Dublin, Sept. 19, 2022 (GLOBE NEWSWIRE) — The ‘5G in Healthcare Market Size, Share and Trends Analysis Report by Component (Hardware, Services), by Application (Remote Patient Monitoring, Connected Medical Devices), by End Use, by Region , and Segment Forecasts, 2022-2030” was added to the report ResearchAndMarkets.com Offer.
The size of the global 5G healthcare market is expected to reach $454.7 billion by 2030, according to a new report, and grow at a CAGR of 34.5% from 2022 to 2030.
The demand for a real-time network with faster internet access and greater bandwidth has been driven by the development of modern technologies such as artificial intelligence, wired and wireless communications, and machine learning. Additionally, the market is being driven by the rising demand for wearable medical devices powered by 5G technology for real-time remote patient monitoring and increasing adoption of robotic surgery and telemedicine.
The COVID-19 pandemic had a positive impact on the market as healthcare professionals, medical institutions and hospitals adopted telemedicine and remote patient monitoring during the pandemic to monitor isolated COVID-19 patients and stop the further spread of the virus by monitoring patients through methods of remote patient monitoring.
Since remote patient monitoring requires the integration of multiple low-power devices, 5G services can be effectively used to develop a suitable remote patient monitoring infrastructure. Additionally, government agencies and hospitals have made efforts to deploy 5G during the COVID-19 pandemic. For example, in February 2020, the US Veterans Affairs (VA) Healthcare System deployed 5G in the hospital to treat patients using remote patient monitoring and to encourage the use of telemedicine.
The major players are employing strategies such as partnerships, mergers and acquisitions, product launches and services, agreements, joint ventures, collaborations, and expansion to strengthen their positions in the market. In February 2020, China’s first 5G-enabled remote rescue system was built by the Second Affiliated Hospital of Zhejiang University School of Medicine and China Mobile Zhejiang. This system consists of many supporting technologies, including immersive VR diagnostics and therapy, 5G-enabled long-distance ultrasound and a 5G-enabled emergency rescue center.
Highlights of the 5G in Healthcare market report
- The hardware components segment had the largest revenue share at over 70.0% in 2021 due to the need to frequently replace or upgrade the devices to make the most of the latest technologies in the market
- The service components segment is projected to grow at the fastest CAGR of 35.7% from 2022 to 2030. The growth is due to the need for improved mobile broadband and larger frequencies offered by 5G services
- Due to the growing geriatric population and an increasing demand for remote health checks, the area of remote patient monitoring accounted for the largest share of sales with more than 60.0% in 2021 according to the application. Remote patient monitoring is critical to chronic management and an efficient and proactive healthcare service
- The connected medical device application segment is expected to register the fastest growth rate from 2022 to 2030, driven by rising consumer demand for medical devices for daily health tracking, rising demand for telemedicine devices, and rising trend of home health care
- In 2021, the consumer segment of healthcare providers dominated the market with a revenue share of over 60.0% due to growing patient volume and an increasing number of hospitals and outpatient care centers
- The healthcare payer end-use segment is expected to grow at the fastest growth rate of 35.4% during the forecast period. Payers include both public and commercial insurance companies. The growth of the segment will be driven by an increase in the number of health insurance policyholders due to the COVID-19 pandemic
- North America had the largest revenue share of over 35.0% in 2021, driven by the government initiatives for 5G deployment in healthcare and increasing penetration of 5G-enabled medical devices
- Asia-Pacific is expected to see the fastest growth rate of 36.6% from 2022 to 2030 due to government initiatives for 5G deployment in healthcare. For example, the Indian government has launched a special incentive program to support 75 telemedicine and digital health startups in 2021
Main topics covered:
Chapter 1 Scope and Objectives of the Report
Chapter 2 Methodology
Chapter 3 summary
Chapter 4 Market Variables, Trends and Scope
Chapter 5 5G in Healthcare Market: Component Analysis
Chapter 6 5G in Healthcare Market: Application Analysis
Chapter 7 5G in Healthcare Market: End-Use Analysis
Chapter 8 5G in Healthcare Market: Regional Analysis
Chapter 9 Competitive Analysis
Chapter 10 KOL comment
- CHINA MOBILE INTERNATIONAL LIMITED
- CISCO SYSTEMS, INC.
- NEC COMPANY
For more information about this report, visit https://www.researchandmarkets.com/r/f7kbk1
Global 5G in the healthcare market