the healthcare market
The global 5G market in healthcare is expected to reach US$ 4.2 billion by 2028 at a CAGR of 74.5% by 2028. Factors driving the 5G market in healthcare include rapid transfer of massive imaging files, increasing adoption of telemedicine remote, remote monitoring. Reliable, real-time optimization for augmented reality, virtual reality and spatial computing. The high degree of virtual care, when combined with the availability and enormous potential of 5G, will revolutionize healthcare delivery to new heights. In the wake of the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will provide remote support for high-quality healthcare while reducing patient exposure to infection through fewer in-person visits to physicians and healthcare institutions. Patients who are unable to travel to healthcare professionals will be able to visit them via 5G telepresence equipment.
5G represents a huge advance in healthcare by enabling a new health ecosystem that is able to meet patients’ requirements efficiently, cost-effectively, conveniently, and on a global scale. Over the past few years, the use of 5G networks in healthcare has increased. 5G networks are expected to benefit from advances in robotics, the Internet of Things, and artificial intelligence, which will reshape the health system into a newly connected ecosystem. This massive network will connect billions of connected, low-power health monitoring devices, remote sensors, and wearable medical devices, with 5G serving as the primary infrastructure for the Internet of Things.
Doctor-patient interactions have evolved over time. Today, with the advancement of technology, faster networks such as 4G LTE and 5G are affecting the delivery of healthcare. As a result, 5G is accelerating the adoption of Internet of Things (IoT) devices, which in turn is accelerating the expansion of home health care, remote patient monitoring, and robotic surgery assistance. The increasing acceptance of telemedicine and robotic surgery as a result of COVID-19, as well as the increasing use of 5G-enabled wearable medical devices for real-time remote patient monitoring are significant factors driving the growth of this market.
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Other important reasons driving the growth of this market are the ability of 5G technology to quickly transmit large patient data files, technological advances, and the availability of low-cost sensors. In the wake of the coronavirus pandemic, 5G Enhanced Mobile Broadband (eMBB) technology will provide remote support for high-quality healthcare while reducing patient exposure to infection through fewer in-person visits to physicians and healthcare institutions. Patients who are unable to travel to healthcare professionals will be able to visit them via 5G telepresence equipment.
However, the high cost of 5G network deployment is expected to limit the growth of this market.
5G Healthcare Market Segmental Analysis
The market has been segmented by components into hardware, services, and connectivity.
The market has been segmented by application into Connected Medical Devices, Remote Patient Monitoring, Medical Device Asset Tracking, AR/VR, and Connected Ambulance.
The market is segmented by the end user into healthcare providers, healthcare payers, and others.
North America captured the highest share of 5G in the healthcare market in 2020, due to increased 5G infrastructure investments, technological advancements, and changing healthcare practices. In addition, increasing investments in digital health solutions, adoption of wearable technology in healthcare, and presence of significant competitors in the region are contributing to the market growth. Leading companies operate in the region, including AT&T Inc. (US), Verizon (US), T Mobile USA, Inc. (US) and Cisco Systems, Inc. (US), to expand its operations, cooperation, partnership and release of new products to drive business growth.
Asia Pacific 5G is expected to fuel the healthcare market through further modernization of healthcare infrastructure. Consumer expectations, technological improvements and limited legacy health infrastructure in the Asia Pacific region are contributing to the market growth. By combining these characteristics, governments, payers, and service providers may be able to reinvent the delivery and management of health care. The rapid demographic transition in the Asia Pacific region is increasing the potential demand for healthcare services. Additionally, lack of advanced infrastructure, budget constraints, lack of advanced medical equipment and medical experts all contribute to the market growth in the Asia Pacific region.
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5G in the competitive dynamics of the healthcare market
The major players in the market are AT&T Inc. (US), Verizon (US), Ericsson (Sweden), T? Mobile USA, Inc. (US) and Cisco Systems, Inc. (US) and Telus Communications Inc. (Canada), Telit (UK), Orange SA (France), Telefónica, SA (Spain), SAMSUNG (South Korea), BT Group (UK), NEC Corporation Japan), Qualcomm Technologies, Inc. (US), and NTT Docomo Corporation (Japan).
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