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5G in Healthcare Market Size

Report ID: GMI5317
Published Date: Aug 2022
Report Format: PDF

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5G in Healthcare Market Size

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.

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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.

5G in Healthcare Market Report Attributes
Report Attribute	Details
Base Year:	2021
5G in Healthcare Market Size in 2021:	USD 2.5 billion
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	35%
2030 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:	Increasing integration of emerging and latest technologies with 5G Growing adoption of wearable medical devices for real-time remote patient monitoring Surging penetration of telehealth services Technological advancements in 5G coupled with its ability of fast and reliable data transmission Increasing demand for robotic surgeries due to COVID-19 pandemic
Pitfalls & Challenges:	High deployment cost of the 5G network

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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.

Virtual consultations via 5G to expand reach of healthcare services

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.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.