5G in Healthcare Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2030

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5G in Healthcare Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 – 2030

Status : March, 2023 | Healthcare IT

Report Digest

5G in Healthcare Market: Overview

The 5G in the healthcare market has been estimated to experience significant growth opportunities in the forthcoming years. This market growth is on the back of the rising adoption of robotics surgery and telehealth on the back of the COVID-19 pandemic. Further, the growing adoption of the 5G-enabled wearable healthcare devices to get real-time remote monitoring is also serving as a prominent growth driver in the market.

The availability of low-cost sensors and advancements in telecommunication are some of the key factors to drive growth impetus in the 5G in the healthcare market. Further, the capability of 5G technology for the transmission of large patient data files rapidly also serves as a driving factor to generate demand avenues in the market. However, the high deployment cost of the 5G network has been predicted to restrict the growth prospects in the market.  

5G in Healthcare Market: Key Trends

Medical expertise and ICT have been a powerful combination to enhance patient care for a lot of years. Robotic-assisted surgery and remote diagnosis are commonly used healthcare practices around the world. Further, the rapid pace of ICT evolution is projected to create various growth opportunities in the 5G in the healthcare market.

Telemedicine needs a network in order to support real-time high-quality videos. This is commonly related to wired networks. Various countries around the world have shown interest in increasing support for telehealth and telemedicine. These countries are taking initiatives for the establishment of statewide telehealth coverage, the legal framework for telehealth practices, and defined reimbursement policies. These initiatives are anticipated to create numerous expansion opportunities in the 5G in the healthcare market.

The sudden outbreak of the COVID-19 has changed healthcare delivery significantly. Hospitals and nursing homes have become potential exposure zones with patients requiring urgent medical care. As a result, telemedicine has become the primary option to provide healthcare solutions to patients. The presence of a 5G network and a high standard of virtual care have been anticipated to transform healthcare delivery to a great level. Owing to these factors, the 5G in the healthcare market has been estimated to boost expansion opportunities in the forthcoming years.

5G in Healthcare Market: Competitive Dynamics and Key Developments

The key players operating in the 5G in the healthcare market have been incorporating various strategies to boost growth opportunities in the upcoming years. Collaborations, partnerships, acquisitions, product approvals, agreements, expansions, and novel service launches are some of the major strategies that have been adopted by the key companies to strengthen growth avenues in the market.

For instance, ZTE (China) and Huawei (China) have built the 5G demo sites in June 2020. The objective of these sites is to provide remote consultation along with outpatient & image diagnosis.

West China hospital, ZTE (China), and China Telecom (China) are facilitating services for remote diagnosis of the novel coronavirus through 5G in January 2020.

Some prominent players in the global 5G in healthcare market include:

  • Deutsche Telekom AG
  • Airtel
  • AT&T
  • Sierra Wireless
  • Ericsson
  • BT Group
  • SK Telecom Co., Ltd.
  • Swisscom

5G in Healthcare Market: Regional Assessment 

The 5G in the healthcare market is spread across various geographical locations across the world including North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among these regions, the Asia Pacific region has accounted for the largest market share of 33.8%. Further, the APAC region has been estimated to become the fastest and largest-growing area in the market. This market growth is attributed to the increasing number of government initiatives for the IoT, continuously improving network connectivity, and growing adoption of advanced technologies. In addition to this, the rising count of IoT-enabled medical devices is likely to boost growth opportunities in the 5G in the healthcare market. 

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

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Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?