5G Healthcare Market Size to Surpass USD 266.60 Billion by 2032
The global 5G healthcare market size was estimated at USD 48.60 billion in 2023 and is projected to surpass around USD 266.60 billion by 2032, a study published by Towards Healthcare a sister firm of Precedence Research.
Ottawa, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The global *5G healthcare market* size accounted for USD 56.62 billion in 2024 and is expected to expand at a double-digit CAGR of 20.82% from 2023 to 2032, as a result of the rising preference for patient-centred care and rising adoption of remote surgeries.*Report Highlights*
· The healthcare industry can potentially become one of the top 3 largest sectors in the global 5G market.
· The service segment by component emerged as the most prominent, with more than 50% of the market share.
· Healthcare industry dynamics boosting 5G adoption.
· North America dominated the 5G healthcare market due to the adoption of advanced technology, healthcare infrastructures, and supportive government regulations.
· The 5G healthcare setting is a dynamic area with competition and innovation.*According to a health technology company GlobalMed study, 74% of millennials choose teleconsultations over in-person visits. In comparison, only 5% of remote medical appointments lead to the necessity for a face-to-face appointment.*
5G is the fifth-generation cellular wireless technology network with its key focus on speed. Other key features of 5G technology include ultra-low latency, superfast connectivity, and widespread coverage. With massive connection power and high speed, 5G technology can transform the healthcare industry. Patient value (patient-relevant outputs divided by expenses per patient to attain the outcomes) has been steadily declining, contributing to rising healthcare prices.
In addition, there is increasing concern about inadequate healthcare system administration, incorrect utilization of medical resources, and unfavourable medical situations. For instance, remote patient monitoring and telehealth reduce delays in communication between patients and caregivers; telehealth and remote patient monitoring, for example, reduce delays in communication between the care provider and the patient; however, issues such as overloaded networks and slow connectivity pose a severe problem, particularly for healthcare providers who may interact with numerous patients each day. Seamless connectivity is a must while serving the healthcare industry to provide patient-centred and timely services.
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*5G's virtual characteristics define it as fast, enormous, and credible. Here are the important 5G metrics:*
· Up to 10 gigabits per second (Gbps) data rate - 10 to 100x faster than 4G and 4.5G networks
· 1-millisecond latency
· 1000x bandwidth per unit area
· 100x the number of connected devices per unit area (when compared to 4G LTE)
· 99.999 percent availability
· Battery life of up to ten years for low-power IoT devices
*Healthcare Industry Dynamics Boosting 5G Adoption*
*Transition to Patient-Centered and Value-Based Care*
The healthcare service provider sector is transitioning from economic incentives to rewards based on how patients suffer instead of the number of visits. More than 85% of hospital-based settings and health systems propose spending heavily on remote patient monitoring technology to significantly contribute to value-based care. For example, a patient's vital data could be collected via a Bluetooth-equipped glucose meter or blood pressure monitor linked to a mobile app for secure data sharing with the care provider. The transition to value-based care can potentially assist patients with chronic diseases to avoid hospitalization.
5G investments will enable telemedicine, big data analytics AI, IoMT and immersive technologies like extended reality, AR, and VR to serve patients and providers in stunning new ways. *Palo Alto Health Care System was developed as Virginia’s and the world’s one of the first 5-G-enabled hospitals*. The healthcare industry is on the edge of breakthroughs that will improve care quality and create operational economies due to 5G-enabled smart devices and new 5G networks. Numerous major obstacles must be overcome to realize this objective. Fortunately, 5G can assist.
5G investments will enable telemedicine, IoMT, big data analytics, AI, and immersive technologies like AR, VR, and extended reality to serve patients and healthcare professionals in incredible new ways. The healthcare industry is on the edge of breakthroughs that will improve care quality and create operational economies due to 5G-enabled smart devices and new 5G networks.
In addition, the patient is at the forefront of the healthcare industry. It can also be empowered by advanced technologies such as 5G technology with a new approach towards patient-centred care. The rising preference for online consultations, remote-customized plans, and continuous health data collection through high-speed data transmission technology augments the 5G healthcare market growth.
*Big Data Analytics*
With the rise in the adoption of advanced technology, the amount of data or information healthcare providers manage, collect and analyze has remarkably increased. Technology is transforming the way data is used in the healthcare industry. Technology advancements, the adoption of 5G, and different software and tools have been extremely beneficial in expanding big data, making it easier and less expensive to store, access, and use healthcare information. Big data analytics in healthcare utilizes an individual or community’s health information to understand the patient community or organization. Online healthcare services are one of the most popular sources that use data transfer through healthcare networks. 5G is set to revolutionize big data analytics in healthcare, enabling faster and more efficient analysis, disruptive applications, and eventually enhancing patient care and results. By addressing the problems and wisely utilizing its potential, 5G can revolutionize healthcare and open the path to a healthier future for all.
