The global 5G in healthcare market size is expected to reach USD 454.7 billion by 2030, expanding at a CAGR of 40.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The IoT ecosystem is developing and is expected to enable networks to connect billions of devices. The demand for a real-time network with faster internet access and greater bandwidth has been driven by the development of modern technologies such as artificial intelligence, wired, and wireless communications, and machine learning. Moreover, the market is driven by the increasing demand for wearable medical devices incorporated with 5G technology for real-time remote patient monitoring and the rising acceptance of robotic surgery and telehealth.
5G In Healthcare Market Report Highlights
- Hardware segment held the largest revenue share of 70.1% in 2023. The growth is driven by the frequent need for device replacements or upgrades to leverage the latest technologies.
- Services segment is anticipated to expand at the fastest CAGR during the forecast period. The growth is driven by the rising demand for enhanced connectivity for medical devices, faster and more reliable data transmission, and the improved mobile broadband and greater frequencies provided by 5G services.
- Remote patient monitoring segment accounted for the largest revenue share of over 64.0% in 2023. The growth is driven by the rising geriatric population and increasing demand for remote health checkups.
- Connected medical devices segment is expected to register the fastest growth rate from 2024 to 2030. The growth is attributed to increased demand for medical devices by consumers for daily health tracking, a rise in demand for telehealth devices, and the increasing trend of home healthcare.
- Healthcare providers segment dominated the market with the largest revenue share in 2023. This growth is attributed to increasing demand for better technologies, the growing use of wearable medical devices with 5G technologies, growing patient volume, and increasing adoption of 5G-based solutions by hospitals and ambulatory care centers.
- Healthcare payers segment is anticipated to expand at the fastest growth rate over the forecast period. Payers include both public and commercial insurance companies.
- North America 5G in healthcare market dominated globally and accounted for the largest revenue share of 34.5% in 2023.
- Asia Pacific 5G in healthcare market is expected to register the fastest growth rate over the forecast period. The growth is attributed to the significant adoption of advanced technologies, enhanced network connectivity, and increased government programs for raising awareness regarding telehealth and the penetration of 5G in the healthcare industry.
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The COVID-19 pandemic had a positive impact on the market owing to the adoption of telehealth and remote patient monitoring by medical professionals, medical institutions, and hospitals during the pandemic to monitor isolated COVID-19 patients and stop the further spread of the virus by monitoring patients through remote patient monitoring methods. Since the integration of several low-power devices is required for patient remote monitoring, 5G services can be effectively used to develop a proper remote monitoring infrastructure for patients. Furthermore, government bodies and hospitals made efforts to deploy 5G during the COVID-19 pandemic. For instance, in February 2020, the U.S. Veterans Affairs (VA) Healthcare System deployed 5G in the hospital to treat patients using remote patient monitoring and promote the use of telemedicine.
The key players are adopting strategies such as partnerships, mergers and acquisitions, product and service launches, agreements, joint ventures, collaborations, and expansion to strengthen their position in the market. In February 2020, China’s first 5G-capable remote emergency rescue system was constructed by the Second Affiliated Hospital of Zhejiang University School of Medicine and China Mobile Zhejiang. This system consists of many supporting technologies, including VR immersive diagnosis and therapy, 5G-enabled remote ultrasonography, and a 5G-enabled emergency rescue command center.
List of Key Players of 5G In Healthcare Market
- AT&T Inc.
- Verizon
- China Mobile International Limited
- Quectel
- Telit Cinterion
- TELUS International
- Huawei Technologies Co., Ltd.
- Cisco Systems, Inc.
- Orange
- NEC Corporation
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We have segmented global 5G in healthcare market report based on component, application, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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