5G in Healthcare Market

5G in Healthcare Market Overview for 2024 to 2034

The 5G in healthcare market is anticipated to be worth USD 85 billion in 2024. In 2023, the value of the market was USD 62.2 billion. The market is expected to grow at an astonishing CAGR of 35.7% from 2024 to 2034. By the end of the forecast period, the market value is predicted to be USD 1,800 billion.

5G in Healthcare Market Analysis

• Technological integration in the healthcare sector is enabling the medical professionals and equipment developers to increase the usage of 5G technology.
• Doctors practicing remote treatment, in view of the shortage of hospital staff and advances in remote monitoring healthcare devices, are necessitating better communication services and 5G is being used for that requirement.
• With the increasing number of diseases and newer diseases plaguing humans, there is a need for connectivity among healthcare professionals and researchers and 5G is providing a convenient getaway for communication.
• Post-pandemic, there has been an increased drive to prevent outbreaks on the level of COVID-19. Research is being prioritized and researchers are making use of 5G, along with other technologies like robotics and AI, to step up their work.
• Wearable medical devices are widely used for remote patient monitoring, and with the devices becoming 5G-enabled, the monitoring is becoming more effective.

Attributes	Details
5G in Healthcare Market Value for 2024	USD 85 billion
Projected Market Value for 2034	USD 1,800 billion
Value-based CAGR of Market for 2024 to 2034	35.7%

Historical Performance of the 5G in Healthcare Market

The 5G in healthcare market was valued at USD 17.0 billion in value in 2019. The market progressed at a remarkable CAGR of 38.3% over the historical period from 2019 to 2023.

The pandemic necessitated the use of superior communication technologies like 5G as medical professionals scrambled to administer the proper treatment to patients. 5G was also utilized to aid in medicines and vaccines reaching remote areas of the world. In 2023, the market was pegged to be USD 62.2 billion.

Attribute	Details
Market Value (2019)	USD 17.0 billion
Historical CAGR (2019 to 2023)	38.3%
Historical Market Valuation (2023)	USD 62.2 billion

Long-Term Analysis of the 5G in Healthcare Market

The 5G in healthcare market is estimated to have a size of USD 85 billion in 2024. The progress of the market is pegged to be extraordinary over the period from 2024 to 2034, with a CAGR of 35.7%.

Though the rate of progress for the market is anticipated to be slightly lower in the forecast period than in the historical period, the market is still ripe with opportunities. The rise in remote healthcare monitoring and the need for better communication between patients and doctors, as well as among the medical professionals themselves, is driving the market. By 2034, the market size is anticipated to have jumped to USD 1,800 billion.

Trends in 5G Adoption in Healthcare

• Predictive healthcare is emerging as a significant trend, with the development of 5G websites, apps, and devices for preventing serious episodes.
• Robotic surgery is being increasingly tested and it is predicted that 5G-assisted robots will perform more surgeries in the future.
• As the number of patients is increases, the complexity of handling patient data rises, too, and 5G is being called upon to enable the smooth transfer of data from doctor to doctor and hospital to hospital.
• Rising popularity of telehealth is boosting the 5G in healthcare industry, as 5G is being utilized to dispense information and services remotely and through various electronic devices.
• With budgets for public hospitals being slashed and problems with understaffing in certain regions of the world, there is a need for cost-saving measures and 5G is enabling hospitals to do so. By cutting in-person costs, making information available through apps, and remote monitoring, money is being saved both by patients and hospitals.
• High cost of 5G networks acts as an impediment to the demand for 5G in healthcare. However, with phone manufacturers and network providers majorly switching to 5G capabilities, 5G is turning out to be the only viable option for the healthcare sector.
• With 5G connectivity, people are finding it easier to get consultations from doctors, saving them from making visits to hospitals for minor problems.

Category-wise Outlook

5G in healthcare comes in the form of both hardware and services, with hardware being the dominant component. Of the various uses for 5G in healthcare, remote patient monitoring is the most common application.

Need for Latest Hardware Equipment to Keep Up with the Changing Nature of Technology

Hardware is expected to progress at a CAGR of 35.6% through 2034. Some of the key drivers include:

• The need to update equipment constantly to have access to the latest technology in healthcare facilities. Hardware with 5G capabilities is making its way into hospitals at a rapid pace.
• Remote monitoring devices with 5G capabilities are being increasingly relied upon by doctors and patients, bolstering the hardware segment further.

Attributes	Details
Top Component	Hardware
CAGR (2024 to 2034)	35.6%

Remote Patient Monitoring is the Most Common Use of 5G in Healthcare

Remote patient monitoring is anticipated to progress at a CAGR of 35.5% over the forecast period. Some of the key drivers for its progress include:

• Remote equipment for patient monitoring is being utilized by doctors to keep tabs on at-risk patients and those from remote areas.
• Lack of beds at hospitals results in the need for remote monitoring and treatment, with 5G proving beneficial to communication between doctors and patients

Attributes	Details
Top Application	Remote Monitoring Devices
CAGR (2024 to 2034)	35.5%

Country-Wise Analysis

The adoption of 5G in healthcare is increasing all over the world, with the Asia Pacific marked for special growth. Increasing healthcare needs, coupled with the technological advancement of the region, make Asia Pacific a lucrative regional market.

