According to the new market research report "5G in Healthcare Market by Component (Hardware, Connectivity, Services) Application (Remote Patient Monitoring, Connected Medical Devices, AR/VR, Connected Ambulance, Asset Tracking) End User (Healthcare Providers, Payers) - Global Forecast to 2026", published by MarketsandMarkets™, the 5G in Healthcare Market is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% between 2021 and 2026.
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Global 5G in Healthcare Market Overview
The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
Key Market Players
The prominent players in the market are AT&T (US), Verizon (US), China Mobile Limited (China), Qualcomm (US), T-Mobile (US), Ericsson (Sweden), Telit (Poland), Telus (Canada), Vodafone (UK), 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), Airtel (India), Huawei Technologies Co., Ltd. (China), and Cisco (US). These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the 5G in healthcare market.
· Emory Healthcare partnered with Verizon (US). Emory Healthcare is using Verizon’s 5G Ultra-Wideband to enhance augmented reality and virtual reality (AR/VR) applications for medical training, telemedicine, and remote monitoring, in addition to diagnostic and imaging systems from ambulances to ER.
· China Telecom (China), ZTE (China), and West China hospital are facilitating the remote diagnosis of coronavirus via 5G.
· ZTE (China), along with Huawei (China), built 5G demo sites for remote consultation and outpatient & image diagnosis.
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Asia Pacific was the largest regional market for 5G healthcare market "
The global 5G in healthcare market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share of 33.8% of the global market. The APAC is the largest and fastest-growing region in the market. This growth can be attributed to the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT.
MarketsandMarkets has segmented the Global Bioinformatics Market On the basis of Product Type, Application, and Geography.
· Connected Medical Devices
· Remote Patient Monitoring
· Asset tracking for medical devices
· Connected Ambulance
By End Users
· Healthcare Providers
· Healthcare Payers
· Other End Users
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
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