5G in Healthcare Market Overview
5G networks have the potential to transform and improve all of the critical components of healthcare. Over the last few years, the use of 5G networks in healthcare has increased, with its applications boosted by advances in robotics, IoT and AI that will shape the healthcare systems to a newly connected ecosystem. The main challenge healthcare systems are facing is the fastest transmission of data.
The healthcare industry produces massive amounts of data. Hundreds of gigabytes of data can be generated through a single patient each day, from patient medical records to the large image files created by MRI, CAT or PET scans. When the network bandwidth is low, the transmission of those huge files takes a long time or not send successfully which creates long delays in patient treatments.
Adding a high-speed 5G network to existing architectures can help quickly and reliably transport huge data files of medical imagery, which can improve both access to care and the quality of care. Thus, the rise in adoption of 5G networks in healthcare systems would drive the market growth in coming years.
Impact of COVID-19 Pandemic Outbreak on 5G in Healthcare Market
Coronavirus has now become a threat to humans and to the global economy. Measures like lockdown and social distancing were implemented to reduce its spread, which significantly impacted the social and economic aspects of many countries. To fight against the contagion, the healthcare industry has taken huge efforts to transform their existing infrastructure, considering all the measures for COVID-19.
The ongoing crisis has accelerated shift towards digital transformation of the healthcare systems with more focus towards adopting remote care/tele-health services, thermal imaging solutions, prevention of future health crisis, and utilization of innovative technologies.
All the above services, especially online medical consultation with the help of real time video conferencing and image transmission requires a lot of bandwidth. 5G networks are capable of providing a high bandwidth and reliable data connectivity services. It is estimated that the 5G in healthcare market has grown with a significant growth rate of around 25% CAGR in the past 5 years.
However, during the pandemic the 5G in healthcare market has grown by nearly 10% - 12% in Q1-Q3 2020 and is projected to show rapid growth in the coming quarters of 2021. The low latency and large connection density provided by 5G networks massively impacts all connected devices in healthcare, smoothing seamless interactions and rapid transmission of required medical information.
5G in Healthcare Market: - Market Dynamics
Rapid Transformation from Conventional Healthcare Systems to Smart Healthcare
Smart healthcare is undergoing rapid transformation from the conventional hospital-focused systems to a distributed patient-focused systems. Several technological advancements have encouraged in rapid revolution of the healthcare sector.
Smart healthcare systems are made up of advanced diagnostic devices to provide advanced treatment for the patients and improve the quality of healthcare by providing real-time information. It enables remote check-up service that helps reduce the treatment time and cost and also supports the healthcare providers to expand their services beyond geographical limits.
5G enabled smart healthcare devices are an amalgamation of IoT devices that require improved network performance and enhanced cellular coverage. 5G networks are being designed to support these devices to tackle the diverse communication needs of healthcare applications.
Increasing Need for Fast and Reliable Data Transmission
The healthcare industry is one of the fastest expanding market with an increase in the number of applications their dependence on the network – distinct types of data in varying size and formats which in turn will place complex demands on the network in terms of bandwidth, data rate and latency among other factors.
5G technology addresses many of the emerging needs of healthcare providers for connectivity services. These are faster speeds, lower latency, increased connection density, and the ability to guarantee quality of service (QoS) needed to create new use cases.
With the emergence of new 5G technologies, IT services and applications within the healthcare industry are set to become better connected than ever. The cellular technology, will greatly increase the speed, coverage and responsiveness of wireless networks in the healthcare industry. Thus, the increasing demand for faster and reliable data transmission in healthcare industry would propel the market growth in coming years.
Regional Overview: North America to lead the race in the 5G in Healthcare Market
North America is the prominent region for 5G infrastructure, in terms of R&D activities in 5G technology, network design/deployment, and presence of key market players. North America to hold the largest share in the 5G in healthcare market in 2019, owing to increased investments by the US government in healthcare sector.
The 5G enabled healthcare services market in Asia Pacific is expected to expand at a fast-paced CAGR during the forecast period. India, China, Japan, and Australia are major countries of the 5G enabled healthcare services market in the region.
5G in Healthcare Market: - Key Players
Key players in the 5G in healthcare market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced 5G enabled healthcare devices to help healthcare organizations improve patient services. The major players offering 5G in healthcare solutions include
- Samsung Electronics
- Huawei Technologies
- Capsule Technologies
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global 5G in healthcare market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with 5G in healthcare market attractiveness as per segments. The report on 5G in healthcare market also maps the qualitative impact of various factors on 5G in healthcare market segments and geographies.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, & South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
5G in Healthcare Market: - Segmentation
- Home Healthcare
- Remote Medicine and Emergency Care
- Remote Consultation
- Smart Wearable
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