5G provides a new technological advancement in network that is built to connect everyone and everything together digitally including machines, devices, and objects. The basic components of healthcare can generally all be increased and changed by 5G networks. During the past years, the utilization of 5G network in healthcare industry have increased, and its applications are being strengthened by advancement in IoT, robotics, and AI.
According to the patient’s point of view, to use 5G in Healthcare is more reliable and faster than other traditional processes. The 5G in Healthcare market continues to take a positive trend. In general, patients and physicians seem to have a growing curiosity in early and quick response. Also, the market has become far more competitive due to different private entries in the market. The availability of 5G in healthcare helps people living in remote areas who often lose out on costly travel, long waiting in queue or delayed treatment the situation gets changed immediately.
The worldwide demand for 5G in Healthcare market was estimated at around USD 42 billion in 2021, and by the end of 2031, existing and expected developments would hit valuations of around USD 450 billion. The industry players and analysts predict the global 5G in Healthcare market growth of around 33.5% in terms of CAGR. During the upcoming years, rising demand for faster and more reliable data transmission in the healthcare industry is fueling the market growth. However, high price of 5G in Healthcare and technology & technical limitations, along with non-availability of fast data transmission are some of the challenges presented to 5G in Healthcare markets development and growth.
Some of the leading and top 5G in Healthcare companies in the global 5G in Healthcare market include AT&T Inc., NEC Corporation, BT Group, China Mobile International Limited, Verizon Communications, China Unicom, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Fibocom Wireless Inc., Huawei Technologies Co., Ltd., Nokia Corporation, Orange, Qualcomm, Quectel, and Samsung Electronics Co., Ltd. among others. The leading five players such as Qualcomm, Deutsche Telekom AG, Fibocom Wireless Inc, China Mobile International Limited, and Verizon Communications Healthcare hold around the major market share of the global 5G in Healthcare market.
On the basis of Component, the worldwide 5G in Healthcare market can be segmented Hardware, Services and Connectivity. On the basis of application, the market can be bifurcated into AR/VR, Virtual Consultations, Remote Patient Monitoring, Connected Medical Devices, Connected Ambulance, Home Healthcare, Telemedicine and Smart Wearables. Based on End user, the 5G in Healthcare Market is segmented into Healthcare Providers and Healthcare Payers. In terms of geography, North America region is held the leading market share and dominating among other regions such as Asia Pacific, Europe, Latin America, and Middle East & Africa in the global 5G in Healthcare market.