5G Enabled Healthcare Services Market - Forecast(2024 - 2030)

5G Enabled Healthcare Services Market Overview

The Global 5G Enabled Healthcare Services market size is forecast to reach $3,481.7 million by 2026, growing at a CAGR of 11.7% from 2021 to 2026. With growing demand towards smart healthcare, digitalization, remote patient monitoring, connected medical devices and so on, there can be significant growth of 5G enabled healthcare services industry. Increasing growth of smart hospitals as well as rising adoption towards smart healthcare devices have been analysed to contribute towards boosting the growth of 5G enabled healthcare services market. Moreover, growing demand towards modernizing healthcare facilities, enhancing real-time remote patient monitoring, adoption of advanced technologies such as artificial intelligence augmented or virtual reality and others is further set to drive the requirement of high speed networks capable of offering faster data transfer of images, documents as well as large files for improving quality of care during the forecast period.

Report Coverage

The report: “5G Enabled Healthcare Services Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the 5G Enabled Healthcare Services industry.

By Application: Home Healthcare, Telemedicine, Remote Consultation & Emergency Care, Medical Training & Education, Rehabilitation therapy, Robotic Surgery, Others.
By Geography: North America (U.S, Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Netherlands, Others), APAC (China, Japan, South Korea, India, Others), South America (Brazil, Argentina, Others) and RoW (Middle East, Africa).

Key Takeaways

• Increasing growth of smart hospitals along with rising adoption towards smart healthcare devices is analysed to significantly drive the 5G Enabled Healthcare Services market during the forecast period 2021-2026.
• Remote consultation & emergency care is anticipated to grow with the highest CAGR during 2021-2026 in the global 5G enabled healthcare services market, due to rising investments from healthcare facilities to adopt online consultation services.
• APAC dominated the global 5G Enabled Healthcare Services market with the largest share in 2020, due to increasing investments from telecom operators for 5G rollout, shift towards smart healthcare, and many others.
  
  

  Global 5G Enabled Healthcare Services Market Value Share, By Region, 2020 (%)

  

5G Enabled Healthcare Services Market Segment Analysis - By Application

Remote Consultation & Emergency Care is analyzed to account for the highest CAGR of around 7.5% in the global 5G Enabled Healthcare Services market during the forecast period 2021-2026. With growing digitalization and technological advances in the healthcare industry, remote consultation & emergency care have emerged as a popular alternative for offering efficient and reliable medical care services within low costs. Remote consultations are conducted through live video conferencing, online or telephone, helping patients requiring medical care at affordability irrespective of any location. Availability of 5G network can be considered as a major factor towards optimizing remote monitoring applications with key benefits including better and faster network connectivity, greater capacity to optimize data transfers and others, helping practitioners towards making faster remote healthcare decisions for patients. In order to offer high-level and faster communication services, need for networks with low-latency and high bandwidth support have been growing significantly overtime. In April 2020, one of the leading healthcare solution providers in India, Fortis Healthcare announced about the launch of online consultations for patients across 23 hospitals within the country. This move was taken as a part of continuing patient care services without risking the health of patients as well as doctors through tele-consults and video consult services, amidst the COVID-19 lockdown scenario. According to RCGP survey July 2020, more than 80% of U.K. practices have been providing online or video consultations, in comparison to 5% during the pre-pandemic time. Such rise of online consultations related to remote patient consultations is further set to create a positive impact on the growth of 5G enabled healthcare services, owing to surge of global pandemic situation in the long run.

5G Enabled Healthcare Services Market Segment Analysis - By Geography

APAC region accounted for the largest market share of around 35% in the global 5G Enabled Healthcare Services in 2020, and is also anticipated to have a significant growth during 2021-2026. Growing adoption of smart wearable regarding health concerns and fitness, technological advances in the healthcare sector, shift towards smart healthcare and many others can be considered as some of the major factors attributing towards the growth of 5G enabled healthcare services. Increasing investments from some of the leading telecom operators such as Reliance Jio, Bharti Airtel and others towards rollout of 5G services within Indian markets, is further set to drive the market forward in the coming years for the healthcare industry. With the surge of COVID-19 pandemic, shift towards remote consultation from various healthcare units and telemedicine is growing significantly across several Asian countries, which in turn raises the need for a low latency network offering faster speed, improved quality of service and medical data management, thus analysed to fuel the demand for 5G services in the long run. In May 2020, due to the novel coronavirus pandemic scenario, Thailand announced about encouraging the deployment of fifth generation technologies, while making it the first country among the Association of Southeast Asian Nations to leverage commercial 5G services. Under this, Thailand’s major telecom operators named Advanced Info Service and True Corp. will be extending its support towards deployment of 5G networks within hospitals as a part of helping doctors as well as medical personnel’s curb the pandemic across the country. According to National Health Authority (NHA), a state government agency, introduction of 5G technology will be benefitting the healthcare services in rural India with its improved connectivity as well as high data throughput alongside boosting the National Digital Health Mission in the coming years. Such factors are further set to create opportunities for the 5G technology within the healthcare sector during the forecast period.

