The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
What the Market Looks Like?
The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period. The global 5G in healthcare market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
5G stands for the fifth generation of mobile communication technology. With each generation’s new technology and standards, there have been improvements in transmission speed and network capacity. 5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale.
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COVID-19 Impact on the 5G in healthcare Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. Traditional technologies in the medical field have failed to control this pandemic. Scholars, policymakers, and practitioners are searching for new technologies to control the outbreak.
What are Key Trends in the Market?
The growth of the 5G in healthcare market is primarily influenced by the following factors:
- Increasing adoption of telehealth and robotics surgery due to COVID-19
- Rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring
- Ability of 5G technology to transmit large patient data files quickly
- Advancements in telecommunication
- Availability of low-cost sensors
- High cost of deployment of the 5G network
Based on component, the 5G in healthcare market is segmented into hardware, services, and connectivity. The hardware segment accounted for the largest share of the 5G in healthcare market in 2020. This segment is projected to reach USD 1,871.7 million by 2026, at a CAGR of 76.0% during the forecast period. The large share of this segment can primarily be attributed to the need for frequent upgradation or replacement to make optimal use of the latest software available in the market.
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