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5G in Healthcare: Market Projections Show $166.1 Billion Value by 2030
Meticulous Research®, a leading market research firm, recently published a report titled ‘5G in Healthcare Market by Component (Hardware, Services [Professional,Managed], Connectivity), Application (Healthcare Management, Remote Healthcare, AR/VR, Asset Tracking, Connected Medical Devices), End User (Payer, Provider) - Global Forecast to 2030.’ The report projects that the 5G in healthcare market will reach $166.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 29.5%.
The growth of the 5G in healthcare market is driven by several factors. Advancements in telecommunication technology have significantly improved the transmission rates of patient data, making healthcare delivery more efficient. The adoption of telehealth services and nursing robots has surged in the aftermath of the COVID-19 pandemic, further driving the demand for 5G technology in healthcare. Additionally, the availability of low-cost sensors and the increasing use of 5G-enabled medical devices for patient monitoring are contributing to the market's expansion.
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The market is segmented into several components, including Hardware, Services (Professional and Managed), and Connectivity. In 2024, the hardware segment is expected to hold the largest market share, driven by the need to upgrade devices to fully utilize the latest technological advancements. The demand for ultra-high bandwidth connections and the need for massive connectivity to support a growing number of devices are also contributing to the growth of this segment.
In terms of applications, the 5G in healthcare market is divided into healthcare management software, remote healthcare (including remote patient monitoring, virtual consultations, and video-enabled prescription management), AR/VR healthcare, asset tracking for medical devices, connected medical devices, and other applications. Among these, the remote healthcare segment is projected to register the highest CAGR during the forecast period, driven by the growing need for long-term home care, the increasing incidence of chronic diseases, and the rising geriatric population. Additionally, the increasing awareness and demand for telehealth consultations are driving the demand for remote patient monitoring solutions.
Among the end users, healthcare providers are expected to account for the largest market share in 2024. This is due to the increased need for 5G services for medical device tracking, patient monitoring, and healthcare data management. The growing number of ambulatory centers and hospitals, as well as the high adoption of 5G-enabled medical devices, are also contributing to the growth of this segment.
Geographically, North America is expected to dominate the 5G in healthcare market in 2024, followed by Europe and Asia-Pacific. The U.S. is anticipated to be the largest market in North America, driven by high disposable incomes, an increasing number of patients with chronic diseases, favorable government investments in digital healthcare, and the availability of advanced infrastructure for 5G implementation.
In summary, the 5G in healthcare market is on track for significant growth, driven by technological advancements, increased adoption of telehealth services, and the growing demand for remote healthcare solutions. As the market evolves, 5G technology will continue to play a crucial role in transforming the healthcare industry, enhancing patient outcomes, and making healthcare delivery more efficient and accessible.
Key Players:
The key players operating in the 5G in healthcare market are AT&T Inc. (U.S.), Verizon Communications Inc. (U.S.), LM ERICSSON TELEPHONE COMPANY (Sweden), T‑Mobile USA, Inc. (U.S.), Cisco Systems, Inc. (U.S.), TELUS Corporation (U.S.), Telit corporate group (U.S.), Orange SA (France), Telefónica, S.A.(Spain), SAMSUNG ELECTRONICS CO., LTD. (South Korea), BT Group plc (U.K.), NEC Corporation (Japan), and QUALCOMM Incorporated (U.S.).
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Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, end user, and region/country?
- What was the historical market size for 5G in healthcare across the globe?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global market of 5G in healthcare?
- Who are the major players in the global 5G in healthcare market?
- How is the competitive landscape, and who are the market leaders in the global 5G in healthcare market?
- What are the recent developments in the 5G in healthcare market?
- What are the different strategies adopted by the major players in the 5G in healthcare market?
- What are the geographical trends and high growth regions/countries?
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