North America and Europe’s affluence means an increasing number of people have access to 5G technology. The use of 5G is seeping into the healthcare sector of the region.

Countries	CAGR through 2034
United Kingdom	36.3%
Japan	37.1%
China	36.1%
South Korea	38.3%
United States	36.0%

South Korea Being at the Forefront of 5G Technology

The market is set to register a CAGR of 38.3% in South Korea over the forecast period. The key drivers for the magnificent growth are:

• South Korea has a reputation for being a technology hub in the medical sector, opening up the pathway for 5G in healthcare.
• South Korean consumers were the first to have access to 5G phones, fueling growth in the market.

5G Being Leveraged in Japan to Treat People in Remote Areas

The CAGR for the 5G in healthcare market in Japan is tipped to be 37.1% through 2034. Some of the key factors driving market growth are:

• Japan faces the problem of a significantly old population; as such, there is a need in the country for remote monitoring devices to keep tabs on them.
• 5G is being used in Japan to treat people from remote areas. For example, a collaboration between Nagoya University Hospital, Nagoya University Graduate School of Medicine, and NTT conducted experiments with 5G-enabled healthcare devices in the remote town of Shinshiro in Japan.

China’s Considerable Population Necessitating the Use of 5G Technology in Healthcare

The market is expected to register a CAGR of 36.1% in China. Some of the key trends include:

• China’s rising population makes it imperative to have a technologically sound healthcare sector and 5G is contributing to making it so in the country.
• Government funding for 5G mobile phones and encouragement of the use of technology in the medical field is ramping up the demand for 5G in Chinese healthcare.

5G Being Used in the United Kingdom to Deal with Strenuous Medical Needs

The market in the United Kingdom is expected to progress at a CAGR of 36.3% until 2034. Key factors driving the growth are:

• Hospitals in the United Kingdom are dealing with cutbacks and understaffing problems. In such a situation, 5G has come to the aid of doctors, saving up on equipment costs and allowing for remote monitoring.
• In the United Kingdom, 5G technology has been leveraged to come up with innovative new ways of connecting patients and medical professionals, such as with 5G-connected ambulances.

Advances in Robotic Surgery and AI Stimulate 5G Utilization in Healthcare in the United States

The market in the United States is anticipated to register a CAGR of 36.0% over the forecast period. Some prominent factors driving growth are:

• Robotic surgery is deemed to have a bright future in the United States and with 5G assisting robots, the technology’s adoption in the healthcare sector is set to grow.
• The use of AI in the American healthcare sector is rising, facilitating the adoption of 5G, too.

Competitive Landscape in the 5G in Healthcare Market

Providers of 5G for healthcare services are using the medium of partnership to strengthen ties with medical technology providers. Collaborations are also being done with healthcare institutions and research facilities. Acquisitions and mergers are common in the market. By means of acquisitions and mergers, general 5G providers are entering the healthcare sector.

Recent Developments in the 5G in Healthcare Market

• In November 2023, HealthNet Global launched a 5G-enabled ambulance at Apollo Multispeciality Hospitals in Kolkata, India.
• In August 2023, Zenzo launched an ambulance service with access to 5G in Mumbai, India.
• In February 2022, Cisco announced its acquisition of Accedian, a provider of solutions to the healthcare sector, specializing in 5G.

Key Companies in the 5G in Healthcare Market

• AT&T
• Verizon
• China Mobile International Limited
• Quectel
• Telit
• Telus
• Huawei Technologies Co., Ltd.
• Cisco System Inc.
• Orange
• NEC Corporation

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
• 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component
  • 5.1. Hardware
  • 5.2. Service
• 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 6.1. Remote Patient Monitoring
  • 6.2. Connected Medical Devices
  • 6.3. AR/VR
  • 6.4. Connected Ambulance
  • 6.5. Asset Tracking
• 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-use
  • 7.1. Healthcare Providers
  • 7.2. Healthcare Payers
• 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 8.1. North America
  • 8.2. Latin America
  • 8.3. Western Europe
  • 8.4. Eastern Europe
  • 8.5. South Asia and Pacific
  • 8.6. East Asia
  • 8.7. Middle East and Africa
• 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
• 16. Key Countries Market Analysis
• 17. Market Structure Analysis
• 18. Competition Analysis
  • 18.1. AT&T
  • 18.2. Verizon
  • 18.3. China Mobile International Limited
  • 18.4. Quectel
  • 18.5. Telit
  • 18.6. Telus
  • 18.7. Huawei Technologies Co., Ltd.
  • 18.8. Cisco System Inc.
  • 18.9. Orange
  • 18.10. NEC Corporation
• 19. Assumptions & Acronyms Used
• 20. Research Methodology