5G in Healthcare Market - Growth, Trends, and Forecasts (2023 - 2028)

The 5G in healthcare market is expected to register a CAGR of 70.1% over the forecast period.

The pandemic had an impact on the market. Various studies have been conducted on the negative and positive insights of 5G in healthcare. For instance, in September 2021, an NCBI research study stated that there was a substantial overlap in pathobiology between COVID-19 and wireless communications radiation (WCR) exposure. The same source also stated that mechanisms involved in the clinical progression of COVID-19 could also be generated, according to experimental data, by wireless communications radiation (WCR) exposure. Furthermore, in January 2021, another NCBI research study stated that the COVID-19 crisis adversely impacted the Chinese economy. China's internet companies benefited from the quarantine. However, the long-term consequences of the 2020 crisis on the development of the innovative potential of Chinese internet corporations, primarily the largest platforms such as Alibaba, Baidu, Tencent, and JD.com as integrators of the Chinese internet economy, are still unclear. Hence, the market witnessed a positive impact due to the pandemic and is expected to continue the upward trend over the forecast period.

Factors such as increasing adoption of telehealth due to COVID-19, rising adoption of 5G-enabled real-time remote patient monitoring devices, and the ability to share large patient data are expected to propel the market growth over the forecast period. Research studies published on the trend of adopting telehealth services such as telemedicine provide insight into the growth of the market. For instance, in April 2021, a research study published in PLOS stated that telemedicine during the coronavirus epidemic has been the doctors’ first line of defense to slow the spread of the coronavirus, keeping social distancing and providing services by phone or videoconferencing to focus personal care and limited supplies to the most urgent cases.

The rising adoption of remote patient monitoring (RPM) devices is also expected to propel market growth. For instance, in March 2021, an NCBI research study stated that there was an increase in the adoption of the RPM. The initiatives by the key players operating in the market are also anticipated to surge the market growth. For instance, in April 2020, Apple acquired AI startup Xnor.ai, which specializes in low-power edge-based tools, for USD 200.0 million. Xnor.ai brings remote monitoring capabilities to wearable devices. The acquisition could lead to added health features, such as monitoring blood oxygen levels, available on the Apple Watch, which can already detect irregular heartbeats and strokes because this information can be transmitted to doctors in real-time, and sudden spikes or other potentially dangerous conditions can be flagged right away. Such initiatives are likely to increase market growth over the forecast period.

However, the high cost of deployment of the 5G network may likely hinder the market growth over the forecast period.

5G in Healthcare Market Trends

The Services Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Factors such as increasing adoption of 5G services, product/service launches, and other initiatives are expected to drive market growth over the forecast period. Various research studies have been published about the insight of 5G services in healthcare. For instance, in October 2021, an NCBI research study stated that healthcare applications, especially telemedicine, have finally rapidly expanded, mainly because it enables physicians to evaluate their patients remotely. Telemedicine can assist in the more efficient and reasonable distribution of constrained healthcare assets by delivering support with innovative service design that already exists in distant areas where there is a shortage of physicians and other healthcare professionals by reducing travel transport challenges and the associated carbon footprint.

The new 5G information ecosystem greatly increases the productivity of both basic science and clinical research. The technologies greatly facilitate collaborative, multi-institutional studies through access to massive data (BD), repositories, AI, and computational analytic software. The data is frequently being fed autonomously from the billions of devices, equipment, and instruments connected to the IoT. Product/Service launches are another factor in the growth of the market. For instance, in September 2022, Medulance Healthcare ambulance used 5G from Reliance Jio for smart ambulance services in rural India by connecting an ambulance to a hospital, almost anywhere in India.

North America is Expected to Witness Considerable Growth Over the Forecast Period

The North American region is expected to witness considerable growth over the forecast period. Factors such as increasing infrastructure support and launches are likely to fuel the growth of the market. 5G could revolutionize telemedicine and remote monitoring. Wearables and monitoring devices will connect patients directly to providers, making healthcare services more accessible and targeted. These advances, along with an aging population, will boost demand for care and spur job growth. The United States Bureau of Labor Statistics projects that employment growth in health care will be among the fastest for all industry sectors in the next decade. The estimation is that 5G will indirectly boost employment in the sector by 341,000 jobs and contribute USD 104 billion to the GDP. Furthermore, in June 2020, Telus launched the first phase of its 5G network to bolster Canada’s economic productivity, improve virtual healthcare, and support digital education.

Key acquisitions and partnerships among major players s in the United States are also factors driving the growth of the 5G in the healthcare market in the country. For instance, in February 2020, the strategic collaboration with Verizon, Microsoft, and Medivis made VA Palo Alto Health Care System (VAPAHCS) one of the first VA 5G-enabled hospitals in the world.

5G in Healthcare Industry Overview

The market is partially fragmented and consists of several major players. Some of the companies currently dominating the market are AT&T, Verizon, Ericsson, T‑Mobile USA, Inc., and Cisco, among others.

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