SAN FRANCISCO, Aug. 24, 2022 /PRNewswire/ -- The global 5G in healthcare market size is expected to reach USD 454.7 billion by 2030, based on a new report by Grand View Research, Inc, expanding at a CAGR of 34.5% from 2022 to 2030. The IoT ecosystem is developing and is expected to enable networks to connect billions of devices. The demand for a real-time network with faster internet access and greater bandwidth has been driven by the development of modern technologies such as artificial intelligence, wired, and wireless communications, and machine learning. Moreover, the market is driven by the increasing demand for wearable medical devices incorporated with 5G technology for real-time remote patient monitoring and the rising acceptance of robotic surgery and telehealth.
Key Industry Insights & Findings from the report:
- The hardware component segment held the largest revenue share of over 70.0% in 2021 owing to the need for frequent replacement or up-gradation of the devices to make optimal use of the latest technologies in the market.
- The services component segment is anticipated to expand at the fastest CAGR of 35.7% from 2022 to 2030. The growth is attributed to the need for improved mobile broadband and greater frequencies offered by 5G services.
- Based on the application, the remote patient monitoring segment accounted for the largest revenue share of over 60.0% in 2021 owing to the rising geriatric population and a rise in the demand for remote health checkups. Remote patient monitoring is critical for chronic management and efficient and proactive healthcare service.
- The connected medical devices application segment is expected to register the fastest growth rate from 2022 to 2030 owing to increased demand for medical devices by consumers for daily health tracking, the rise in demand for telehealth devices, and the increasing trend of home healthcare.
- In 2021, the healthcare providers end-use segment dominated the market with a revenue share of over 60.0% due to the growing patient volume and an increasing number of hospitals and ambulatory care centers.
- The healthcare payers end-use segment is anticipated to expand at the fastest growth rate of 35.4% over the forecast period. Payers include both public and commercial insurance companies. The growth of the segment is fueled by an increase in the number of policyholders for health insurance due to the COVID-19 pandemic.
- North America held the largest revenue share of over 35.0% in 2021 owing to the government initiatives for the deployment of 5G in healthcare and increasing penetration of 5G-enabled medical devices.
- Asia Pacific is expected to register the fastest growth rate of 36.6% from 2022 to 2030 owing to government initiatives for the deployment of 5G in healthcare. For instance, the government of India launched a special incentive scheme to support 75 startups in telemedicine and digital health in 2021.
Read full market research report for more Insights, "5G In Healthcare Market Size, Share & Trends Analysis Report By Component (Hardwar, Services), By Application (Remote Patient Monitoring, Connected Medical Devices), By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
5G In Healthcare Market Growth & Trends
The COVID-19 pandemic had a positive impact on the market owing to the adoption of telehealth and remote patient monitoring by medical professionals, medical institutions, and hospitals during the pandemic to monitor isolated COVID-19 patients and stop the further spread of the virus by monitoring patients through remote patient monitoring methods. Since the integration of several low-power devices is required for patient remote monitoring, 5G services can be effectively used to develop a proper remote monitoring infrastructure for patients. Furthermore, government bodies and hospitals made efforts to deploy 5G during the COVID-19 pandemic. For instance, in February 2020, the U.S. Veterans Affairs (VA) Healthcare System deployed 5G in the hospital to treat patients using remote patient monitoring and promote the use of telemedicine.
The key players are adopting strategies such as partnerships, mergers and acquisitions, product and service launches, agreements, joint ventures, collaborations, and expansion to strengthen their position in the market. In February 2020, China's first 5G-capable remote emergency rescue system was constructed by the Second Affiliated Hospital of Zhejiang University School of Medicine and China Mobile Zhejiang. This system consists of many supporting technologies, including VR immersive diagnosis and therapy, 5G-enabled remote ultrasonography, and a 5G-enabled emergency rescue command center.
5G In Healthcare Market Segmentation
Grand View Research has segmented the global 5G in healthcare market based on component, application, end-use, and region:
5G In Healthcare Market - Component Outlook (Revenue, USD Billion, 2017 - 2030)
- Hardware
- Services
5G In Healthcare Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)
- Remote Patient Monitoring
- Connected Medical Devices
- AR/VR
- Connected Ambulance
- Asset Tracking
5G In Healthcare Market - End-Use Outlook (Revenue, USD Billion, 2017 - 2030)
- Healthcare Providers
- Healthcare Payers
5G In Healthcare Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
List of Key Players of 5G In Healthcare Market
- AT&T
- Verizon
- China Mobile International Limited
- Quectel
- Telit
- Telus
- Huawei Technologies Co., Ltd.
- Cisco System Inc.
- Orange
- NEC Corporation
Check out more related studies published by Grand View Research:
- Remote Healthcare Market - The global remote healthcare market size is expected to reach USD 23.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.0% from 2021 to 2028. COVID-19 pandemic has created a burden on healthcare systems. Moreover, many patients were hesitant to visit hospitals owing to fear of contracting COVID-19. This in turn increased the demand for telehealth including real-time virtual health services.
- Healthcare Information System Market - The global healthcare information system market size is expected to reach USD 1,097 billion by 2030 and is expected to expand at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Smartphones offer benefits such as large storage capacity, ease of use, and portability, making them an optimal solution for monitoring and diagnostic services.
- Healthcare IT Market - The global healthcare IT market size is expected to reach USD 1,305.1 billion by 2030 and is expected to expand at a CAGR of 29.3% in the forecast period, according to a new report by Grand View Research, Inc. Growing digitalization of healthcare, increasing digital literacy, the emergence of start-ups, growing government funding & support, increasing smartphone penetration, growing IT spending, improving network connectivity, and advancing infrastructure is driving the development & growth of the industry.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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