5G in Healthcare Global Market Report 2024

5G in healthcare denotes the provision of the fifth generation of broadband or cellular technology, specifically designed to significantly enhance the speed and responsiveness of wireless networks for various healthcare applications.

The key elements of 5G in healthcare encompass hardware, services, and connectivity. 5G hardware includes components like 5G small cells or similar hardware designed to facilitate smooth and uninterrupted 5G connections within the healthcare sector. These components play a crucial role in operations involving data transmission, wearable devices, telediagnosis, telemonitoring, telerobotic surgery, and other healthcare applications. They find application among healthcare providers, healthcare payers, and various end-users in the healthcare ecosystem.

The 5G in the healthcare market research report is one of a series of new reports that provides 5G in the healthcare market statistics, including 5G in the healthcare industry global market size, regional shares, competitors with a 5G in the healthcare market share, detailed 5G in the healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the 5G in the healthcare industry. This 5G in the healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The 5g in healthcare market size has grown exponentially in recent years. It will grow from $0.64 billion in 2023 to $1.04 billion in 2024 at a compound annual growth rate (CAGR) of 62.6%. The growth observed in the historic period can be attributed to factors such as high-speed data transfer, low latency, and increased network capacity.

The 5g in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.36 billion in 2028 at a compound annual growth rate (CAGR) of 63.0%. The anticipated growth in the forecast period can be attributed to several factors, including rising healthcare expenditure, an increase in chronic diseases, greater penetration of the internet, and a growing user base of smartphones. Key trends expected in the forecast period encompass the application of artificial intelligence (AI) and machine learning in healthcare, the expansion of the Internet of Things (IoT) in healthcare, the utilization of augmented reality (AR) and virtual reality (VR) for medical training, the integration of edge computing, and advancements in telemedicine and remote monitoring.

The significant uptake of telehealth is a key driver for the expansion of the 5G in the healthcare market. Telehealth, characterized by the use of digital information and communication technologies, such as computers and mobile devices, enables remote access to healthcare services and facilitates the management of patients' health. This approach provides several benefits, including easy access to healthcare professionals and services, especially for individuals with limited mobility, time constraints, or transportation options. Moreover, telehealth enhances communication and coordination between healthcare professionals and patients while supporting self-management of healthcare. Notably, the Ministry of Health and Family Welfare, Government of India, reported a substantial increase in teleconsultations through the government's telemedicine service, eSanjeevani, reaching over 14 million consultations in October 2021 from 3 million in March 2021. The swift growth in telemedicine adoption underscores the need for high-speed connectivity, a demand met by 5G services, thereby propelling the growth of 5G in the healthcare market.

The surge in collaborative initiatives is anticipated to drive the growth of 5G in the healthcare market. Collaborative initiatives, involving partnerships or joint efforts among various entities, aim to harness the potential of high-speed, low-latency networks to transform and enhance healthcare services. A notable example is the partnership between Virgin Media O2 and Nokia in July 2022, which established a private 5G network for an NHS hospital in the United Kingdom. This network provides a dedicated, high-speed, reliable, and secure connection for mission-critical digital healthcare applications. This collaboration is part of a broader effort to explore the use of 5G as a network foundation for diverse Internet of Things (IoT) applications. Therefore, the increased emphasis on collaborative initiatives is expected to propel the growth of 5G in the healthcare market.

Technological advancement stands out as a prominent trend gaining traction in the 5G in the healthcare market. These advancements involve leveraging the 5G network to test and implement new solutions that can enhance and transform patient care. Major companies in the 5G in the healthcare market are actively focused on developing innovative technologies to solidify their market positions. For example, in November 2021, Enovacom, a healthcare subsidiary of Orange based in France, announced the launch of the Enovacom Patient Link solution. This application accelerates the digitalization of the patient journey by improving the connection between medical institutions and their patients during administrative and medical processes. The solution securely centralizes and leverages healthcare data in a single application, streamlining the management of patient data for medical facilities.

Prominent companies in the 5G in the healthcare industry are increasingly adopting a strategic partnerships approach to deliver essential 5G healthcare services to individuals, businesses, and governments. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in December 2022, Reliance Jio, an India-based telecommunications company, formed a partnership with the Institute of Liver and Biliary Science (ILBS), an India-based mono-superspeciality hospital specializing in liver and biliary diseases. This collaboration aimed to utilize Reliance Jio's 5G standalone (SA) network to power healthcare technologies for various use cases. The partnership between Jio and ILBS is expected to provide advanced healthcare services by leveraging the capabilities of Jio's 5G network.

In February 2022, Forescout Technologies, a US-based software company, acquired CyberMDX for an undisclosed amount. This strategic acquisition is designed to enhance Forescout Technologies' capabilities in securing Internet of Medical Things (IoMT) devices. CyberMDX, a US-based IoT security leader, is dedicated to protecting the quality care of health delivery.

Major companies operating in the in the 5g in healthcare market report are AT&T Inc., Verizon Communications Inc., Telefonaktiebolaget LM Ericsson, T‑Mobile USA Inc., Cisco Systems Inc., NEC Corporation, SK Telecom Co. Ltd., Fibocom Wireless Inc., Qualcomm Incorporated, Nokia Corporation, Huawei Technologies Co. Ltd., China Mobile Limited, Telus Corporation, Vodafone Group plc, Deutsche Telekom AG, Telefónica S. A., Bharti Airtel Limited, Sierra Wireless Inc., Swisscom AG, Quectel Wireless Solutions Co. Ltd., Sequans Communications, Koninklijke Philips N. V., Samsung Electronics Co. Ltd., HTC Corporation, Sony Corporation, Siemens Healthineers AG, Telit Communications Ltd., BT Group plc, NTT Docomo Inc., Doximity Inc.

Asia-Pacific was the largest region in the 5G in healthcare market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the 5g in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the 5g in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The 5G in the healthcare market includes revenues earned by entities by providing telehealth, data management, and real-time remote monitoring in healthcare institutes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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