5G In Healthcare Market Size, Share & Trends Analysis Report By Component (Hardwar, Services), By Application (Remote Patient Monitoring, Connected Medical Devices), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global 5G in healthcare market size was valued at USD 34.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 34.5% from 2022 to 2030. The global market is driven by the rising adoption of robotic surgery and telehealth. An increase in the developments in telecommunication, deployment of wearable medical devices with 5G technology, the capacity of 5G technology to transfer massive patient data files at light speed, and the accessibility of inexpensive sensors are also fueling the market growth. Furthermore, an increase in investments by the government and key market players in the deployment of 5G in healthcare is propelling the market growth. For instance, the Government of India launched a special incentive scheme to support 75 startups in telemedicine and digital health in 2021. The COVID-19 pandemic significantly impacted the global healthcare industry, especially hospitals, due to the increased patient burden. 5G offers advanced technologies including the internet of things, big data, cloud computing, artificial intelligence, and enabling smart healthcare.

Moreover, the pandemic accelerated the shift towards the digital transformation of the healthcare system, with a focus on adopting telehealth and remote care services and thermal imaging solutions. The services require a significant amount of bandwidth, especially online medical consultations that include real-time video conferencing and image transmission. High bandwidth and dependable data connectivity services are possible with 5G networks. In March 2020, University Hospitals in Ohio announced the launch of a remote patient monitoring device, which is a wireless sensor device that monitors a patient’s oxygen levels, temperature, and reparation rate to detect possible chances of having COVID-19.

The healthcare industry is one of the fastest-growing sectors, putting complex demands on the network in terms of data rate, latency, and bandwidth, among other things. Several emerging connection needs of healthcare providers are addressed by 5G technology. The capacity to generate new use cases requires more connection density, faster speeds, the ability to guarantee the quality of service, and lower latency.

In the healthcare industry, cellular technology is expected to significantly improve the speed, coverage, and responsiveness of wireless networks. As a result, the growing demand for faster and more reliable data transmission in the healthcare industry will fuel market growth in the future. 5G technology in healthcare enables necessary levels of connection for a new health ecosystem that can cost-effectively, precisely, efficiently, and conveniently fulfill the requirements of patients and providers. In addition to remote sensors, clinical wearables, low-bitrates, and low-energy connected health monitoring devices, 5G will serve as the IoT's backbone infrastructure.

Technological advancement is driving the market. The 5G network is used in healthcare tests and it deploys a new solution that has the potential to enhance and revolutionize patient care. Major players in the 5G in the healthcare market are focusing on developing innovative technologies to improve their market position. For instance, in November 2021, Enovacom, a healthcare subsidiary of Orange, announced the launch of the Enovacom Patient Link solution to accelerate the digitalization of the patient journey. Enovacom Patient Link is an application that some medical institutions use to improve the connection with their patients during administrative and medical processes. It was introduced at the Santexpo trade event. With this launch, Enovacom emphasizes its new goal of assisting medical facilities and patients in maximizing time spent receiving care.

Component Insights

The hardware segment held the largest revenue share of over 70.0% in 2021 owing to the need for frequent replacement or up-gradation of the devices to make optimal use of the latest technologies in the market. Moreover, the advancement in technology and growing demand for ultra-high bandwidth, massive connectivity, and ultra-low latency are expected to offer an opportunity for the growth of the hardware segment.

The services segment is anticipated to expand at the fastest CAGR of 35.7% during the forecast period. The growth is attributed to the increased demand for better connectivity for medical devices, growing demand for faster and more reliable data transmission, and the need for improved mobile broadband and greater frequencies offered by 5G services.

Application Insights

The remote patient monitoring segment accounted for the largest revenue share of over 60.0% in 2021 owing to the rising geriatric population and a rise in the demand for remote health checkups. Remote patient monitoring is critical for chronic management and efficient and proactive healthcare service. The market for remote patient monitoring is further being driven by the high burden of COVID-19 cases, rising healthcare expenses, and the increased focus of consumers on individual health.

The connected medical devices segment is expected to register the fastest growth rate of 36.2% from 2022 to 2030 owing 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.

End-use Insights

In 2021, the healthcare providers segment dominated the market with a revenue share of over 60.0%. This is attributed to the growing use of wearable medical devices with 5G technologies, increasing demand for better technologies, growing patient volume, and an increasing number of hospitals and ambulatory care centers. Based on end-use, the market is segmented into healthcare providers and healthcare payers.

The healthcare payers segment is anticipated to expand at the fastest growth rate of 35.4% over the forecast period. Payers include both public and commercial insurance companies. The growth of the segment is fueled by an increase in the number of policyholders for health insurance due to the COVID-19 pandemic.

Regional Insights

North America held the largest revenue share of over 35.0% in 2021 due to government initiatives for the deployment of 5G in healthcare and an increasing number of 5G-enabled medical devices. For instance, in August 2021, the Biden administration announced an investment totaling over USD 19 million to improve telehealth services in rural areas and to expand telehealth innovation and quality nationwide.

Asia Pacific is expected to register the fastest growth rate of 36.6% over the forecast period owing to the significant adoption of advanced technologies, enhanced network connectivity, and increased government programs for raising awareness regarding telehealth and penetration of 5G in the healthcare industry. For instance, in November 2020, the health operator IHH Healthcare along with the Chinese government launched a WeChat program as an initiative to strengthen telehealth.

Key Companies & Market Share Insights

Players are more focused on strategic partnerships with technology providers and product innovation. Furthermore, they are adopting strategies such as mergers and acquisitions, product and service launches, agreements, joint ventures, collaborations, and expansion to strengthen their position in the market. For instance, in February 2021, AT&T announced a partnership with Rush University System for Health, a Chicago-based academic health system, for testing AT&T Multi-Access Edge Computing (MEC) and other advanced network-related technologies in Rush hospitals for better operations and to improve patient and staff experience.

Similarly, in August 2020, Stasis Labs Inc., a patient monitoring platform, launched a mobile-connected remote patient monitoring platform for hospitals and outpatients in the U.S. The platform helps providers continuously monitor a patient without direct contact with the patient. Some prominent players in the global 5G in healthcare market include:

• AT&T

• Verizon

• China Mobile International Limited

• Quectel

• Telit

• Telus

• Huawei Technologies Co., Ltd.

• Cisco System Inc.

• Orange

• NEC Corporation

5G In Healthcare Market Report Scope

Global 5G In Healthcare Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global 5G in healthcare market report based on component, application, end-use, and region:

• Component Outlook (Revenue, USD Billion, 2017 - 2030)

  • Hardware

  • Service

• Application Outlook (Revenue, USD Billion, 2017 - 2030)

  • Remote Patient Monitoring

  • Connected Medical Devices

  • AR/VR

  • Connected Ambulance

  • Asset Tracking

• End-use Outlook (Revenue, USD Billion, 2017 - 2030)

  • Healthcare Providers

  • Healthcare Payers

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa