Global 5G in Healthcare Market By Component (Hardware, Services, Connectivity), By Application (Connected Medical Device, Remote Patient Monitoring), By End-User (Healthcare provider, Healthcare payers, Others), By Region and Companies -Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033

Report Overview

The Global 5G in Healthcare Market size is expected to be worth around USD 1,155.7 Billion by 2033 from USD 61.0 Billion in 2023, growing at a CAGR of 34.2% during the forecast period from 2024 to 2033.

5G is the fifth generation of wireless network technology. The central theme of 5G, just like the previous fourth generation, is speed. 5G comprise super fast connectivity, ultra-low latency, and widespread coverage. Healthcare industry is one of the fastest growing sector, putting complex demands on the network in terms of data rate, latency, and bandwidth, among other things. Several emerging connection needs of healthcare providers are addressed by 5G technology.

In the healthcare industry, cellular technology is projected to substantially ameliorate the speed, coverage and responsiveness of wireless networks. Thus, 5G in healthcare enables necessary levels of connection for a new health eosystem that can cost effectively, precisely, efficiently, and conveniently fulfill the requirements of patients and providers. In addition to this, 5G serves as IoT’s backbone infrastructure to remote sensors, clinical wearables, low-bitrates, and low energy connected health monitoring devices.

The market for 5G in healthcare is heavily driven by rising adoption of remote patient monitoring devices coupled with the escalating initiatives by major active players operating in the market.

• In March 2021, an NCBI research study stated that there was an increase in the adoption of the RPM.
• In April 2020, Apple acquired startup Xnor.ai, which specializes in low power edge-based tools, for the USD 200.0 million. The acquisition led to added health features, such as monitoring blood oxygen levels, available on the apple watch, which can already detect irregular heartbeats and strokes because this information can be transmitted to doctors in real time.

Key Takeaways

• By component, services segment withheld a remarkable market revenue share of 63.2%, dominating the global 5G in healthcare market in 2023.
• By Application, owing to revolutionizing patient care and treatment methodologies, connected medical devices segment accounts a large market share of 58.4%.
• By End-User, healthcare provider segment dominates the global 5G in healthcare market holding a hefty market share of 61.3%.
• North America is the the forefront of global 5G in healthcare market in the year 2023.
• Remote patient monitoring powered by 5G technology is vigorously bolstering the position of global 5G in healthcare market.
• The market for 5G in healthcare may hinder abruptly due to privacy and security concerns, resulting in data breaches of sensitive patient information.

By Component Analysis

Services segment overshadowed the global 5G in healthcare market

Based on component, the global 5G in healthcare market is majorly classified into Hardware, Services and Connectivity segments. Amongst these, services segment withheld a remarkable market revenue share of 63.2% in the year 2023. The supremacy of the segment is by virtue of increasing adoption of 5G services, product launches, and other initiatives by government globally. The productivity of both science and clinical research is heavily boosted with new 5G information ecosystem.

The technologies greatly facilitate collaborative, multi-institutional studies through access to massive data, repositories, AI and computational analytic software. The data is being fed autonomously from the billions of devices, equipments, and instruments connected to the IoT. Product launches are another factor in the growth of the market.

• In October 2021, an NCBI research study stated that healthcare applications, especially telemedicine, have finally rapidly expanded, mainly because it enables physicians to evaluate their patients remotely.
• In September 2022, Medulance Healthcare Ambulance, used 5G from Reliance Jio for smart ambulance services in rural India by connecting an ambulance to a hospital, almost anywhere in India.

By Application Analysis

A large market portion is captured by Connected medical devices segment

Based on application of 5G, the market is categorized into Connected Medical Devices and Remote Patient Monitoring segments. Connected medical device segment encapsulates a commendable market share of 58.4%, dominating the global 5G in healthcare market in the year 2023. The segmental dominance reflects the pivotal role that connected medical devices play in revolutionizing patient care and treatment methodologies. An interconnected ecosystem is generated through these devices, leveraging the power of 5G networks, where medical tools, wearables, and sensors seamlessly communicate and transmit real time patient data.

These advanced technologies are increasing adopted by healthcare professionals from wearable health trackers to IoT enabled medical equipment, allowing them to immediately access comprehensive patient data, enabling accurate and timely intervention. In addition to this, the incorporation of 5G ensures faster and more reliable data transmission, supporting precise diagnosis, treatment and continuous monitoring across various medical scenarios.

By End-User Analysis

Healthcare provider segment marks the major growth

Based on end use, the market disjoints into Healthcare providers, Healthcare payers and other end user segments. A prominent market revenue share of 61.3% is grabbed by healthcare provider segment, dominating the global 5G in healthcare market in the year 2023. The dominance of the region is highly attributed to the growing use of wearable medical devices with 5G technologies, increasing demand for better technologies, growing patient volume, and increasing number of hospitals and ambulatory care centres.

• According to an article published by Becker’s ASC review, the number of total ambulatory surgical centres under partnership by a national operator saw an increase from 2011 to 2023, growing from approximately 1,339 centers to 1,941 centers, representing a compound annual growth rate of 3.14%.

On the other hand, healthcare payer segment is expected to foster at the fastest growth rate of 41.2% during the forecast period. Payers include both public and commercial insurance companies. This rapid growth owes to an increase in the number of policyholders and health insurance due to COVID 19 pandemic.

Key Market Segments

By Component

• Hardware
• Serivces
• Connectivity

By Application

• Connected Medical Devices
• Remote Patient Monitoring

By End User

• Healthcare providers
• Healthcare payers and
• Other

Drivers

Rising demand for remote patient monitoring

The market for 5G in healthcare is majorly driven by a combination of factors, amongst these, prominent role is played by growing adoption of wearable devices for real time remote patient monitoring. Aided by 5G, these devices ranging from smartwatches to specialized health trackers offer continuous and non-intrusive monitoring of vital health metrics. These devices are employed to collect real time data on heart rate, blood pressure, glucose levels, activity pattern, and more, providing significant conclusions into an individuals’ health status.

