The 5G in Healthcare Market is valued at USD 61.8 billion in 2023, is anticipated to reach a staggering USD 670.5 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 34.7% throughout the forecast period.
List of 5G In Healthcare Companies Profiled in Report:
- Ericsson (Sweden)
- Telit (Poland)
- Telus (Canada)
- Vodafone (UK)
- AT&T (US)
- Verizon (US)
- China Mobile Limited (China)
- T-Mobile (US)
- Airtel (India)
- Huawei Technologies Co. Ltd. (China)
- Cisco (US)
- Sierra Wireless (Canada)
- Nokia (Finland)
- Samsung (South Korea)
- Deutsche Telekom AG (Germany)
- Orange S.A. (France)
- SK Telecom Co.Ltd. (South Korea)
- BT Group (UK)
- NTT DOCOMO (UK)
- NEC Corporation (Japan)
- Telefónica (Spain)
- Swisscom (Switzerland)
- Qualcomm (US)
- Fibocom Wireless Inc. (China)
- Quectel (China)
- Sequans (France)
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Pandemic’s Mixed Impact on 5G Healthcare Market
The COVID-19 pandemic presented a unique situation for the 5G in Healthcare Market. While some studies raised concerns about potential health risks associated with 5G technology, the overall impact has been positive.
Social distancing measures during the pandemic fueled a significant increase in the adoption of telehealth and remote patient monitoring (RPM). Research studies support this trend, highlighting telemedicine’s effectiveness in minimizing virus transmission and managing healthcare resource allocation. Additionally, a March 2021 NCBI study indicated a rise in the use of RPM devices, further propelling market growth.
Furthermore, key players in the industry are actively contributing to market advancement. Apple’s acquisition of Xnor.ai in 2020 exemplifies this. Xnor.ai’s expertise in low-power edge computing enables the development of advanced remote monitoring features in wearables. This focus on real-time data transmission of vital signs empowers healthcare professionals to identify and address potential health issues promptly, ultimately accelerating market growth.
Increased Adoption Of 5G Services, Strategic Product Launches, And Ongoing Research Contributing To The Growth Of The Market
The new 5G information ecosystem allows for massive data analysis, AI integration, and collaborative research through massive data repositories and computational software. This empowers researchers to unlock new frontiers in both basic science and clinical research.
Industry Initiatives Further Propel Market Growth
For instance, “Medulance Healthcare’s utilization of Reliance Jio’s 5G network in September 2022 exemplifies how 5G is revolutionizing ambulance services in remote areas. By connecting ambulances to hospitals across India, they ensure timely and efficient medical care delivery”. This exemplifies the real-world application of 5G technology for positive healthcare outcomes.
Strategic acquisitions such as “Ericsson acquiring Cisco Systems in May 2023 and Cisco acquiring Accedian in February 2022 highlight the growing focus on expanding 5G capabilities and improving network performance in healthcare”.
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The 5G In Healthcare Market Is Segmented By Component, Application, And End-User
By Component:
In 2023, the hardware segment dominated the market, exceeding 70.2% share due to the need for frequent upgrades and replacements to leverage the latest technological advancements. Advancements in technology and the growing demand for ultra-high bandwidth, massive connectivity, and low latency are expected to further propel the hardware segment’s growth.
By Application:
The remote patient monitoring segment held the largest revenue share, exceeding 61.0% in 2023. This dominance can be attributed to the growing geriatric population and the increasing demand for telemedicine consultations. Remote patient monitoring plays a vital role in managing chronic conditions and providing proactive, effective healthcare.
By End-User:
Healthcare providers held the dominant position in 2023, accounting for over 60.3% of the market share. This dominance stems from the rising use of wearable medical devices with 5G technology, the increasing demand for advanced healthcare solutions, and the growing number of hospitals and ambulatory care centers.
The War and Economic Slowdown’s Impact on 5G Healthcare
The Russia-Ukraine war shows uncertainty on the 5G Healthcare Market. Potential disruptions to supply chains and manufacturing could lead to shortages of 5G equipment, hindering market growth. Investment in R&D might also be affected. However, the war could also act as a catalyst for innovation as healthcare systems seek new solutions. An economic slowdown presents another challenge, with reduced spending potentially delaying 5G adoption. Despite these hurdles, the long-term benefits of 5G, such as improved healthcare delivery and cost-effectiveness, position it for continued growth.
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North America Takes the Lead in 5G Healthcare Revolution
North America is poised to dominate the 5G in Healthcare Market, fueled by factors like expanding infrastructure and product launches. 5G promises to revolutionize telemedicine and remote monitoring, connecting patients directly to providers via wearables and monitoring devices. This improved accessibility and targeted care will be particularly beneficial for an aging population, driving demand for healthcare services and creating new jobs.
The US Bureau of Labor Statistics predicts healthcare to be a top growth sector, with 5G potentially creating 341,000 new jobs and contributing USD 104 billion to GDP. Additionally, initiatives like Telus’ launch of its 5G network in Canada showcase the commitment to bolstering economic productivity, virtual healthcare, and digital education through 5G technology.
Strategic collaborations like the one between Verizon, Microsoft, and Medivis to create the first VA 5G-enabled hospital in the US further highlight North America’s leadership in this transformative healthcare transformation.
Unveiling the Value of the 5G in Healthcare Market Report
- Gain a clear understanding of the market’s projected growth rate and future potential, enabling informed business decisions.
- Identify key growth drivers and capitalize on emerging opportunities within the 5G healthcare landscape.
- Dive deeper into market segmentation by component, application, and end-user to tailor your strategies for maximum impact.
- Gain valuable insights into the competitive landscape, including key players and their strategies.
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