5G in Healthcare Market - Forecasts from 2023 to 2028

The 5G in healthcare market is expected to grow at a CAGR of 75.56% during the forecast period.

GROWTH DRIVERS:

The growth drivers for 5G in healthcare market are the increasing adoption of telehealth and robotic surgery, electronic medical records, 5G-enabled wearable medical devices, the ability of 5G technology to transmit large patient data files quickly, and the availability of low-cost sensors. These factors can improve healthcare efficiency, accuracy, convenience, cost-effectiveness, and scalability.

For instance, per the insights released by the Office of the National Coordinator for Health Information Technology (ONC), the adoption of electronic health records (EHR) by office-based physicians in the United States was 72% in 2019 and 78% in 2021. The 5G in healthcare market can benefit from the adoption of electronic health records (EHRs) by office-based physicians in the United States, as EHRs can enable large-scale and secure data transmission for medical applications. EHRs can also leverage the fast and responsive features of 5G networks, enhancing the performance and quality of healthcare services. EHRs can also help to connect high-quality medical resources across different healthcare networks, such as hospitals, clinics, and communities. Therefore, the growing use of EHRs by office-based physicians can create more demand and opportunities for 5G in healthcare.

EMERGING OPPORTUNITIES FOR 5G IN HEALTHCARE MARKET:

REMOTE PATIENT MONITORING AND OTHERS

The 5G in healthcare market is driven by telehealth and robotic surgery that improve healthcare quality and precision; 5G-enabled wearable medical devices that enhance patient comfort and security; 5G technology that allows quick and safe data transfer and innovative healthcare approaches; and low-cost sensors that enable IoT and smart healthcare solutions.

By application, the 5G in healthcare industry market is segmented into remote patient monitoring, connected ambulance, virtual consultations, and others. These segments of the 5G in the healthcare industry market are witnessing various innovations and collaborations from different players in the industry. For instance,

• In May 2023, the Department of Veterans Affairs announced that it had renewed its 10-year agreement with Oracle Cerner worth $10 billion for delivering its electronic medical record software. It included certain accountability mechanisms to boost performance on the controversial and stalled modernization program.
• In May 2022, Verizon Communications Inc. announced that the company and Visionable have partnered to use Verizon's private 5G and AI-driven secure networking to accelerate healthcare transformation. The agreement's terms state that the upcoming technology-driven center will demonstrate the advantages of next-generation networking and collaboration with diverse healthcare contexts.

GEOGRAPHICAL PRESENCE:

The global 5G in healthcare market consists of some major countries undertaking various measures to secure their 5G network. Americas is expected to grow at a high CAGR during the forecasted period. In addition, a few major countries include the USA, Japan, South Korea, China, United Kingdom, and Germany. The nations have undertaken various measures which have complemented the overall market growth. For instance,

• In November 2021, in India, Ericsson announced that Vodafone Idea Ltd. and the company collaborated as a part of the current 5G trials in India, demonstrating the potential of 5G to revolutionize the Indian healthcare industry by showing how 5G connection may provide access to healthcare in remote areas of the nation. The early use cases for 5G in India are anticipated to be enhanced mobile broadband and Fixed Wireless Access. The companies expect that as time goes on, additional enterprise-related use cases will emerge, utilizing the advantages of 5G in industries like healthcare, manufacturing, and education, among others.
• In February 2021, in the United States, AT&T announced that the company and the US Department of Veterans Affairs will test healthcare innovations powered by 5G. Veterans and staff can benefit from this 5G system's faster carrier speeds and next-generation cellular and mobile technology. It lays the foundation for mobility networks' potential to support VA users and apps in the future.

MAJOR PLAYERS IN THE MARKET:

Some of the leading players in the market include Ericsson, Cisco, and Nokia, among others. The product offerings of the major corporation include the following.

• Ericsson's offers Digital Monetization Platform applications is enhanced capabilities of 5G networks. A convergent charge and invoicing solution called the Ericsson Digital Monetization Platform enables operators to manage all consumers and services in a streamlined, real-time manner. It also makes it possible to change into new partner offers, business models, and digital services with low risk but high impact. It is prepared to charge for services that set itself apart thanks to the enhanced capabilities of 5G networks.
• Cisco offers Hybrid cloud for healthcare applications that is a secure hybrid cloud and digital platform. It improves workloads for healthcare apps, patient data, and business systems using an on-premise, reliable, and secure hybrid cloud and digital platform.
• Nokia offers Future X architecture for healthcare applications making it possible for cost-saving, and digital technology to promote better. For better patient outcomes, Future X architecture for healthcare is a high-performance network that connects humans, machines, sensors, and visual monitors. With the help of technologies like the industrial internet of things, edge computing, the cloud, machine learning, artificial intelligence, augmented and virtual reality, and high-performance networking, including 5G, Nokia has developed a solution that will significantly increase productivity in various healthcare sectors. Additionally, it makes it possible for cost-saving, cost-effective, and digital technology to promote better, more individualized patient care.

SEGMENTATION:

The 5G in healthcare market has been analyzed through the following segments.

By Application

• Remote Patient Monitoring
• Connected Ambulance
• Virtual Consultations
• Others

By End User

• Hospitals
• Diagnostic Centers

By Geography

• Americas
• USA
• Others
• EMEA
• Germany
• UK
• Others
• APAC
• China
• Japan
• South Korea
• Others