Switching to 5G can reduce these challenges while providing healthcare providers with a more ready network that has the ability to adapt to new technology. Meanwhile, medical device manufacturers can continue improving their gadgets' accuracy, detail, and capabilities without the impediment of a data cap.
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*Remote Patient Monitoring*
In 2019, the Centers for Medicare and Medicaid Services (CMS) studied remote patient monitoring to enhance its healthcare operations system. Furthermore, the Italian Institute of Technology (IIT) and IRCSS Hospital San Raffaele developed a surgical procedure on 5G in Italy. Huawei highlighted 11% power usage in 5G technologies for healthcare and wearables to get better data throughput.
The rate at which medical devices for remote healthcare generate data increases as they progress. Telemedicine necessitates a network capable of supporting high-quality, real-time video and remote patient monitoring in real-time with streaming and data processing, which necessitates low-latency connectivity. More real-time data assists clinicians in making more accurate patient assessments, yet employing current-generation connection technologies can also slow down overall hospital efficiency. Larger files take longer to move across departments when using 4G or older networks, causing physicians to wait for file transfers to complete.
Switching to 5G can reduce these challenges while providing healthcare providers with a more ready network capable of adapting to new technology. Meanwhile, medical device manufacturers can continue improving their gadgets' accuracy, detail, and capabilities without the impediment of a data cap. Most of the world's leading companies have recently built 5G networks, with greater spectrum availability and operator investment expected to attract 3 billion subscribers by 2025.
5G can provide a network that allows medical device manufacturers to maintain their quest for advancement without worrying about data caps. This increases the pressure on material inventors to provide components that are reliable, long-lasting, and tiny enough to be minimally invasive for the patient.
*Remote Surgery and Telesurgery*
With the latest developments in robotics, it is now possible to do surgery from a location other than the patient's. When a qualified surgeon cannot be present in the hospital at a specific time, remote surgery, also known as robotic telesurgery, is used. In this example, a remote surgeon can utilize tools to direct a robot, which then performs surgery on the patient. A screen or VR glasses assist the surgeon, who also receives audible feedback.
Although remote surgery is now viable in some cases, it must be improved by high transmission latency and overhead. Latency can cause complications such as unsynchronized information - visual, aural, and haptic feedback may be transmitted at separate rates. By reducing latency to 1-2 ms, 5G's dependable and ultra-fast connection might vastly expand the possibilities. A 5G link has already been used to execute several remote surgeries effectively, including spinal and endoscopic surgeries. 5G networks, like telesurgery, can potentially improve telemetered surgery. In this situation, surgeons with specialized knowledge could guide those doing the procedure via video link. A similar technique could be used in 5G-enabled ambulances. In May 2020, the University Hospitals Birmingham NHS Foundation Trust (UHB) and British Telecom (BT) performed the United Kingdom's first remote diagnostic process using a 5G-connected ambulance. A physician may use video to advise an ambulance crew on effectively caring for a patient. Such technologies have the potential to significantly improve the overall quality of treatment offered to patients.
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*The Advantages of 5G Networks Regarding Speed in Therapeutic*
Significant progress has been made in robotic surgery in the last few years. Urologic, gynecologic, thoracic, cardiothoracic, and gastrointestinal operations are best performed using robotic surgery. Furthermore, several large hospitals in the United States and worldwide have made robotic surgery a common practice. Robotic surgery has had a substantial impact on the surgical care of prostate cancer (PCa), with robotic-assisted radical prostatectomy (RARP) becoming a common procedure for localized PCa.
According to the National Library of Medicine estimates,* robotic surgery use in Michigan hospitals expanded 8.4fold in six years (from 1.8% in 2012 to 15.1% in 2018), indicating how robotic surgery continues to spread among routine surgical procedures.* Telesurgery or remote surgery is a promising surgical innovation, but it takes on numerous hurdles. Zero-latency time and advancements in haptic feedback technologies are necessary for precise and well-done procedures. To tackle these challenges, technologies such as 5G networks, IoT, and haptic robotics should be integrated into telesurgery.
*Telemedicine and Telehealth is Projected to Experience Substantial Growth Over the Forecast Period*
One of the most significant benefits of 5G in telemedicine is the capacity to handle high-quality video and audio transmissions. This is particularly necessary for virtual consultations when healthcare experts must be able to see and hear patients properly to deliver an appropriate medical diagnosis and therapy plan. Telemedicine solutions using 5G can offer real-time high-resolution video and audio streams, allowing healthcare personnel to connect with patients. In addition to high-quality video and music, 5G has much lower latency than prior wireless technologies.
As connection and smart device use expand, the volume of available healthcare data will increase tenfold. Wearable devices will allow for real-time data exchange and diagnostics, improving patient monitoring and reducing the need for doctor visits. Indeed, EMTs can transmit data much faster, and doctors can perform remote surgery at much greater distances regardless of time zones.
The fast rise of 5G technology promises to change healthcare delivery, and telemedicine and telehealth are positioned to ride this wave of innovation. Analysts foresee significant development for these sectors within the 5G healthcare industry, driven by technological advancements, greater accessibility, and changing healthcare dynamics.
