The 5G healthcare market is expected to reach $ 3.667 million by 2026, at a CAGR of 76.3% between 2021 and 2026, according to MarketsandMarkets.
5G represents the fifth generation of mobile communication technology. With the new technologies and standards of each generation, there have been improvements in transmission speed and network capacity.
5G represents a big step forward in cellular technology and in healthcare by providing essential levels of connectivity to enable a new healthcare ecosystem capable of meeting the needs of patients and providers in a precise, efficient, cost-effective, practical way. and on a large scale. This massive network will include billions of low-speed, low-power, connected health monitoring devices, remote sensors and clinical wearable devices, with 5G providing a basic infrastructure for IoT.
5G in the healthcare market is estimated to be worth $ 215 million in 2021 and is expected to reach $ 3.667 million by 2026, at a CAGR of 76.3% during the forecast period. The growing adoption of telehealth and robotic surgery due to COVID-19 and the growing adoption of 5G-enabled portable medical devices for real-time remote patient monitoring are key factors driving the growth of this market.
The ability of 5G technology to quickly transmit large patient data files, advancements in telecommunications, and availability of low cost sensors are other major factors driving the growth of this market. However, the high cost of deploying the 5G network is expected to hold back the growth of this market.
In this report, the 5G in Healthcare market is segmented by Component, Application, End User, and Region.
Hardware segment accounted for largest market share in 2020
On the basis of components, the 5G healthcare market is segmented into hardware, services, and connectivity. The hardware segment accounted for the largest share of 5G in the healthcare market in 2020. This segment is expected to reach $ 1.871.7 million by 2026, at a CAGR of 76.0% during the period forecast. The large share of this segment can mainly be attributed to the need for frequent updates or replacements to make optimal use of the latest software available on the market.
The connected medical devices segment accounted for the largest market share in 2020
On the basis of applications, the 5G healthcare market is segmented into remote patient monitoring, connected ambulance, connected medical devices, asset tracking for medical devices, and AR / VR. The connected medical device segment accounted for the largest share of 5G in the healthcare market in 2020. This application segment is expected to reach $ 1,405.3 million by 2026, up from $ 94.5 million. in 2021, at a CAGR of 71.6% over the forecast period.
The large share of this segment can be attributed to the growth of the telehealth market and the growing inclination towards home care. The high burden of COVID-19, rising healthcare costs, strong government support and initiatives, and growing emphasis on quality of care and patient safety are further driving the market for connected medical devices. in the 5G healthcare market.
Healthcare provider segment accounted for largest market share in 2020
Based on end users, the market is segmented into healthcare providers, healthcare payers, and other end users. The healthcare provider segment accounted for the largest share of 5G in the healthcare market in 2020. This end-user segment is expected to grow to $ 3,011.1 million by 2026, up from 170.4 million. million in 2021, at a CAGR of 77.6% over the forecast period.
The large share of this segment can be attributed to the growing need for an efficient healthcare system, the growing volume of patients, the growing number of hospitals and ambulatory care centers, the growth of telehealth, the adoption growing number of 5G compatible portable medical devices and increasing demand. for better technologies that facilitate the transfer of large data files.
Asia-Pacific was the largest regional market for the 5G healthcare market in 2020
The global 5G in healthcare market is segmented into five major regions namely North America, Europe, Asia Pacific, Latin America, Middle East and Africa. In 2020, Asia-Pacific accounted for the largest 33.8% share of the global market.
APAC is the largest and most dynamic region in the market. This growth can be attributed to the significant adoption of advanced technologies, the growing number of IoT-enabled medical devices, the continuous improvement of network connectivity, and government initiatives for IoT.
The main market players are AT&T (US), Verizon (US), China Mobile Limited (China), Qualcomm (US), T-Mobile (US), Ericsson (Sweden), Telit ( Poland), Telus (Canada), Vodafone (United Kingdom), Nokia (Finland), Samsung (South Korea), Deutsche Telekom AG (Germany), Orange SA (France), SK Telecom Co., Ltd. (South Korea), BT Group (UK), NTT DOCOMO (UK), NEC Corporation (Japan), Telefónica (Spain), Airtel (India), Huawei Technologies Co., Ltd. (China) and Cisco (United States).
These companies have adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations and acquisitions to strengthen their presence in the 5G healthcare market.