June 13, 2024
5G In Healthcare Market

5G in Healthcare Market is Estimated to Witness High Growth Owing to Enabling Advanced Telehealth Applications

5G technology is poised to transform the healthcare industry by enabling advanced telehealth applications. 5G allows for enhanced connectivity and faster transmission of large data files like diagnostic images, enabling telehealth, telemedicine and remote patient monitoring on a wider scale. Remote monitoring allows continuous monitoring of patients without physical check-ups, thereby reducing costs and risks. 5G also supports real-time streaming of high-quality videos for remote surgery and diagnoses. With its high speeds and low latency, 5G can facilitate more immersive virtual and augmented reality (VR/AR) based medical training and simulations.

The Global 5G in Healthcare Market is estimated to be valued at US$ 22.60 Bn in 2024 and is expected to exhibit a CAGR of 30.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the 5G in Healthcare are Ericsson, Telit, Verizon, Cisco, Orange S.A., Tata Elxsi, NEC Corporation, AT&T Inc., Fibocom Wireless Inc., BT Group, Huawei Technologies Co., Ltd., SK Telecom Co., Ltd., GE Healthcare. The key opportunities in the market include rising government funding to develop 5G-enabled hospitals, growing demand for remote patient monitoring and investments by hospital facilities and healthcare providers to deploy 5G networks. Technological advancements such as introduction of 5G-ready medical devices, development of VR/AR based medical training platforms and establishment of 5G-powered digital hospitals are expected to drive the market growth.

Market Drivers
Growing geriatric population and increasing prevalence of chronic diseases are resulting in the need for continuous patient monitoring without physical check-ups. This is a major factor driving the adoption of 5G-powered telehealth solutions. 5G In Healthcare Market Size  allows healthcare providers to streamline workflows and improve efficiency of operations through use of technologies like AR/VR, remote robotic surgery, AI-driven diagnostics and automated record management. Government initiatives to develop Smart Cities and Smart Health infrastructure coupled with investments made by telecom operators are also propelling the 5G in healthcare market growth.

Challenges in 5G Healthcare Market

The 5G healthcare market is still in nascent stage and faces numerous challenges. As healthcare systems worldwide undergo digital transformation, building robust telecommunication infrastructure to support data-heavy 5G applications is a major challenge. Healthcare providers also face difficulties in integrating new 5G technology with existing networks and systems. High upfront investment required for infrastructure development poses a financing challenge. Lack of common standards for multi-vendor interoperability can negatively impact seamless connectivity. Privacy and security of sensitive patient data transmitted over 5G networks is another important challenge that needs to be addressed on priority. Widespread adoption of 5G healthcare solutions requires raising awareness about benefits among stakeholders and addressing concerns over data privacy.

SWOT Analysis

Strength: 5G enables remote monitoring and virtual care through increased speed and low latency. It allows real-time transmission of high-quality videos, images and 3D data.
Weakness: Significant investments required for building 5G infrastructure. Interoperability issues exist with legacy healthcare IT systems.
Opportunity: 5G can revolutionize telehealth, telemedicine, remote surgery and connected ambulances. It opens up opportunities for leveraging AR/VR and AI in healthcare.
Threats: Concerns around data privacy and security complications can restrict 5G adoption in healthcare. Stiff competition from existing telehealth platforms is also a threat.

Geographical Regions

In terms of value, the North America region currently dominates the 5G healthcare market owing to high 5G deployments and investments in healthcare infrastructure. Rapid rise in telehealth and virtual care adoption during the pandemic has further accelerated 5G uptake in the region. Asia Pacific region is anticipated to witness the fastest growth in the coming years led by China, India, South Korea and Japan. Favorable government policies supporting 5G trials and investments in digital healthcare are driving the market in Asia Pacific.

Fastest Growing Region

The Asia Pacific region is projected to grow at the highest CAGR during the forecast period in the global 5G healthcare market. Proliferation of startups offering 5G-enabled healthcare solutions, smart hospitals and rising medical tourism are fueling market growth. Nations like China, Singapore and South Korea are increasingly implementing 5G networks to support AR/VR assisted surgeries, remote imaging and chronic disease management. Initiatives focused on rural healthcare further augment the region’s attractiveness.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it