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· The global *3D Printed prosthetics market* size is estimated to grow from USD 1.54 billion in 2022 and is projected to around USD 3.28 billion by 2032, expanding at a CAGR of 7.9% between 2023 and 2032.
· The global *anesthesia monitoring devices market* size to grow from USD 2.41 billion in 2022 to reach around USD 5.96 billion by 2032, growing at a CAGR of 9.5% between 2023 and 2032.
· The global *diabetes drugs market* was valued at USD 61.87 billion in 2022 and is projected around USD 118 billion by 2032, growing at 6.7% CAGR from 2023 to 2032.
· The global *precision oncology market* was valued at USD 100.06 billion in 2022 to reach around USD 258.35 billion by 2032, expanding at a 9.9% CAGR from 2023 to 2032.*Healthcare Providers are at the Forefront*
Healthcare is shifting away from the conventional offline model. During the COVID-19 epidemic, telemedicine and remote monitoring evolved into more widespread. 5G technology enables healthcare providers to monitor patients securely and accurately, providing real-time video consultations, remote vital sign monitoring, and even remote surgery. The 'tactile Internet,' which will allow doctors to conduct surgeries on patients remotely, will revolutionize the future of healthcare. This significant development will increase specialised care access, promptness, and affordability, improving global health equity.
Furthermore, 5G-enabled wearables will contribute to a bigger concept, the 'Internet of the body.' Video demonstrations of surgical methods and live operations broadcasting are now possible thanks to faster 5G networks. The Centers for Medicare and Medicaid Services (CMS) has made it easier for eligible providers to secure reimbursement to encourage healthcare organizations to engage in remote telehealth technologies. This can minimize the strain on healthcare facilities, especially in rural or isolated places while enhancing access to care and providing a competitive advantage.
*Geographical Landscape*
North America dominated the 5G healthcare market due to advanced technology, healthcare infrastructures, and supportive government regulations. In the United States, many federal authorities, including Prevention, the National Institutes of Health, the Federal Communications Commission, the Food and Drug Administration and the Centers for Disease Control, regularly review studies and update regulations relating to health and wireless.
Several government bodies across developed countries extensively support this field and have established some favourable regulations, expanding the the 5G healthcare market growth. For instance, the European Union's Scientific Committee on Emerging and Newly Identified Health Risks (SCENIHR), the World Health Organization (WHO), and the International Commission on Non-Ionizing Radiation Protection (ICNIRP) have all found that exposure to wireless connections and their use has no negative impact on human health if it is kept below the ICNIRP's recommended limits.
In March 2020, ICNIRP announced updated rules regarding the safety of devices using 5G-approved spectrum frequencies, noting, "The key point for individuals to take into account is that 5G technology aren't going to be able to harm when these updated regulations are strictly adhered to."
In addition, AT&T's latest private 5G network is helping to transform the way patients and researchers connect at USC's Lawrence J. Ellison Institute for Transformative Medicine. The on-site 5G network delivers lightning-fast connection for patient-centred cancer treatment, wellness, and research education. The Ellison Institute is one of the country's first medical institutes to use 5G to aid the progress of cancer research. In September 2023, Pixel Health collaborated with Ingram Micro and T-Mobile to create a holistic solution for Boston Children's IT needs, utilizing a 5G Hybrid Network from T-Mobile's Advanced Network Solutions (5G ANS) to encourage clinical innovation and boost patient care.
*Competitive Landscape*
The 5G healthcare setting is a dynamic area with competition and innovation. Established firms scramble to adapt and use new technologies, while agile entrepreneurs emerge with revolutionary ideas. Ericsson, Nokia, and Verizon are setting the groundwork by investing in infrastructure development and collaborating with healthcare providers. They prioritise ensuring comprehensive 5G coverage and smooth network integration for medical applications. In addition, local enterprises and collaborations are emerging in several places to customize solutions to specific healthcare requirements and challenges. For example, China's Ping An Good Doctor focuses on mobile-based healthcare systems, whereas India's Practo employs 5G for remote consultations in rural areas.
*Market Players*
· Qualcomm Technologies, Inc.
· AT&T
· Ericsson
· Samsung Electronics
· GE Healthcare
· Nokia
· Verizon
· Philips Healthcare
· Cisco Systems, Inc.
· Deutsche Telekom AG
*Market Segmentation*
*By Component*
· Hardware
· Software
· Services
· Connectivity
*By Application*
· AR/VR
· Remote Patient Monitoring
· IoT Medical Devices
· Connected Ambulance
· Home Healthcare
· Telemedicine and Telehealth
· Smart Wearables
· Others
*By End-User*
· Healthcare Providers
· Healthcare Payers
· Others*By Geography*
· North America
· Europe
· Asia-Pacific
· Latin America
· The Middle East and Africa*You can place an order or ask any questions, please feel free to contact us at **sales@towardshealthcare.com*
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*About Us*
Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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