Global 5G in healthcare market to hit USD 59.9 billion

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global 5G in healthcare market – (By offering (Hardware, services), by application (AR/VR, virtual consultations, remote patient monitoring, connected ambulance, inventory management devices), By End-Use (Healthcare providers, healthcare payers, pharmaceutical companies))), trends, industry competition analysis, revenue and forecast To 2031.”

“5G in healthcare market” in terms of revenue was estimated to be worth $4.9 billion in 2023 and is poised to reach $59.9 billion by 2031, growing at a CAGR of 36.89% from 2024 to 2031 according to a new report by InsightAce Analytic.

Market analysis:
The growing use of telemedicine and robotic surgery is propelling the global industry. Further aiding the overall market growth is expected to be the rapid development of wearable technology for real-time monitoring, continuous treatment information, and support delivery to patients. The market is growing due to a number of factors, including advancements in telecommunication, the use of 5G technology in wearable medical devices, the ability of 5G technology to transport large patient data files quickly, and the availability of low-cost sensors.

5G in healthcare market dynamics:
Market drivers: Augmented Reality (AR) and Virtual Reality (VR)
The integration of 5G in healthcare is driven by the transformative capabilities it brings to Augmented Reality (AR) and Virtual Reality (VR) applications. The high data speeds and low latency of 5G networks enhance the real-time, immersive experience of AR and VR in medical settings. This synergy allows for advanced medical training simulations, virtual surgical planning, and remote assistance during complex procedures. The 5G, AR, and VR combination enables healthcare professionals to collaborate seamlessly across locations, fostering improved decision-making and precision in diagnostics and treatment. Ultimately, this convergence propels medical innovation, enhances training methodologies, and elevates patient care through more effective and immersive healthcare experiences.

Challenges: Cost of implementation
The implementation of 5G in healthcare faces challenges, primarily associated with the substantial cost involved. Integrating 5G infrastructure requires significant investments in upgrading existing networks, deploying new equipment, and ensuring compatibility with healthcare systems. The high cost of implementing 5G technology poses financial constraints for healthcare institutions, hindering widespread adoption. Moreover, the expenses associated with acquiring advanced medical devices and ensuring data security further contribute to the overall cost burden. Overcoming these financial challenges is crucial to realizing the full potential of 5G in healthcare, as it requires strategic planning, collaboration, and innovative funding models to make these technological advancements accessible and beneficial for healthcare providers and, ultimately, patients.

North America is expected to grow with the highest CAGR during the forecast period
The North American 5G in Healthcare Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. The region is at the forefront of leveraging 5G’s capabilities with advanced telemedicine services, remote patient monitoring, and the deployment of IoT-enabled medical devices. The widespread infrastructure development and early 5G network deployments in countries like the United States and Canada have facilitated seamless connectivity, enabling healthcare professionals to deliver real-time, high-quality care. The region’s commitment to technological innovation, coupled with a robust regulatory environment, further accelerates the growth of the 5G in the healthcare market in North America, positioning it as a key hub for developing and implementing cutting-edge healthcare solutions. InsighAce Analytic