5G in Healthcare Market worth $3,667 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 5, 2021 /PRNewswire/ -- According to the new market research report "5G in Healthcare Market by Component (Hardware, Connectivity, Services) Application (Remote Patient Monitoring, Connected Medical Devices, AR/VR, Connected Ambulance, Asset Tracking) End User (Healthcare Providers, Payers) - Global Forecast to 2026", published by MarketsandMarkets™, the 5G in Healthcare Market is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% between 2021 and 2026.
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5G stands for the fifth generation of mobile communication technology. With each generation's new technology and standards, there have been improvements in transmission speed and network capacity. 5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale. This massive network will include billions of low-bitrates and low-energy connected health monitoring devices, remote sensors, and clinical wearables, with 5G providing a backbone infrastructure for IoT.
The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period. The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
In this report, the 5G in healthcare market is segmented into component, application, end user, and region.
"The Hardware segment accounted for the largest market share in 2020."
Based on component, the 5G healthcare market is segmented into hardware, services, and connectivity. The hardware segment accounted for the largest share of the 5G in healthcare market in 2020. This segment is projected to reach USD 1,871.7 million by 2026, at a CAGR of 76.0% during the forecast period. The large share of this segment can primarily be attributed to the need for frequent upgradation or replacement to make optimal use of the latest software available in the market.
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"The Connected Medical Devices segment accounted for the largest market share in 2020."
Based on application, the 5G healthcare market is segmented into remote patient monitoring, connected ambulance, connected medical devices, asset tracking for medical devices, and AR/VR. The connected medical devices segment accounted for the largest share of the 5G in healthcare market in 2020. This application segment is projected to reach USD 1,405.3 million by 2026 from USD 94.5 million in 2021, at a CAGR of 71.6% during the forecast period. The large share of this segment can be attributed to the growth in the telehealth market and the growing inclination towards home healthcare. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, and the growing focus on the quality of care and patient safety are further driving the market for connected medical devices in the 5G healthcare market.
"The Healthcare Providers segment accounted for the largest market share in 2020."
Based on end users, the market is segmented into healthcare providers, healthcare payers, and other end users. The healthcare providers segment accounted for the largest share of the 5G in healthcare market in 2020. This end-user segment is projected to reach USD 3,011.1 million by 2026 from USD 170.4 million in 2021, at a CAGR of 77.6% during the forecast period. The large share of this segment can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth, rising adoption of 5G-enabled wearable medical devices, and the rising demand for better technologies that help in the easy transfer of large data files.
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"Asia Pacific was the largest regional market for 5G healthcare market in 2020"
The global 5G in healthcare market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share of 33.8% of the global market. The APAC is the largest and fastest-growing region in the market. This growth can be attributed to the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT.
The prominent players in the market are AT&T (US), Verizon (US), China Mobile Limited (China), Qualcomm (US), T-Mobile (US), Ericsson (Sweden), Telit (Poland), Telus (Canada), Vodafone (UK), Nokia (Finland), Samsung (South Korea), Deutsche Telekom AG (Germany), Orange S.A. (France), SK Telecom Co., Ltd. (South Korea), BT Group (UK), NTT DOCOMO (UK), NEC Corporation (Japan), Telefónica (Spain), Airtel (India), Huawei Technologies Co., Ltd. (China), and Cisco (US). These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the 5G in healthcare market.
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