Global 5G In Healthcare Market Size By Component (Hardware, Services), By Application (AR/VR, Virtual Consultations), By Geographic Scope And Forecast

5G In Healthcare Market Size And Forecast

5G in Healthcare Market size was valued at USD 49.10 Billion in 2022 and is projected to reach USD 447.10 Billion by 2030, growing at a CAGR of 31.8% from 2023 to 2030.

These modifications enable remote patient monitoring, enabling patients to take use of cutting-edge technology as well as better coordinate healthcare activities. The Global 5G In Healthcare Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global 5G In Healthcare Market Definition

The fifth generation of mobile communication technology is referred to as “5G.” The transmission speed and network capacity have improved with each new generation of standards and technology. By providing the essential levels of connectivity for a new health ecosystem that can correctly, efficiently, cost-effectively, conveniently, and on a substantial scale meet the demands of patients and providers, 5G represents a tremendous advancement in cellular technology and healthcare. In addition to far-off sensors, medical wearables, and billions of low-bitrate, low-energy connected health monitoring devices, 5G will serve as the network’s backbone infrastructure.

This market is expanding as a result of COVID-19’s greater use of telemedicine, robotic surgery, and wearable medical equipment with 5G connectivity for remote real-time patient monitoring. The development of communications, the accessibility of low-cost sensors, and the capacity of 5G technology to send big patient data files swiftly are additional significant aspects influencing the growth of this industry. However, the high cost of 5G network deployment is anticipated to impede business expansion.

The development of the local sector is being influenced by a number of factors, including the increasing prevalence of coronary artery disorders (CAD), the aging population, and the introduction of novel products by key market competitors. As more people become aware of the benefits of implementing 5G technology into healthcare products as well as services, the adoption of the technology will rise.

Global 5G In Healthcare Market Overview

ICT integration with medical knowledge has long been a potent tool for improving patient care. The use of robotic surgery and remote diagnosis is widespread throughout the world, and as ICT develops so swiftly, new opportunities for these procedures are opening up. Since wired networks can handle real-time, high-quality video, which is necessary for telemedicine, they are often needed for telemedicine. Numerous nations have demonstrated a steadfast commitment to telemedicine and telehealth, and they are starting to set up statewide telehealth coverage, exact reimbursement requirements, and a regulatory framework for telehealth operations. For instance, in April 2019, the Centers for Medicare & Medicaid Services (CMS) announced and finalized modifications to Medicare’s telehealth policy. These modifications enable remote patient monitoring, enabling patients to take use of cutting-edge technology as well as better coordinate healthcare activities.

Additionally, the pandemic fundamentally changed how healthcare was delivered.  Due to the increased number of people requiring urgent care, hospitals, and doctors’ offices became potential exposure hotspots. As a result, for individuals in need of medical care, telemedicine is currently the best choice. Healthcare delivery will alter significantly as a result of the high grade of virtual care, the availability of 5G, and its enormous potential.

The switch from 4G to 5G technology will need a large investment. The price of the base station, the monthly interest rate, and the necessary throughput density have a considerable impact on the cost of the 5G infrastructure. For the deployment of small cells to be effective and exceedingly dense, these expenses must be reduced. In order to upgrade their network to a virtualized infrastructure and migrate their services from 3G and 4G to 5G, CSPs must invest billions of dollars in new network gear. At the same time, they must defend their operations from rising disruption risks and online dangers. To take full advantage of what 5G has to offer, carriers must switch to a standalone model.

Global 5G In Healthcare Market Segmentation Analysis

The Global 5G In Healthcare Market is Segmented on the basis of Component, Application, and Geography.

5G in Healthcare Market, By Component

• Hardware
• Services

Based on Components, the market is bifurcated into Hardware and Services. With a market share of almost 70% in 2022, the hardware segment was the largest revenue shareholder segment. This is explained by the need for ongoing technological updates or replacements in order to take full advantage of the most recent innovations available. Additionally, it is projected that increasing use of ultra-high bandwidth, ultra-low latency, and technological breakthroughs will increase the growth prospects for the hardware sector.

5G in Healthcare Market, By Application

• AR/VR
• Virtual Consultations
• Remote Patient Monitoring
• Connected Medical Devices
• Others

Based on Application, the market is bifurcated into AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Medical Devices, and Others. For paramedic emergency training and trauma crisis simulation, virtual reality is being used. Using augmented reality to guide surgery on specific human body parts Using virtual reality for human anatomy research and dissection studies, doctors and their support team can use AR-based surgical support to use the proper surgical instruments.

5G in Healthcare Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of a Geographical Analysis, the Global 5G in Healthcare Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In 2022, the North American region’s share of market revenues was 35%. The development of the local sector is being influenced by a number of factors, including the increasing prevalence of coronary artery disorders (CAD), the aging population, and the introduction of novel products by key competitors. The adoption of the technology will accelerate as more people learn about the advantages of integrating 5G technology with healthcare goods and services.

Key Players

The “Global 5G In Healthcare Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Fibocom Wireless Inc., Orange, Huawei Technologies Co., Ltd., and Telus. 

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2020Verizon and Emory Healthcare entered into a partnership. Emory Healthcare is enhancing diagnostic and imaging systems from ambulances to emergency rooms by utilizing Verizon’s 5G Ultra-Wideband for augmented reality and virtual reality (AR/VR) applications for telemedicine, remote monitoring, and medical training.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global 5G in Healthcare Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the 5G in Healthcare Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Research Methodology of Market Research

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