5G In Healthcare Market Size, Share, Opportunities, And Trends By Application (Remote Patient Monitoring, Connected Ambulance, Virtual Consultations, Others), By End User (Hospitals, Diagnostic Centers), And By Geography - Forecasts From 2024 To 2029

The 5G In Healthcare Market is expected to grow at a CAGR of 38.79%.

GROWTH DRIVERS

• Growing technological adoption followed by investment in smart healthcare services is driving the market expansion.

The ongoing technological adoption in various industrial verticals has provided a major boost to the advanced communication system usage which has simultaneously driven the demand for high-speed network and connectivity. In the healthcare sector, 5G technology supports applications such as remote patient monitoring, virtual consultations, robot-assisted services, and connected ambulances which has reduced the overall workload for healthcare professionals and medical staff.

The growing chronic disease prevalences globally has increased the demand for various innovative healthcare services for better diagnostics which is expected to drive the demand for 5G networks in the healthcare sector. According to the National Association of Software and Service Companies, by 2030, 5G will provide a global economic benefit of US$1.5 trillion with the healthcare sector accounting for 34.6% of the global annual 5G contribution. Major regions namely North America, Europe, and Asia Pacific will witness significant growth in the 5G technology thereby further driving the overall market demand in the healthcare sector.

Likewise, virtual health service providers are actively participating in supporting healthcare digitization through new launches and investments, for instance, in January 2024, Eli Lily and Company launched “LillyDirect” which offers services such as access to healthcare providers and disease resource management to diabetes, migraine, and obesity patients living in the United States. Additionally, in June 2024, UnitedHealth Community announced an investment of US$1.5 million in Iowa to bolster school-based telehealth services that would provide mental healthcare for K-12 students.

EMERGING OPPORTUNITIES FOR 5G IN THE HEALTHCARE MARKET

• REMOTE PATIENT MONITORING AND OTHERS

The 5G in the healthcare market, based on applications is divided into remote patient monitoring, connected ambulances, virtual consultations, and others. Remote patient monitoring is projected to hold a considerable market share fuelled by the growing emphasis on improving clinical workflows which enables healthcare professionals to prioritize their cases based on real-time patient status.

Moreover, remote patient monitoring is also proving to be beneficial for older patients as it enables them to keep a constant track of their health status thereby minimizing the prevalence of hospital visits where they hold high chances of unnecessary exposure to infection. Witnessing the growing opportunity of 5G technology in modern healthcare services, various launches and collaborations are taking place. For instance,

• In September 2023, The Ministry of Development of the North-East Region launched India’s first 5G health application and training labs in eight Northeast states that would support the government’s initiative of establishing a vibrant digital ecosystem in the Northeast states.
• In July 2022, GE Healthcare launched its 5G innovation labs in Bengaluru which enabled the company to offer its cutting-edge technology in rural and suburban areas that would bolster advanced patient monitoring. The development would further push the boundaries of remote health diagnosis, telehealth, and point-of-care services.

Besides remote patient monitoring connected ambulances and virtual consultations are also anticipated to grow at a constant rate fuelled by the growing adoption of electronic health records and efforts to offer on-the-spot treatment to patients. Hence various product developments are taking place. For instance,

• In February 2024, Ericsson Far EastTone introduced a “5G Smart Ambulance” at the World Mobile Congress 2024. The product leverages Far East’s “5G Standalone Network” which enhances the overall connectivity between the remote medical expert and ambulance staff. It focuses on low-latency and high-throughput capabilities that elevate the quality and efficiency of emergency medical services.

GEOGRAPHICAL PRESENCE

The 5G in the healthcare market, geography is analyzed into the Americas, Europe Middle East and Africa, and Asia Pacific which houses major economies namely USA, China, South Korea, Japan, United Kingdom, and Germany. Investment in healthcare digitization, followed by agreement establishment and product launches is driving the market expansion in the said nations. For instance,

• In February 2024, Kyndryl formed a global strategic alliance with Hewlett Packard Enterprise which aimed for the development of LTE & 5G private wireless services to its worldwide customers inclusive of the healthcare sector.
• In April 2023, Verizon formed a collaboration with Cleveland Clinic Hospital where the former would deploy its private 5G networks at the new healthcare center in Ohio which opened in July, thereby enhancing the overall patient care as well as visitor’s experience. The 5G applicability will be seen in services such as patient check-in kiosks, asset tracking, in-room patient infotainment, and AR/VR adoption for patient and clinical education.

MAJOR PLAYERS IN THE MARKET

Some of the leading players in the market include Ericsson, Cisco, and Nokia, among others. The product offerings of the major corporation include the following:

Segmentation:

• By Application
  • Remote Patient Monitoring
  • Connected Ambulances
  • Virtual Consultations
  • Others
• By End-User
  • Hospitals
  • Diagnostics Centers
• By Geography
  • Americas
    • United States
    • Others
  • Europe, Middle East, and Africa
    • Germany
    • UK
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Others