MARKET OVERVIEW- GLOBAL 5G IN HEALTHCARE MARKET
5G is the fifth-generation of wireless network technology. Every new generation of wireless networks is significantly faster and more capable than the last. 5G represents another step forward with lightning-fast connectivity, ultra-low latency, and widespread coverage. To overcome growing concern regarding the imbalance of medical resources, inefficient healthcare system administration, and inconvenient medical experiences, technologies such as the Internet of Things (IoT), cloud computing, big data, and artificial intelligence are being developed to improve the patient experience and healthcare service quality while cutting the total cost attributable to healthcare. 5G, as a technology, is bound to have the greatest impact on the healthcare industry. This is due to the high bandwidth, low latency, and low-power-low-cost of 5G, the healthcare industry is anticipated to experience the most changes. 5G provides an immense possibility for stakeholders in the healthcare industry to restructure, move to holistic data-driven personalized care, optimize medical resource utilization, offer care delivery convenience, and achieve increased patient value. In the healthcare industry, 5G offers a number of advantages, including enhanced connectivity, faster data exchange, and improved data security. 5G in healthcare provides essential levels of connectivity to enable a new health ecosystem that can meet patient and provider needs accurately, conveniently, efficiently, cost-effectively, and at a substantial scale.
MARKET DRIVERS
The global market is driven by the rising usage of telehealth and robotic surgery and the growing adaptation of wearable medical devices driven by 5G technology. Telehealth and robotic surgery enable more efficient and precise diagnosis and treatment of patients. These technologies also allow remote monitoring of patients, which improves patient safety and convenience. The 5G technology has the capacity to download massive patient data files at light speed, and the accessibility of inexpensive sensors. Additionally, major industry players and the government are intensifying their efforts to implement 5G in healthcare, accelerating 5G in healthcare market growth during the forecast period.
In addition, 5G can enable the sending and analysis of molecular models and structures to the cloud to leverage the higher compute and graphics processing power and lower cost compared to a local high-end desktop. Remote patient monitoring is a key driver for more efficient and proactive delivery of healthcare services and chronic disease management. By using sensors, wearables, and e-health devices, patient attributes can be collected and analysed without the need for patients to travel to primary care facilities and schedule an in-person appointment with a doctor. These are the factors that drove the 5G in healthcare market growth during the forecast period.
MARKET OPPORTUNITY
With technological advancements and ongoing R&D activities to develop quality 5G healthcare products, this is expected to provide ample new growth opportunities in the market during the forecast period. Healthcare providers now have many new requirements for connectivity services that are met by 5G technology. These include the ability to guarantee the quality of service (QoS) necessary to create new use cases as well as increased connection density, faster speeds, lower latency, and decreased lag. Due to the advancement of new 5G technologies, IT applications, and services for the healthcare industry, more market growth opportunities were anticipated during the forecast period. In cellular technology, 5G in the healthcare market has many growth opportunities due to the increased speed, coverage, faster and more reliable data transmission, and responsiveness of wireless networks in the healthcare industry.
For medical professionals, the introduction of 5G technology has opened up numerous business opportunities. Using a 5G-enabled AR/VR headset or set of video streaming glasses, visually impaired individuals can be connected in real time to a live advisor who can guide them through certain activities in their daily lives. It is anticipated to provide many market opportunities during the forecast period.
MARKET RESTRAINTS
5G in the healthcare market provides a number of advantages, such as faster data exchange, improved data security, improved connectivity. However, one of the major restrain for 5G in healthcare market is the high cost of deployment of the 5G network. The cost of deploying 5G network is significantly higher than its predecessors, such as 4G and 3G networks, due to the need for new infrastructure and hardware. When it comes to cellular devices connected to 5G, it appears that the batteries are not able to operate for a significant period of time.
MARKET GROWTH CHALLENGES
The increasing use of 5G technology in a healthcare industry has brought with its number of data breaches and security related challenges. Although 5G technology makes it possible to store, transmit, and retrieve more data, it also opens up the possibility of data breaches and cyberattacks. The healthcare industry is particularly vulnerable to such threats, as medical data is highly sensitive and has the potential to put patients at a risk. Additionally, the speed, this technology is challenging to achieve because of the incompetent technological support in most parts of the world as well as developing infrastructure needs high cost.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global 5G in the healthcare market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for 5G in healthcare in various applications is anticipated to stimulate the growth of the market, and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL 5G IN HEALTHCARE MARKET SEGMENTAL OVERVIEW
The global 5G in healthcare market comprises of different market segments like, component, application, end-users and geography.
GLOBAL 5G IN HEALTHCARE MARKET BY COMPONENT
By component, the global 5G in healthcare market includes key segments like
- Hardware
- Services
- Connectivity
The hardware segment dominates the 5G in healthcare market during the forecast period. Utilizing a 5G solution, hardware devices enable the seamless digitization of healthcare procedures. WIFI, smart cells, and network equipment are a few examples of 5G hardware. 5G technology in hardware devices is used in areas such as data transmission, wearable devices, telerobotic surgery, etc.
