Global 5G in Healthcare Market Share Forecast 2024 - 2033
7 May, 2024
Experiencing exponential growth, the 5G in healthcare market is set to increase from $0.64 billion in 2023 to $1.04 billion in 2024, showcasing a substantial compound annual growth rate (CAGR) of 62.6%. This growth is attributed to high-speed data transfer, low latency, and increased network capacity, with sustained momentum projected to reach $7.36 billion in 2028, with a CAGR of 63.0%. Contributing factors include rising healthcare expenditure, increasing chronic diseases, expanding internet penetration, and the growing use of smartphones. Key trends encompass AI and machine learning applications, IoT expansion, AR and VR for medical training, edge computing integration, and advancements in telemedicine and remote monitoring.
Major Driver In The 5G in Healthcare Market
The widespread adoption of telehealth emerges as a significant catalyst for the expansion of the 5G in the healthcare market. Telehealth leverages digital technologies to facilitate remote healthcare services, offering benefits such as improved accessibility and communication. For instance, India's eSanjeevani telemedicine service recorded over 14 million consultations by October 2021, showcasing the rapid uptake of telehealth solutions. The continued expansion of telehealth services hinges on the availability of high-speed 5G connectivity, thereby fostering growth in the 5G healthcare market.
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AT&T Inc., Verizon Communications Inc., Telefonaktiebolaget LM Ericsson, T-Mobile USA Inc., Cisco Systems Inc., NEC Corporation, SK Telecom Co. Ltd., Fibocom Wireless Inc., Qualcomm Incorporated, Nokia Corporation, Huawei Technologies Co. Ltd., China Mobile Limited, Telus Corporation, Vodafone Group plc, Deutsche Telekom AG, Telefónica S. A., Bharti Airtel Limited, Sierra Wireless Inc., Swisscom AG, Quectel Wireless Solutions Co. Ltd., Sequans Communications, Koninklijke Philips N. V., Samsung Electronics Co. Ltd., HTC Corporation, Sony Corporation, Siemens Healthineers AG, Telit Communications Ltd., BT Group plc, NTT Docomo Inc., Doximity Inc.
Key 5G in Healthcare Market Trend
In the healthcare sector, technological advancement stands out as a prominent trend in the realm of 5G. This advancement entails utilizing 5G networks to develop and test innovative solutions aimed at enhancing patient care. Major companies in the 5G healthcare market are actively engaged in creating groundbreaking technologies to bolster their market presence. For instance, in November 2021, Enovacom, a France-based healthcare subsidiary of Orange, launched the Enovacom Patient Link solution, designed to expedite the digitalization of the patient journey. This application streamlines communication between medical institutions and patients during administrative and medical processes by securely centralizing healthcare data, thereby facilitating easier management of patient information.
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The 5g in healthcare market covered in this report is segmented –
1) By Component: Hardware, Services, Connectivity
2) By Type: Data Transmission, Wearable Devices, Telediagnosis, Telemonitoring, Telerobotic Surgery, Other Types
3) By End Users: Healthcare Providers, Healthcare Payers, Other End Users
By Geography:The regions covered in the 5g in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.Asia-Pacific was the largest region in the 5G in healthcare market in 2023, and it is also expected to be the fastest-growing region in the forecast period.
The 5G in Healthcare Global Market Report 2024 furnishes information about the global 5g in healthcare market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.