5G in healthcare market to reach USD 459.71B by 2030

The term “5G” refers to the fifth generation of mobile communication technology. Each new generation of standards and technologies has brought about improvements in transmission speed and network capacity. 5G represents a huge improvement in cellular technology and healthcare by enabling the necessary levels of connection for a new health ecosystem that can accurately, efficiently, cost-effectively, conveniently, and on a significant scale answer the demands of patients and providers. 5G will act as the network’s backbone infrastructure in addition to far-off sensors, medical wearables, and billions of low-bitrates, low-energy connected health monitoring devices.

The global 5G in healthcare market will reach at USD 63.95 billion in 2023. This market is growing as a result of Covid-19’s increased adoption of telemedicine and robotic surgery as well as the growing use of 5G-enabled wearable medical devices for real-time remote patient monitoring. Other important factors driving the growth of this market include advancements in communications, the availability of inexpensive sensors, and the ability of 5G technology to transfer large patient data files quickly. However, industry growth is expected to be hampered by the high cost of 5G network deployment.

Regional snapshots
The market for 5G healthcare in North America would be worth more than 23.7 billion dollars by 2030. Numerous variables, such as the rising incidence of coronary artery diseases (CAD), the growing aging population, and the launch of novel products by significant market rivals, are having an impact on the area industry’s growth. As more people become aware of the benefits of implementing 5G technology into healthcare products and services, the adoption of the technology will quicken.

According to the CDC, there will be around xx million Americans with CAD in 2022. Due to significant lifestyle variables, the number is progressively increasing each year. Innovative and reliable remote patient monitoring technologies are necessary for better, continuous, and effective supervision of these patients, driving regional industry trends.

Key takeaway:

• The Asia Pacific 5G in healthcare market is growing at a CAGR of 36.8% between 2022 to 2030.
• By component, the hardware segment has accounted highest revenue share of 71% in 2022.
• The services segment is poised to grow at a CAGR of 35.9% from 2022 to 2030.
• By application, the remote patient monitoring segment has accounted highest market share of 61% in 2022.
• The connected medical devices segment is poised to reach at a CAGR of 36.4% from 2022 to 2030.
• By end-user, the healthcare providers segment has hit market share of around 62% in 2022.
• The healthcare payer’s segment is growing at a CAGR of 35.4% from 2022 to 2030.

Market dynamics for 5G in healthcare market:
Market driver: Due to Covid-19, telemedicine and robotic surgery are becoming more popular
ICT has long been a powerful tool for enhancing patient care, as has the integration of ICT with medical knowledge. Robotic surgery and remote diagnosis are widely used around the world, and as ICT advances so quickly, more possibilities for these operations are becoming a reality. Telemedicine typically requires wired networks as these can handle real-time, high-quality video, which is a requirement for telemedicine. Many countries have shown a strong commitment to telemedicine and telehealth, and they are beginning to establish statewide telehealth coverage, precise reimbursement standards, and a regulatory framework for telehealth operations. As an illustration, the Centers for Medicare & Medicaid Services (CMS) announced and finalized changes to Medicare’s telehealth policy in April 2019. These modifications enable remote patient monitoring, enabling patients to take use of cutting-edge technology and better coordinate healthcare activities. Additionally, the pandemic fundamentally changed how healthcare was delivered. Hospitals and doctor’s offices became possible exposure hotspots as a result of individuals needing urgent care. As a result, telemedicine is currently the primary option for those in need of medical attention. The high standard of virtual care, in addition to the availability of 5G and its huge potential, will result in a significant change in the way healthcare is provided.

In the wake of the coronavirus epidemic, 5G Enhanced Mobile Broadband (eMBB) technology will deliver high-quality healthcare remotely while minimizing patient exposure to infection by minimizing in-person visits to doctors’ offices or healthcare facilities. Thanks to 5G technology, telepresence systems will allow medical professionals to view patients who are unable to easily travel to them. Robotic-assisted laser surgery is another industry that can benefit from such developments. With the aid of a machine, surgeons may now perform complex procedures with greater adaptability and accuracy while minimizing the degree of invasiveness. This is made feasible by 5G technology, which has facilitated the development of software and error-free information transfer. Many telecom behemoths are modernizing their healthcare systems with the help of this technology. For instance, in conjunction with the Italian Institute of Technology (IIT) and the IRCSS Hospital San Raffaele, Vodafone performed a remote surgery procedure for the first time in Italy in November 2019 using a live 5G network.

