The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period. The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
5G stands for the fifth generation of mobile communication technology. With each generation’s new technology and standards, there have been improvements in transmission speed and network capacity. 5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale. This massive network will include billions of low-bitrates and low-energy connected health monitoring devices, remote sensors, and clinical wearables, with 5G providing a backbone infrastructure for IoT.
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In this report, the 5G in healthcare market is segmented into component, application, end user, and region.
Key Market Players
The prominent players in the 5G in healthcare market are AT&T (US), Verizon (US), China Mobile Limited (China), T-Mobile (US), Ericsson (Sweden), Telit (Poland), Telus (Canada), Vodafone (UK), Nokia (Finland), Samsung (South Korea), Deutsche Telekom AG (Germany), Orange S.A. (France), SK Telecom Co., Ltd. (South Korea), BT Group (UK), NTT DOCOMO (UK), NEC Corporation (Japan), Telefónica (Spain), Airtel (India), Huawei Technologies Co., Ltd. (China), Cisco (US), Sierra Wireless (Canada), Swisscom (Switzerland), Qualcomm (US), Fibocom Wireless Inc. (China), Quectel (China), and Sequans (France)These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the 5G in healthcare market.
AT&T
AT&T is the leading player in the 5G healthcare market. AT&T provides its global SIM-enabled connectivity in more than 200 countries and across 500 carriers, which would provide fast and highly secure equipment connectivity to enterprises and help them deploy more devices using IoT and M2M technologies. after the pandemic, AT&T strategized lending connectivity services for various industries, including healthcare. The company has adopted key growth strategies such as collaborations and partnerships, and this trend will continue in the future as well. Its collaborations with domestic and multinational players have increased its geographic reach and improved its financial position.
VERIZON
Verizon is the second-leading player in this market. It has developed an innovative product portfolio that is being upgraded to 5G. The company has seen an upsurge in the number of subscriptions, much more than the previous year. It offers reliable and secure network connectivity to its customers so that they can support their employees and for business continuity.
Verizon invested USD 898 million and USD 1.4 billion, respectively, in the acquisition of wireless licenses. it also invested USD 230 million to acquire businesses. Verizon entered into a partnership with Emory Healthcare (US). This partnership was carried out to develop and test 5G Ultra-wideband-enabled use cases that could transform the healthcare industry. As part of the partnership, Verizon lit up the Emory Healthcare Innovation Hub (EHIH) with the 5G Ultra-wideband service, making it the US’ first 5G healthcare innovation lab. The company’s extensive investment activities for new product development will drive further growth in innovation in the long term
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Recent Developments
· Cisco and Accedian: In February 2022, Cisco announced its acquisition of Accedian, a Montreal-based provider of 5G network performance solutions for the healthcare industry. The acquisition will strengthen Cisco’s 5G network portfolio and help healthcare customers optimize network performance, security, and reliability.
· AT&T and Aira: AT&T announced in October 2022 its acquisition of Aira, a San Diego-based provider of 5G-enabled remote healthcare solutions. The acquisition will help AT&T expand its 5G capabilities in the healthcare industry and enable Aira to offer more comprehensive remote healthcare solutions to healthcare providers.
· Nokia and Vodafone: Nokia announced its acquisition of Vodafone’s 5G and IoT business in February 2023. The acquisition will strengthen Nokia’s 5G capabilities and help Vodafone create a more comprehensive 5G offering for healthcare customers.
· Qualcomm and Xilinx: Qualcomm announced in March 2023 its acquisition of Xilinx, a San Jose-based provider of 5G technologies for the healthcare industry. The acquisition will strengthen Qualcomm’s 5G portfolio and help healthcare customers optimize their networks for better performance and reliability.
· Ericsson and Cisco: Ericsson announced its acquisition of Cisco’s 5G and IoT business in May 2023. The acquisition will expand Ericsson’s 5G capabilities and help Cisco’s healthcare customers leverage 5G technology to improve patient care.
5G in Healthcare Market Advantages:
1. Improved patient care: 5G in healthcare can help to improve the quality of patient care by providing medical staff with more accurate information and faster communication. For example, it can facilitate the sharing of medical images and data between medical professionals and patients in real-time, allowing for faster decision making and improved care.
2. Reduced costs: 5G technology can help healthcare providers reduce costs by streamlining and improving the efficiency of their operations. This could include reducing the need for expensive hardware and software solutions, as well as reducing the time needed for data processing and analysis.
3. Increased connectivity: 5G in healthcare can help to improve the level of connectivity between healthcare providers and patients, making it easier for both parties to communicate and share information quickly and securely. This could help to reduce waiting times and make healthcare more accessible to people who may not be able to access traditional healthcare services.
4. Improved data security: 5G in healthcare can also help to improve the security of patient data, as it allows for the secure transfer of sensitive information over a secure network. This can help to ensure that patient data is kept safe and secure, while also enabling medical professionals to more easily access the data they need.
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