Dublin, Oct. 21, 2021 (GLOBE NEWSWIRE) -- The "5G in Global Healthcare Market by Component (Hardware, Connectivity, Services) Application (Remote Patient Monitoring, Connected Medical Devices, AR/VR, Connected Ambulance, Asset Tracking) End User (Healthcare Providers, Payers) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period.
The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market.
The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
5G stands for the fifth generation of mobile communication technology. With each generation's new technology and standards, there have been improvements in transmission speed and network capacity. 5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale.
This massive network will include billions of low-bitrates and low-energy connected health monitoring devices, remote sensors, and clinical wearables, with 5G providing a backbone infrastructure for IoT.
The Hardware segment accounted for the largest market share in 2020.
Based on component, the 5G in healthcare market is segmented into hardware, services, and connectivity. The hardware segment accounted for the largest share of the 5G in healthcare market in 2020. This segment is projected to reach USD 1,871.7 million by 2026, at a CAGR of 76.0% during the forecast period. The large share of this segment can primarily be attributed to the need for frequent upgradation or replacement to make optimal use of the latest software available in the market.
The Connected Medical Devices segment accounted for the largest market share in 2020.
Based on application, the 5G in healthcare market is segmented into remote patient monitoring, connected ambulance, connected medical devices, asset tracking for medical devices, and AR/VR. The connected medical devices segment accounted for the largest share of the 5G in healthcare market in 2020. This application segment is projected to reach USD 1,405.3 million by 2026 from USD 94.5 million in 2021, at a CAGR of 71.6% during the forecast period.
The large share of this segment can be attributed to the growth in the telehealth market and the growing inclination towards home healthcare. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, and the growing focus on the quality of care and patient safety are further driving the market for connected medical devices in the 5G in healthcare market.
The Healthcare Providers segment accounted for the largest market share in 2020.
Based on end users, the 5G in healthcare market is segmented into healthcare providers, healthcare payers, and other end users. The healthcare providers segment accounted for the largest share of the 5G in healthcare market in 2020. This end-user segment is projected to reach USD 3,011.1 million by 2026 from USD 170.4 million in 2021, at a CAGR of 77.6% during the forecast period.
The large share of this segment can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth, rising adoption of 5G-enabled wearable medical devices, and the rising demand for better technologies that help in the easy transfer of large data files.
Asia Pacific was the largest regional market for 5G in healthcare market in 2020
The global 5G in healthcare market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share of 33.8% of the global market. The APAC is the largest and fastest-growing region in the 5G in healthcare market.
This growth can be attributed to the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT.
Rising Adoption of 5G-Enabled Wearable Medical Devices for Real-Time Remote Patient Monitoring to Drive Market Growth
Healthcare Providers Accounted for the Largest Share of the Asia-Pacific Market in 2020
Japan to Register the Highest Growth Rate During the Forecast Period
Asia-Pacific Will Dominate the 5G in Healthcare Market During the Forecast Period
Developing Markets to Register Higher Growth During the Forecast Period
Increasing Adoption of Telehealth and Robotics Surgery due to COVID-19
Rising Adoption of 5G-Enabled Wearable Medical Devices for Real-Time Remote Patient Monitoring
Ability of 5G Technology to Transmit Large Patient Data Files Quickly
Advancements in Telecommunication
Availability of Low-Cost Sensors
High Cost of Deployment of the 5G Network
Role of Ai in 5G Healthcare
High Reliability and Low Latency 5G Networks to Accelerate a New Wave of Healthcare Applications
Delay in Spectrum Harmonization Across Geographies
Data Breach and Security Concerns
Rising Demand for 5G Technology Across the Healthcare Continuum
5G-Enabled Internet of Medical Things (Imot)
5G-Enabled Healthcare Training and Therapeutic & Rehabilitative Uses for Ar/Vr
Private 5G Networks
Network Slicing in Radio Access Network
Network Slicing in Core Network
Network Slicing in Transport Network
Small Cell Networks
Long-Term Evolution Networks
Citizens Broadband Radio Services
General Data Protection Regulation
California Consumer Privacy Act
Payment Card Industry Data Security Standard
Health Insurance Portability and Accountability Act
Digital Imaging and Communications in Medicine
Health Level Seven
Communications Decency Act
Digital Millennium Copyright Act
Anti-Cybersquatting Consumer Protection Act
Case Study Analysis
China Mobile Limited
5G Telecom Operators
5G Mobile Sensor/Chipset Technology Providers
5G Mobile Device Manufacturers
China Mobile Limited
Huawei Technologies Co., Ltd.
Sk Telecom Co., Ltd.
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