New York, US, April 28, 2022 (GLOBE NEWSWIRE) — 5G in Healthcare Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “5G in Healthcare Market Information by Component, Application, End-User, and Region – Forecast till 2028”, the market is estimated to grow at a CAGR of 74.5% CAGR to reach USD 4,200 Million by 2028.
Market Scope:
5G is a hugely popular fifth generation of telecommunications and mobile technology. In telecommunications, along with wide range of industry verticals can give rise to path-breaking evolutions, enabling the users to remain connected to an entirely new information ecosystem.
5G in healthcare market can usher in infinite exciting possibilities by offering the users elevated connectivity and cost-effectively, efficiently, accurately, and conveniently cater to their requirements. The 5G in healthcare will be providing the users with a substantial part of a huge new network that can cover a variety of connected healthcare devices including clinical wearables, remote sensors, health monitoring devices, to name a few.
Market Drivers
5G is the biggest leap in cellular technology as well as in healthcare as it offers significant connectivity levels to allow a new ecosystem; one that caters to every need of the patient while providing efficiently, accurately, conveniently, and cost-effectively. The extensive 5G network covers billions of low-energy and low-bitrates connected health monitoring devices, clinical wearables, and remote sensors while acting as a backbone infrastructure for the internet of things/IoT.
The heightened use of telehealth as well as robotics surgery post the COVID-19 outbreak along with the surging adoption of 5G-powered wearable medical devices for remote patient monitoring in real-time augments the market position. The 5G technology’s ability to quickly transmit huge patient data files, advances in telecommunication, and the emergence of low-cost sensors elevate the market demand.
Market Restraints
Large-scale investments are needed for the transition from 4G to 5G technology to take place. The needed throughput density, base station pricing, and periodic interest rate have a great impact on the costs associated with the 5G infrastructure. This can be a major growth restraint for the worldwide market in the long run.
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COVID-19 Analysis
The COVID-19 outbreak has been unfavorable for the worldwide healthcare system, giving rise to a number of public health measures, and reducing medical access to the patients. The spread of the pandemic has led to a shutdown of various operational facilities across the globe.
The healthcare sector worldwide is dealing with various challenges in the lockdown phase. Owing to the rapid growth in the number of COVID-19 cases, medical facilities are facing interruptions, which has reduced the provision of essential services.
The 5G technology has been a major savior during these uncertain times, as it is helping healthcare professionals in offering advanced medical services to handle the rapidly surging new cases. 5G solutions enable smart healthcare systems to effectively communicate and connect with each other, allowing new ways to track and respond to emergencies.
Segment Overview
Component-wise, the key segments are services, hardware, and connectivity.
Applications of 5G in healthcare are remote patient monitoring, connected medical devices, AR/VR, assets tracking for medical devices, and connected ambulances. Advancements in wireless technology, computing power, and miniaturization foster innovations in connected medical devices, which creates the Internet of Medical Things (IoMT). Higher connectivity between the devices and sensors enables healthcare providers in streamlining clinical operations, and enhance workflow management while improving patient care.
End users in the market are healthcare providers, as well as healthcare players. Healthcare payers are in the lead. The payers can include Medicaid, Medicare, and organizations with established service rates as well as process claims. 5G helps the healthcare providers, patients, healthcare insurers and fitness and medical trackers enhance their data exchange, allowing healthcare payers to develop customized health as well as life insurance products for their consumers.
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Regional Analysis
America will be projecting the highest growth in the coming years, achieving the top spot in the worldwide market. The region’s significant growth has been in response to the surging investments allocated for 5G infrastructure, and the surge in technological developments. Improving healthcare models also act in favor of the American market. The Commonwealth Fund reveals that the US healthcare costs were around 20% of the total domestic product in 2020. Additionally, rising spending on digital health solutions, surging use of wearable technology in healthcare, and the presence of renowned firms like Verizon (US), AT&T Inc. (US), Cisco Systems, Inc. (US) and T‑Mobile USA, Inc. (US) bolster the market worth as well. Most of these players are constantly striving to foster their businesses in the region, adopting strategies like partnerships and collaborations, while launching new services and products for a higher position in the market.
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Rising modernization and advances in healthcare infrastructure can enhance Asia Pacific’s position in the 5G in healthcare market in the years to come. The region has been soaring at the fastest rate in the global market, given the surge in consumer expectations, technical advancements, along with limited legacy health infrastructure. Other than this, lack of advanced and high-end medical infrastructure, shortage of cutting-edge medical equipment, dearth of medical professionals and financial constraints could also enhance the need for 5G in healthcare in the region.
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