5G, the fifth generation of cellular wireless technology, has the potential to provide massive connection power and fast speeds that can help transform healthcare delivery. 5G can impact the Internet of Medical Things (IoMT). Also, it will assist in enabling medical innovations by utilizing augmented reality, virtual reality, artificial intelligence (AI), remote medical learning, remote patient monitoring, and much more. Nowadays, it is necessary to get access to the near real-time data, as well as to make split-second decisions in healthcare environments, and 5G will provide benefits to this sector in the forecast period. The implementation of 5G in healthcare will lead to better communications with high efficiencies, faster diagnostics at lightning speeds, transfers of massive files, images, and other content. 5G will further accelerate the industry trend toward providing care “closer to the patient” and outside the hospital setting through urgent care centers, walk-in clinics, outpatient surgery centers, and home healthcare settings.
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As per UnivDatos Market Insights, the 5G in the healthcare market is expected to register a CAGR of around 75% during the forecast period (2021-2027). The surge in the market is on account of the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring and the increasing adoption of telehealth and robotics surgery due to Covid-19. The government efforts of several countries for the establishment of telemedicine & telehealth defined reimbursement policies, and a legal framework for telehealth practices is intensifying the market growth. For example, in April 2019, the Centers for Medicare & Medicaid Services (CMS) announced and finalized changes in Medicare’s telehealth policy to enable remote patient monitoring for patients to access the latest technology and improve the coordination of healthcare processes. The report “5G in healthcare Market: Current Analysis and Forecast (2020-2027)” by UnivDatos Market Insights deliver a comprehensive analysis of the Component, Application, End Users, and Region/Country
Based on Component, the market is fragmented into Hardware, Services, and Connectivity. The Hardware segment dominated the market in 2020 and is expected to grow at lucrative growth owing to the need for frequent up-gradation or replacement to make optimal use of the latest software available in the market. Moreover, the rising adoption of new technologies in healthcare and their high implementation drives the demand for hardware. The main hardware components of 5G technology infrastructure include 5G small cell infrastructure and RAN towers.
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Based on Application, the market is fragmented into Connected Medical Devices, Remote Patient Monitoring, AR/VR, Asset tracking for medical devices, and Connected Ambulance. The Connected Medical Devices segment dominated the market in 2020 owing to the growing inclination towards home healthcare and growth in the telehealth market. 5G infrastructure and connectivity provide the drug manufacturers an opportunity to place IoT-connected monitoring devices in the participants’ homes during clinical trials which reduce administrative overhead and processing costs. This brings down the price of each trial allowing pharma companies to trial more drugs every year. The availability of the data in real-time shortens the drug trial period. According to the renowned Irish-based multinational professional services company, 65% of consumers and 86% of doctors agree that wearables increase patients’ engagement with their health. This engagement is expected to decrease hospital costs by 16% over the next five years.
Based on End Users, the market is fragmented into Healthcare Providers, Healthcare Payers, and Other End Users. The Healthcare Providers segment dominated the market in 2020 and is expected to grow at lucrative growth during the forecasted period owing to the rising need for an efficient healthcare system, growing patient volume, and an increasing number of hospitals and ambulatory care centers. Moreover, the growth in telehealth, rising adoption of 5G-enabled wearable medical devices, and the rising demand for better technologies that assist in the easy transfer of large data files also drive the market growth.
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The Asia Pacific is expected to hold Lion’s Share
Based on regions, the report provides detailed analysis for overall demand of In-Vehicle Infotainment System for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Asia-Pacific is expected to dominate the 5G in the healthcare market on account of the presence of a smaller number of vendors. In addition, the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT also drive the market growth in the region.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the 5G in healthcare Management Market are AT&T, Verizon, China Mobile Limited, T-Mobile, Ericsson, Telit, Telus, Vodafone, Nokia, and Samsung.
- In January 2019, Rush University Medical Center partnered with AT&T (US) to bring the latest mobile communications technology to clinical care based on 5G to improve communications, data processing needs, and the patient experience
- In May 2019, Ooredoo (Qatar) worked with Ericsson (Sweden) to leverage 5G technology in ambulances to allow doctors to treat patients remotely by controlling a special haptic glove worn by the paramedic on the scene
- In February 2020, Emory Healthcare partnered with Verizon (US). Emory Healthcare is using Verizon’s 5G Ultra-Wideband to enhance augmented reality and virtual reality (AR/VR) applications for medical training, telemedicine, and remote monitoring, in addition to diagnostic and imaging systems from ambulances to ER.
“5G in healthcare Management Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors' capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Component (Hardware, Services, and Connectivity)
- By Applications (Connected Medical Devices, Remote Patient Monitoring, AR/VR, Asset tracking for medical devices, and Connected Ambulance)
- By End Users (Healthcare Providers, Healthcare Payers, and Other End Users)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (AT&T, Verizon, China Mobile Limited, T-Mobile, Ericsson, Telit, Telus, Vodafone, Nokia, and Samsung)
Key questions answered in the study:
- What are the current and future trends of the 5G in the healthcare industry?
- How the industry has been evolving in terms of Components, Applications, End Users, and Region/Country?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the 5G in the healthcare industry?
- What is the customer orientation, purchase behavior, and expectations from the 5G in healthcare firms across various regions?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL 5G IN HEALTHCARE MARKET COVID-19 IMPACT
6 GLOBAL 5G IN HEALTHCARE MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY COMPONENT
8 MARKET INSIGHTS BY APPLICATION
9 MARKET INSIGHTS BY END USERS
10 MARKET INSIGHTS BY REGION
11 5G IN HEALTHCARE MARKET DYNAMICS
12 5G IN HEALTHCARE MARKET OPPORTUNITIES
13 5G IN HEALTHCARE MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
16 VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED
19 DISCLAIMER
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