5G in Healthcare Market Growth Rate at a CAGR of 34.3% | Preference for telehealth and robotics surgery | Key Players Ericsson, Intel Corp | Valuates Reports
The global 5G in Healthcare Market size will reach USD 2323.9 Million in 2028, growing at a CAGR of 34.3% over the analysis period.
5G in the healthcare industry will enable medical professionals to build preventative practices. Key drivers of the 5G in healthcare market include the growing adoption of telehealth and robotics surgery. The urgent need for faster and more effective data transmission will augment the growth of the 5G in healthcare market in the upcoming years. The potential role of AI in 5g health will significantly boost the growth of the market during the forecast period.
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Trends Influencing the Global 5G in Healthcare Market
Preference for telehealth and robotics surgery
Telehealth usage is skyrocketing after the effects of the pandemic. Patients and doctors prefer remote methods of consultation rather than a clinic or office visit. Effective remote patient monitoring requires video conferencing and strong wireless communication networks. Real-time monitoring and streaming of patient data are crucial for emergency situations which will help on-site paramedics. Surgery using robotic control is also being gradually deployed. Electronic medical records, patient and hospital workflows, and connected devices are rising substantially. These factors augment the demand for 5G in healthcare market during the review period.
Requirement for better data transmission
As the scope for telemedicine expands data latency remains a critical issue. 4G LTE networks provide less bandwidth and network congestion. As the number of smart connected devices rises the need for 5G will increase manifold. The 5th generation wireless network will provide inter-device connectivity and better access to a cloud computing platform. The live interactive videos along with VR will offer a truly immersive experience with no delayed response. This will help healthcare providers in timely diagnosis and preparing adequate treatment strategies. The 3D high-resolution data support and medical imaging will also help in challenging situations. These factors will drive the growth of the 5G in healthcare market.
Big role of AI
Wearable devices, telediagnosis, and telemonitoring will change radically with the advent of AI and 5G networks. Artificial intelligence and machine learning will collect data and analyze it accordingly to provide faster results to patients and doctors. Precision medicine will improve significantly. MRI results, imaging systems, and telehealth consultations will be sent faster drastically reducing the waiting period of patients for getting a specialist's recommendation. AI deployment will require high bandwidth internet connections to provide predictive analysis of individual patients. This in turn will drive the growth of the 5G in healthcare market in the coming years.
Security and costly investment
The rollout cost of 5G networks and related infrastructure will be huge and the burden on end-user customers will rise as mobile operators seek to share the ever-increasing network costs. The growing number of connected devices and over-reliance on virtualization and cloud platforms will mean more cyber attack incidences, medical identity thefts, and intrusion of private confidential healthcare data. This will hinder the growth of the 5G in healthcare market during the review period.
5G in Healthcare Market Share
Based on type, it is segmented into data transmission, wearable devices, telediagnosis, telemonitoring, telerobotic surgery, and others. Patient monitoring, surgery, and diagnosis become faster with high bandwidth and no latency issues. Doctors can even verify vital health signs through wearable devices and app connections.
Based on the application, it has hospitals and ambulatory surgical centers. Hospital staff and doctors can provide reliable services through remote patient monitoring even in emergency situations which will increase patient outcomes and revenue. Huge medical data management becomes easy. On the other hand, smart ambulances can remain connected through real-time data streaming and visualization to provide effective support and care on-site.
Based on region, Asia-Pacific will dominate in the 5G in healthcare market share due to the rising number of government initiatives and adoption of advanced connected devices in the medical sector.
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5G in Healthcare Market By Type
• Data Transmission
• Wearable Devices
• Telerobotic Surgery
5G in Healthcare Market By Application
• Ambulatory Surgical Centers
5G in Healthcare Market By Region
• North America
• Southeast Asia
Major Players in the 5G in Healthcare Market
• Capsule Technologies
• Huawei Technologies
• Intel Corp
• Samsung Electronics
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