Future Market Insights, Inc. (FMI) predicts a transformative future for healthcare powered by 5G, the next-generation communication technology. This lightning-fast network is revolutionizing communication between patients, doctors, researchers, and all players in the healthcare ecosystem. Explore full report for insights & stakeholder opportunities.
NEWARK, Del., Jan. 17, 2024 /PRNewswire/ -- The 5G in Healthcare Market is slated to have a valuation of US$ 85 billion in 2024. In contrast, the value was marked at US$ 62.2 billion in 2023. The progress of the market is anticipated to register a CAGR of 35.7% through 2034. The valuation of the market is forecasted to reach US$ 1,800 billion by 2034.
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Healthcare is integrating technology into its workings at an increasing rate. One such technology making its way into healthcare is 5G. With a need for better communication in the medical field, 5G is enabling greater contact between patients, medical professionals, researchers, and other healthcare sector players.
In recent years, doctors are increasingly relying on remote monitoring equipment. With problems related to the number of hospital beds, understaffing, and funding, many doctors are turning to remote devices to monitor patient's health. 5G remote devices ensure the smooth running of information to doctors and efficiency in the reading of vitals.
The importance of research in the healthcare sector is rising as people are getting afflicted with newer diseases. With the need to get medicines on the shelf as quickly as possible, researchers are leveraging 5G to speed up their processes. Enabling better communication, effective management of data, efficient running of hypotheses, and more, researchers are inclined towards 5G usage in their lab work.
"Robotic surgery is turning out to be a revolutionary technique in the healthcare sector. With 5G assisting robots in surgical tasks, robotic surgery is earning a positive reputation. Thus, robotic surgery is one avenue market players can look towards for rapid growth," says Sudip Saha is the managing director and co-founder at Future Market Insights.
Key Takeaways from the 5G in Healthcare Market Report
- The 5G in healthcare market is expected to be worth US$ 85 billion in 2024.
- Hardware is leading the market by component. From 2024 to 2034, hardware is expected to progress at a CAGR of 35.6%.
- 5G is most commonly used in healthcare for remote monitoring applications. Over the forecast period, remote monitoring devices are expected to register a CAGR of 35.5%.
- South Korea is expected to be one of the leading countries in terms of market progress and is expected to rise at a CAGR of 38.3% through 2034.
- Japan and China are other Asian countries with potential for market growth, registering CAGRs of 37.1% and 36.1%, respectively, over the forecast period.
- The United Kingdom market is expected to progress at a CAGR of 36.3% until 2034.
Competition Analysis of the 5G in Healthcare Market
Collaborations with both healthcare institutions and medical technology producers are being utilized by key players for market growth. Through the means of acquisitions and mergers, 5G companies are stepping into or increasing their foothold in the market. The prominent companies in the market are:
- AT&T
- Verizon
- China Mobile International Limited
- Quectel
- Telit
- Telus
- Huawei Technologies Co., Ltd.
- Cisco System Inc.
- Orange
- NEC Corporation
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Recent Developments in the 5G in Healthcare Market
- In November 2023, HelathNet Global made available a 5G-connected ambulance in Kolkata at the Apollo Multispeciality Hospitals.
- In February 2022, Cisco acquired Accedian, a 5G healthcare solution provider.
5G in Healthcare Market Segmentation:
- By Component:
- Hardware
- Service
- By Application:
- Remote Patient Monitoring
- Connected Medical Devices
- AR/VR
- Connected Ambulance
- Asset Tracking
- By End Use:
- Healthcare Providers
- Healthcare Payers
- By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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About the Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the 'Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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