Market restraint: High cost of 5G network rollout
Making the transition from 4G to 5G technologies will involve significant investments. The cost of the 5G infrastructure is significantly influenced by the price of the base station, the monthly interest rate, and the required throughput density. These costs need to be decreased for efficient and extremely dense deployments of small cells. CSPs must spend billions of dollars on new network hardware to upgrade their network to a virtualized infrastructure and transition their services from 3G and 4G to 5G. They must simultaneously protect their operations from growing disruption risks and cyber threats. Carriers must convert to a standalone model to fully utilize all that 5G has to offer.

Market opportunity: Al’s function in 5G healthcare
With an Al-powered, real-time remote monitoring solution, caregivers can improve quality metrics, decrease hospitalizations, and passively detect changes in conditions. Modern gesture detection algorithms are used by Al and 5G-enabled devices to analyze users’ daily behaviors and provide insights and predictive analytics about them. These insights and analytics cover topics like sleep quality, fall risk, fall detection, drinking and hydration, activity patterns, wandering, and UTI risk. These data give medical personnel vital clinical insights that help them improve patient care while also keeping them constantly in touch with the patients they are responsible for looking after. Health monitoring can be accelerated and a fully “connected” hospital can be built using data analysis powered by artificial intelligence (AI) and medical equipment with IoT capabilities. Additionally, IoT can help boost efficiency in support roles like supply chain management and logistics.

Apps and wearables based on Al can evaluate health-related data for medical diagnostics and emergency care using 5G and machine learning. To discover potential diagnoses and choose the best treatment plan for a particular patient, artificial intelligence (AI) is beginning to be applied in many critical healthcare activities. Al can also help healthcare organizations identify patients who are more likely to develop postoperative issues so that early treatments can be started as needed. By utilizing 5G networks, healthcare organizations may implement the essential technology to provide the best care.

Market challenge: concerns about security and data breaches
Because of the wider access offered, increased use of automated healthcare technologies improves accessibility and efficiency but poses serious security risks. Nearly one-third of data breaches in the healthcare industry result in medical identity theft. This is primarily due to inadequate staff training, outdated policies and procedures, a failure to follow them, and poor patient information control. 5G connects applications that depend on data moving quickly and in real-time. However, establishing connections between machines and gadgets is just as crucial as giving the smartphone faster speeds. But connecting these devices presents its own set of challenges.

616 healthcare data breaches were reported in the US by the HIPAA Journal in 2020, a 66% increase from all breaches analyzed in 2018. A HIPAA Journal article states that in 2020 and 2019, HIPAA-covered businesses and business partners paid about USD 13.6 million and USD 15.3 million, respectively, for HIPAA infractions. As a result, developing a secure communication platform is a significant problem for IT providers serving the healthcare sector. Users’ sense of security may increase due to potential security issues with healthcare IT systems, which would limit their use until safe 5G-related solutions are commercially accessible.

Report highlights

• By offering, The market for massive machine-type communications is developing at the fastest rate. Requirements for 5G mMTC were created when 3G networks were being built. The IoT market is increasing as a result of the use of mMTC.
• By application insights, The majority of 5G in the healthcare and life sciences industry is anticipated to be consumed by the smart wearables segment. The market’s abundance of smart wearable companies, the proliferation of product launch tactics, and the growing demand for smart gadgets for patient health monitoring have all contributed significantly to the segment’s rise.
• By end-user segment, to enhance their data collecting, analytics, and facilities management systems, healthcare providers like hospitals and clinics are anticipated to boost their deployment of 5G networks. The desire for immediate access to data, the use of augmented reality and virtual reality in training, telemetry, and other technical developments are projected to fuel the expansion of the provider’s category.

Precedence Research