5G in Healthcare Market will grow at highest pace owing to remote patient monitoring advancements

 
5G in Healthcare Market

The 5G in healthcare market comprises technologies and solutions that support various healthcare applications through ultra-reliable, low-latency communications technology. 5G enables applications such as remote patient monitoring with real-time transmission of vital signs and medical images from ambulances, emergency rooms and hospitals to doctors and specialists for remote diagnosis and consultation. Remote monitoring allows patients, especially those with chronic conditions, to avoid unnecessary visits to healthcare facilities and receive medical assistance wherever needed. The ability of 5G to support massive machine-type communications facilitates connected medical devices, robots and sensor networks in healthcare settings and at home.

 The Global 5G in Healthcare Market is estimated to be valued at US$ 22.60 Bn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the 5G in healthcare market are Ericsson, Telit, Verizon, Cisco, Orange S.A., Tata Elxsi, NEC Corporation, AT&T Inc., Fibocom Wireless Inc., BT Group, and Huawei Technologies Co., Ltd.
With the advancement of technologies, there is an increasing demand for remote monitoring services for chronic disease management, cancer treatment, post-surgery care and elderly care. This saves transportation costs and time for patients as well as reduces pressure on healthcare facilities.
5G provides higher speeds, lower latency and connectivity to an unlimited number of devices, which is driving innovations in telemedicine, connected ambulances, AR/VR health solutions, mobile robotics and wearable technology. Increased adoption of 5G is expected to revolutionize healthcare services through real-time data sharing.

Market Trends

The two major trends in the 5G In Healthcare Market Size include increased investments by telcos in building 5G infrastructure near hospitals and standalone 5G networks dedicated for healthcare. While telcos are entering partnerships for deploying 5G outdoors, indoor 5G networks will be critical for hospitals. Also, digital therapeutics is emerging as an important application where 5G combined with AI, VR/AR is being utilized to develop personalized treatment plans.

Market Opportunities

Remote or robotic surgeries through 5G could increase access to specialized healthcare while reducing costs. 5G enabled smart ambulances can transmit high-resolution patient data in real-time to hospitals. This helps reduce time for initial diagnosis and treatment. Growing geriatric population and the need for independent living is also driving the demand for 5G enabled remote patient monitoring solutions and connected health devices.

Impact of COVID-19 on 5G in Healthcare Market Growth

The COVID-19 pandemic has vastly accelerated the adoption of digital healthcare solutions, driving significant growth in the 5G in healthcare market. Lockdowns and social distancing norms imposed worldwide led to a surge in telemedicine and remote patient monitoring. 5G technology has enabled real-time healthcare delivery through high-definition video calls, remote surgeries, diagnostic imaging and analysis of large medical datasets using AI/ML. Several field hospitals and test centers were set up utilizing 5G networks for fast, reliable data transfer.

5G promises lower latency compared to 4G, improving connectivity for crucial remote procedures. The ongoing rollout of 5G infrastructure by telcos is focusing on healthcare facilities to support technologies like AR/VR, haptic feedback devices and edge computing applications. The need for contactless care led hospitals to fast-track their digital transformation projects using 5G networks. Going forward, continued investment in 5G-connected devices, cloud platforms and edge data centers will be imperative to sustain virtual care even post-pandemic.

Regional Concentration of 5G In Healthcare Market

North America currently accounts for the largest share of the global 5G in healthcare market value due to advanced telehealth reimbursement policies, higher 5G deployment and a sizable medical devices industry. Significant public-private investments are underway to establish dedicated 5G networks for hospitals across the US. Meanwhile, China and certain East Asian countries like South Korea have emerged as fast adopters of 5G medical applications owing to strong government support and favorable urban infrastructure.

Fastest Growing Regional Market

The Asia Pacific region excluding China and Japan is expected to witness the fastest growth in the 5G in healthcare market during the forecast period. This can be attributed to rising medical tourism, increasing spending on digital healthcare and expanding telecom sector in developing Asian nations. Initiatives such as Digital India are boosting rural telemedicine projects using 5G towers. Further investments in 5G test beds and smart city projects bode well for virtual care development across South Asia and Southeast Asia.

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