In addition, it is anticipated that technological advancements and the rising popularity of ultra-low latency, ultra-high bandwidth, and other high-speed technologies will increase the hardware industry's growth opportunities during the forecast period. The service segment is projected significant growth during the forecast period. Some of the most important factors driving the expansion of the service sector include the growing need for faster and more dependable data transfer options, improved connections for medical devices, and the enhanced mobile broadband and the higher frequencies offered by 5G.
GLOBAL 5G IN HEALTHCARE MARKET BY APPLICATION
The global 5G in healthcare market finds major applications in
- Connected Medical Devices
- Remote Patient Monitoring
- AR/VR
- Virtual Consultations
- Inventory Management Devices
- Other Applications
The global 5G in healthcare market finds major applications in connected medical devices, remote patient monitoring, AR/VR, virtual consultations, inventory management devices, and other applications. The connected medical devices segment accounted for the major shares of the 5G in healthcare market during the forecast period. The growth of the telehealth market and growing inclination towards home healthcare are the major factors for this segment’s growth. Connected medical devices refer to those devices that can transmit data to other devices that are equipped to receive it via the internet and make use of the device's built-in sensors to collect data. Remote patient monitoring (RPM) enables medical staff to monitor patients' vitals and overall health state via smart medical devices. It is used to describe a style of healthcare delivery in which patient data is collected outside of traditional healthcare settings using the most modern advancements in information technology. AR and VR provide a better understanding of a patient's condition. They can provide a visual representation of the patient's body. This assists medical professionals in identifying any potential health issues.
GLOBAL 5G IN HEALTHCARE MARKET BY END USER
The global 5G in healthcare market finds key end-users like
- Healthcare Providers
- Healthcare Players
- Others
The healthcare provider segment is anticipated to account for the largest share of the 5G healthcare market. The growth of this segment is attributed to the high adoption of 5G-enabled medical wearable devices, the increasing prevalence of chronic diseases, the rising number of ambulatory centres and hospitals, the rise of telehealth, and the need for connected medical devices. Healthcare providers include doctors, midwives, radiologists, nurse practitioners, labs, hospitals, medical supply companies, urgent care clinics, and other professionals, facilities, and businesses that provide such services.
GLOBAL 5G IN HEALTHCARE MARKET BY GEOGRAPHY
The global 5G in healthcare market is studied for the following region
- North America
- Asia Pacific
- Europe
- RoW
Geographically, the global 5G in healthcare market is studied in North America, Asia-Pacific, Europe, and RoW. The North America is projected to lead the market over the forecast period. The market expansion is attributed to the increasing number of patients with chronic diseases, the high disposable incomes of the population, favourable government investments for the digitalization of the healthcare sector, and the availability of advanced infrastructure for the implementation of 5G services. However, Asia-Pacific is anticipated to experience significant market growth during the forecast period. This is due to the rising geriatric population, the increasing prevalence of chronic diseases in developing nations, the increasing investments in the healthcare sector in developing countries such as China and India, the growing focus on digitizing the healthcare sector, and the growing adoption of smart medical devices for remote patient care, all of which are contributing factors to the expansion of this regional market.
COVID-19 IMPACT ANALYSIS ON GLOBAL 5G IN HEALTHCARE MARKET
The COVID-19 pandemic has caused substantial changes in the lifestyles of communities all over the world and has adversely affected almost all sectors. The healthcare sector has taken the initiative to develop current infrastructure in order to prevent the disease's spread while adopting all COVID-19 safety measures. The market for 5G in healthcare was positively impacted by the COVID-19 pandemic. The pandemic increased the adoption of telehealth, making it a primary source of care for many patients. The spread of COVID-19 necessitates the rapid launch of new healthcare services and applications, alters the delivery of existing healthcare services, and incorporates cutting-edge data analysis techniques like artificial intelligence (AI) and machine learning. These new applications can collect the data of COVID-19 patients from various healthcare facilities, upload the data to a cloud server, and make the information available to the public so that others can use the data for a variety of purposes.
In addition, AR/VR-based applications enable healthcare professionals to discuss with patients and help them. During a pandemic, healthcare centres can use 5G services to support critical processes, which include patient monitoring, robotic surgery, contact tracing, emergency medical services, diagnostic imaging tests, and robot-assisted tele-ultrasound.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of 5G in the healthcare market is primarily focused on expanding the global growth of 5G in the healthcare industry with new product innovation, business expansion, increasing presence of a range of manufacturers operating in 5G in the healthcare sector has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
- AT&T (US)
- Verizon (US)
- Ericsson (Sweden)
- Cisco (US)
- Telus (Canada)
- Telit (US)
- Telefonica Germany GmbH & Co. OHG (Germany)
- SK Telecom (South Korea)
- Quectel (China)
RECENT DEVELOPMENT:
May 2020: Ooredoo Qatar partnered with Ericsson and designed a remote patient assessment and ultrasound procedure inside a 5G-connected ambulance using a specialized haptic glove controlled by a doctor remotely using a specially designed joystick.
February 2020: Verizon and Emory Healthcare have formed a strategic partnership to develop the nation's first 5G healthcare innovation lab in the US. This 5G network has the potential to help redefine patient care with real-time data analytics, giving researchers the ability to explore solutions such as connected ambulances, remote physical therapy, and next-generation medical imaging.
