5G in Healthcare Market
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5G in Healthcare Market size surpassed USD 2.5 billion in 2021 and is projected to register more than 35% CAGR between 2022 and 2030. Increasing integration of emerging & latest technologies with 5G will drive the market growth.
The healthcare industry is undergoing a notable transformation, with the introduction of a variety of advanced technologies that make diagnosis more accurate and treatments more efficient. The rollout of the 5G technology in the healthcare sector has created several business opportunities for medical professionals.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| 5G in Healthcare Market Size in 2021: | USD 2.5 billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2023 - 2032 CAGR: | 35 |
| 2023 Value Projection: | USD 80 billion |
| Historical Data for: | 2019 to 2021 |
| No of Pages: | 180 |
| Tables, Charts & Figures: | 198 |
| Segments Covered: | Offering, Application, End-use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The adoption of 5G networks can offer significant computational abilities to operate virtual systems, boosting cloud deployment. The technology will strengthen the integration of IoT devices across medical facilities. The availability of digital networks and increasing access to broadband in several countries will represent new prospects for solution providers.
However, the high deployment cost of 5G networks may hamper the 5G in healthcare market expansion. The cost of 5G infrastructure is heavily influenced by various factors, such as required annual interest rate, throughput density, and base station pricing, which is over five times that of the lower frequencies deployed in 4G LTE. Also, in low-middle income nations, the high cost of 5G medical technologies and equipment could prevent most healthcare providers and payers from adopting 5G network.
5G in healthcare market share from the virtual consultation applications was valued at more than USD 1 billion in 2021. The World Health Organization (WHO) encouraged medical institutes to conduct virtual consultations and use telemedicine as a primary practice to overcome the challenges associated with the COVID-19 pandemic. Several governments have since adopted supportive strategies to initiate these consultations.
The hardware segment is projected to surpass USD 47 billion by 2030. Hardware devices that use 5G solutions enable seamless digitization of healthcare processes. It fueled the use of 5G connectivity. Some examples of 5G hardware include 5G small cells, Wi-Fi, and network equipment. 5G technology in hardware devices is used in areas such as data transmission, telediagnosis, wearable devices, and telerobotic surgery, among others.
The healthcare provider segment is predicted to exceed USD 60 billion by 2030. The asset tracking systems are integrated with 5G technology that deliver innovative features. These include quick and easy access to medical equipment in real-time, reduced procurement costs, improved inventory management, and enhanced accuracy for healthcare providers.
The North America 5G in healthcare market size will surpass USD 17 billion by 2030. Numerous variables, such as rising prevalence of coronary artery diseases (CAD), rapidly aging population, and novel product launches by key market players are contributing to the regional industry expansion. Increasing awareness regarding the benefits of introducing 5G technology in healthcare products and services will accelerate the technology deployment.
are some of the renowned companies involved in market. These organizations are entering into strategic partnerships, mergers, and acquisitions to expand their market presence.
The COVID-19 pandemic had a positive impact on the market forecast, as it amplified the adoption of cutting-edge medical devices and solutions. Healthcare professionals faced a greater risk of contracting the infection, creating a bigger impact on hospitals and diagnostic facilities. These centers can use 5G services to support critical processes, which include robotic surgery, patient monitoring, contact tracing, diagnostic imaging tests, emergency medical services, and robot-assisted tele-ultrasound.
Market, By Offering
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries:
The global market for 5G in healthcare exceeded USD 2.5 billion in 2021 and is anticipated to register more than 35% CAGR during 2022-2030.
Some of the leading players in the market include AT&T Inc., Verizon Communications, NEC Corporation, Cisco Systems, Inc., SK Telecom Co., Ltd., Qualcomm, Ericsson, Nokia Corporation, Huawei Technologies Co., Ltd., China Mobile Limited, and Samsung Electronics Co., Ltd., among several others.
The North America industry size will surpass USD 17 billion by 2030 due to factors such as rising prevalence of coronary artery diseases (CAD), rapidly aging population, and novel product launches across the region.
The virtual consultation segment was valued at more than USD 1 billion in 2021 and will expand further, as the WHO encouraged medical institutes to conduct online sessions and use telemedicine as a primary practice to overcome the challenges associated with the COVID-19 pandemic.