5G Enabled Healthcare Services Market Drivers

Rising adoption towards smart healthcare devices:

Rising adoption towards smart healthcare devices can be considered as one of the major factors boosting the growth of 5G enabled healthcare services market. With growing concerns over fitness and changing lifestyle patterns, the need to keep a regular track of routine activities becomes highly essential for the consumers. Adoption of smart healthcare devices have been growing significantly overtime due to technological advances in healthcare sector along with rise in remote patient monitoring trends. Since smart devices like fitness trackers, smart watches and others have been getting widely adopted among consumers for applications including tracking oxygen saturation levels, heart rate monitoring, emergency SOS, sleep patterns, blood pressure and so on with ease and portability, which works on gathering sensor or IoT based data, raising the need for faster network connectivity options like 5G. With capability of helping healthcare providers towards monitoring of patients remotely, alongside gathering real time data ensuring preventative care much faster, the demand for 5G enabled wearable devices can have a significant growth overtime. In case of chronic conditions, a reliable and faster network connection serve a major role in improving patient care outcomes. According to AT & T, with remote technology limited capacity of the networks for medical data management, can result in doctors’ unreliable connections resulting in offering delayed critical healthcare support from the medical professionals. However, leveraging 5G technology is analysed to reduce chances of delay for delivering treatment to such critical patients seamlessly and more accurately. In August 2020, GOQii had revealed about its plans of launching its range of medical devices over the coming 6-12 months. Development of medical grade wearable devices will be done as a part of offering clinical accuracy towards monitoring ECG, blood pressure and temperature with many others, which can be analysed to create a positive impact towards the growth of 5G enabled services to support high connectivity in the long run.

Increasing growth of smart hospitals drives the market forward:

Increasing growth of smart hospitals act as a major driver boosting the market growth of 5G enabled healthcare services. Smart hospitals can be referred as healthcare facilities utilizing advanced technologies be it IoT, cloud, artificial intelligence and others for ensuring optimization of streamlined work processes through faster data connectivity, thus improving patient doctor interactions and many more. With growing digitalization and technological advances, healthcare sector has been highly shifting its focus towards investing on developing smart hospitals capable of automating operations, including patient monitoring, medical equipment monitoring, remote robotic surgery and so on, raising the need for high speed networks. With capabilities of offering high speed and low latency internet connections, leveraging 5G technology can help the medical professionals in gaining faster outcomes compared to 4G networks. In addition, smart hospitals have also started to utilize virtual reality for treating patients with post-traumatic stress disorder and others, thus analysed to drive the need for 5G services as a part of ensuring higher accuracy and less time delays during treatment procedures. In February 2020, the Department of Veteran Affairs announced about the launch of its first 5G hospital in California, as a part of increasing innovation for the healthcare sector. Establishment of this 5G enabled health facility was done to leverage fifth generation of cellular mobile communications in order to provide network speeds upto 20 Gbps in comparison to the earlier used 4G LTE technology offering less than 1Mbps speed. With this transformation, the healthcare facility aimed at enhancing veteran care through providing more detailed three-dimensional clear images related to patient’s anatomy along with allowing consultation from its best physicians during surgery irrespective of any location. Such factors towards establishing smart hospitals to upgrade healthcare facilities leveraging 5G technology is analysed to drive the market forward in the long run.

5G Enabled Healthcare Services Market Challenges

Healthcare concerns related to 5G radiations:

Healthcare concerns related to 5G radiations can be considered as one of the major factors restraining the market growth of 5G enabled healthcare services. The roll out of 5G technology had contributed to various concerns such as its harmful radiations which can lead to adverse health effects for the consumers including cancer risks, genetic damages and many more. Irrespective of providing faster data speeds, low-latency and a reliable network, its related harmful emissions have been creating slower adoption or delaying the roll out of 5G services in the markets. Usage of 5G can help speed up the operations conducted by healthcare professionals including robotic assisted surgery, online video consultation, telemedicine, home therapy and so on more efficiently. However, the ongoing research works to determine as well as analyse 5G services alongside governmental barriers owing to harmful emissions affecting both the environment and consumers has been further impacting lesser adoption within the healthcare units along with associated high installation costs.

5G Enabled Healthcare Services Market Landscape

Product launches, partnerships, and R&D activities are key strategies adopted by players in the 5G Enabled Healthcare Services market. 5G Enabled Healthcare Services top 10 companies include Verizon Communications Inc., Intel Corporation, AT & T Inc., Capsule Technologies Inc., Huawei Technologies, Nokia Corporation, Samsung, Ericsson, Qualcomm Technologies Inc. and ZTE Corporation among others. 

Acquisitions/Technology Launches/Partnerships 

• In June 2020, ZTE Corporation and China Mobile have jointly launched its first 5G medical edge cloud platform for China. This development was done as a part of offering 5G intelligent edge cloud platform incorporated with a cloud network integrated architecture in order to support medical industry customers.
• In February 2020, Verizon announced about its partnership with Emory Healthcare Innovation Hub in order to offer its 5G ultra-wideband services for the development of nation’s first 5G healthcare innovation lab. This partnership was done to help researchers to create solutions including connected ambulances, remote physical therapy, robot assisted surgery and next-generation medical imaging, as a part of transforming healthcare industry.

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