The devices equipped with sensors transmits data instantly over 5G networks, allowing the healthcare practitioners to remotely monitor condition of patient in real time, thereby ameliorating decision making, facilitates early intervention, and can prevent medical complications.

Furthermore, the incorporation of 5G in healthcare opens up a new era of possibilities, especially through remote patient monitoring. The transmission of vast amounts of data with 5Gs’ Iightining fast speed and low latency has revolutionized remote patient monitoring. With 5G, high-defination video calls and ultra-responsive communication is enabling virtual consultations at ease. This has greatly helped people serving in underserved areas who do not have access to specialized care, improving the accessibility coupled with reduction of burden on overloaded healthcare facilities. In addition to this, the seamless transmission of high resolution images and real time diagnostic data ensures accurate assessment and quicker treatment decisions.

• As per a Harvard Health Letter articles, nearly 50 million people in United States currently use remote patient monitoring devices.
• According to MSI international survery, 80% of Americans are in favor of using remote patient monitoring and nearly one half are very favorable towards incorporating it into medical care.
• According to University of Pittsburgh Medical Centre, remote patient monitoring reduced hospital readmission rate by 76%.

Restraint

Privacy and Security Concerns

The devices used in hospitals, clinics and similar healthcare facilities rely heavily on network. 5G would also further facilitate the extensive usage of Electronic Health Records and Patient Care Management Systems. Unfortunately, these advancements are witnessed to raise serious concerns about security and confidentiality of patient records and data. To solve such issues, the government and policymakers need to strengthen the patient privacy laws such as health Insurance Portability and Accountability Act, and further develop new regulations as per 5G standards to address patient privacy concerns and data security issues.

Opportunities

The market for 5G in healthcare is expected to skyrocket in near future

The market is soon to witness greater growth opportunities during the forecast period. The advantage of 5G is set to take telemedicine to new heights, owing to its ability to support high definition video consultations and real time data sharing. Thus, this significanty minimizes healthcare disparities, particularly in underserved areas. In addition to this, 5G technology powered remote surgeries are enoumously flourishing to an unexpected level. The low latency and high reliability of 5G enables the surgeons to perform procedures remotely using robotic technology. This particularly proves to be beneficial in providing specialized surgical care to remote regions.

The future of 5G in healthcare is closely tied to the advancement of AI and IoT. The high speed, low latency characteristics of 5G are ideal for supporting AI-driven diagnostics and IoT in patient care, leading to more personalized and predictive healthcare.

• According to Global Data Survery, over 40% of 1,216 respondents in the medical industry considered robotic process automation likely to impact their jobs over the next three years, with 33.5% expecting 5G to have an impact.

Latest Trends

• Telemedicine & Virtual Care: Telemedicine serves to offer high-defination video consultation, surgical procedures and remote diagnostics with 5G’s high speed and low latency connectivity. This prove highly beneficial for the people residing in rural and underservd areas.
• IoMT (Internet of Medical Things): 5G connectivity enhances the proliferation of connected medical devices and sensor, togetherly identified as Internet of Medical Things. This aids in the collection and transmission of patient data securely and efficiently, allowing healthcare providers to monitor patient remotely and predict healthcare outcomes more precisely.

Regional Analysis

North America Dominates the Global 5G in Healthcare Market During the Forecast Period

North America is at the forefront of the global 5G in healthcare market capturing a valuable market revenue share of 39.6% in the year 2023. A combination of benefactors thrive the industry in North America robustly. Primarily, the regional success can be attributed to increasing prevalence of coronary artery disorders (CAD), followed by growing geriatric population, and unique product launches by major industry players.

• According to Centre for Disease Control (CDC), approximately 20 million Americans had coronary artery disorder in 2020.

On the other hand, Asia-Pacific is anticipated to grow significantly during the forecast period. The growth is this region is highly ascribed to rise in 5G capable medical devices and government intentions to incorporate 5G in healthcare. Furthermore, the region expands exponentially with the widespread adoption of cutting-edge technology, rise of medica equipment with IoT capabiitites, ongoing network connectivity improvements and government initiatives for IoT.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Market Player Analysis

Competition is robust among existing key players due to the increasing requirement for mental health applications, combined with technical advancements. The increasing need for mental health apps is anticipated to support the entrance of novel corporations in the upcoming years. The increasing awareness and approval with related to digital and mobile health technology fueling the market growth.

The 5G in Healthcare key players are spending in R & D activities, novel market initiatives. Several new mental health apps having robust 5G connectivity are coming in the market, and companies have high the incomes and enter into collaboration to increase their worldwide presence.

Top Key Players

• Verizon
• China Mobile International Ltd
• Quectel
• Telit
• Telus
• Cisco System Inc.
• Orange
• NEC Corporation
• AT & T Inc.
• Samsung
• BT Group

Recent Development

In May 2023: Cisco Systems Inc., was acquired by Ericsson (Sweden), enabling Ericssons’ capability to grow and Cisco’s healthcare clients will be able to use 5G technology to enhance patient care.

In January 2022: Thailand launched the Association of Southeast Asian Nations first 5G smart hospital. Under the agreement,’Siriraj Worldclass 5G Smart Hospital’, was launched through a collaboration between the Thailand Office of NTBC (The National Broadcasting and Telecommunication Commission), Siriraj Hospital and Huawei Technologies (Thailand) Co.ltd.

Report Scope