5G in healthcare market to surpass USD 15776 million by 2029

Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the 5G in healthcare market.

The global 5G in healthcare market is projected to reach USD 15,776 Million by 2029 from USD 119.12 Million in 2020, at a CAGR of 72.1% from 2022 to 2029.

5G in healthcare market growth in upcoming years
In combination with sophisticated imaging equipment, remote monitoring can put additional demand on healthcare industry business networks. This frequently causes network congestion and reduces network speeds, particularly for healthcare providers who interact with dozens of patients per day. The lag is not only inconvenient for individuals who use it, but the poor quality might cause delays in patient care, potentially harming long-term outcomes. The amount of data on networks is likely to grow much greater as the use of Internet of Things (IoT) technology continues to develop. Hence, the growth of the 5G networks in healthcare applications would drive the global 5G in healthcare market.

To enable end-to-end digital transformation in the healthcare sector, enterprises need to resolve the challenges mentioned above by leveraging 5G. The enhanced speed and efficiency that 5G provides can transform the healthcare industry with real-time data. It is real-time data that holds the promise for smarter and innovative solutions and services that can deliver meaningful value to customers and companies alike.

Drivers
Remote patient monitoring is one of the key drivers for the proactive and efficient delivery of chronic disease management and healthcare services. Smart wearables, e-health devices, and connected sensors enable the collection and analysis of patient data without hospital visits and the need for face-to-face appointments, significantly reducing hospital stays and visits to hospitals.5G connectivity offers remote patient monitoring at a large scale due to its high security and service reliability, increased connections per square kilometer, and high mobility. Furthermore, the benefits of 5G, such as ultra-low latency, high-speed connectivity, and high throughput, are expected to drive the adoption of 5G in healthcare during the forecast period.

Technological advancements
Distributed patient-focused solutions are fast replacing the old hospital-focused smart healthcare systems. The shift in the healthcare sector has accelerated due to numerous technological advancements. Smart healthcare systems use new diagnostic technologies to provide patients with cutting-edge therapies and improve the bar of care by providing real-time information. It enables remote check-up services that reduce treatment times and costs and aid medical personnel in reaching patients outside of their local area. Better network performance and broader cellular coverage are required to support a mix of IoT devices and 5G capable smart healthcare equipment

Covid-19 impact
The healthcare industry is facing exceptional encounters during the lockdown phase. Due to the rapid growth of new patients with Covid-19, healthcare facilities are experiencing interruptions in the provision of regular health services. 5G technology enables healthcare providers to offer advanced healthcare services to handle post-Covid scenarios. 5G solutions allow smart healthcare systems to communicate with each other reliably, enabling new ways to monitor and respond to health emergencies.

Competitive insight
Some of the notable market players operating in the global 5G In Healthcare Market covered in this report are:

AT&T Inc., Verizon, Ericsson, T-Mobile USA, Inc., Cisco Systems, Inc., Telus Communications Inc., Telit, Orange S.A., Telefónica, S.A., SAMSUNG, BT Group, NEC Corporation, NTT Docomo Inc.

Recent developments

• 23 feb 2023- BASKING RIDGE, NJ – Verizon Business and KPMG LLP have collaborated as part of their alliance relationship to deliver 5G solutions designed to help transform the healthcare and life sciences sectors. KPMG has now deployed Verizon’s Private 5G wireless network into its Ignition Center inside KPMG Lakehouse to further that collaboration. Building on top of this next-generation network, KPMG is creating a Healthcare Lab experience where clients can interact and experiment with the latest in healthcare technologies while helping to define their own future healthcare vision powered by Verizon 5G.
• SAN JOSE, Calif., and TOKYO, Japan, February 22, 2023 — Cisco and NEC Corporation announced plans to expand their collaboration efforts to include system integration solutions and potential opportunities in 5G xHaul and private 5G to help customers transform their architecture and connect more people and things.
• HAVRE-SAINT-PIERRE, Quebec, May 26, 2022 –TELUS announces an $8 million private investment in the North Shore region this year, rolling out its PureFibre and 5G networks in the Innu community of Ekuanitshit and the municipalities of Longue-Pointe-de-Mingan and Port-Menier. This investment is paired with nearly $3 million from the Canadian and Quebec governments as part of the Operation High Speed program (Éclair I component), and will bridge the digital divide by fostering digital innovation in local businesses, stopping rural depopulation of young people, promoting Innu culture and the tourism industry, and accelerating the development of virtual services in health and education.
• SEOUL, South Korea, Jan. 20, 2020  — KT Corporation, Korea’s largest telecommunications company, and the Samsung Medical Center (SMC) announced last week that they have jointly developed an innovative, 5G-powered medical service as an initial step to establishing a 5G smart hospital.

Exactitude Consultancy