5G in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The 5G in Healthcare Market is projected to register a CAGR of 70.0% during the forecast period (2022-2027). 

The 5G in Healthcare Market will have a positive effect due on the COVID pandemic. Various studies have been conducted on both negative and positive insights of 5G in healthcare. For instance, in September 2021, a research study published titled "Evidence for a connection between coronavirus disease-19 and exposure to radiofrequency radiation from wireless communications including 5G" stated that there is a substantial overlap in pathobiology between COVID-19 and wireless communications radiation (WCR) exposure. The evidence presented here indicates that mechanisms involved in the clinical progression of COVID-19 could also be generated, according to experimental data, by wireless communications radiation (WCR) exposure. Furthermore, in January 2021, another research study published titled "The Impact of the COVID Crisis on the Innovative Potential of China's Internet Platforms" stated that the COVID-19 crisis has hit the Chinese economy hard, China's Internet companies have benefited from the quarantine. However, the long-term consequences of the 2020 crisis for the development of the innovative potential of Chinese Internet corporations, primarily the largest platforms such as Alibaba, Baidu, Tencent, and JD.com as integrators of the Chinese Internet economy, are still unclear. The market will support the adoption of 5G due to the pandemic as it provides advantages against communicable diseases. Hence, the market is likely to increase in the future.

Factors such as increasing adoption of Telehealth due to COVID-19, rising adoption of 5G enabled real-time remote patient monitoring devices, and the ability to share large patient data are expected to increase the market growth in the forecast period. Research studies published on the trend of adopting telehealth services such as telemedicine provide insight into the growth of the market. For instance, in April 2020, a research study published titled "Telemedicine in the face of the COVID-19 pandemic" stated that the telemedicine during the coronavirus epidemic has been the doctors’ first line of defense to slow the spread of the coronavirus, keeping social distancing and providing services by phone or videoconferencing for mild to focus personal care and limited supplies to the most urgent cases. Hence due to its advantages, the market would have a higher adoption rate which will increase the market growth. Similarly, there is a rising trend in the adoption of remote patient monitoring (RPM). For instance, in March 2021, a research study published titled "Accelerating RPM: COVID-19 Speeds Adoption of Remote Patient Monitoring" stated that there is an increase in the adoption of the RPM. The acquisition is another factor in the growth of the market. For instance, in April 2020, Apple acquired AI startup Xnor.ai, which specializes in low-power edge-based tools, for USD 200 million. Xnor.ai brings remote monitoring capabilities to wearable devices. The acquisition could lead to added health features, such as monitoring blood oxygen levels, available on the Apple Watch, which can already detect irregular heartbeats and strokes because this information can be transmitted to doctors in real-time, sudden spikes or other potentially dangerous conditions can be flagged right away. Such initiatives are likely to increase market growth in the future.

However, the high investment cost is likely to hinder the growth of the market.

Scope of the Report

As per the scope, 5G, or fifth generation, is the latest wireless mobile phone technology, first widely deployed in 2019. 5G is expected to increase performance and a wide range of new applications, including strengthening e-Health (telemedicine, remote surveillance, telesurgery).
The 5G in Healthcare Market is Segmented by Component (Hardware, Connectivity, and Services), Application Connected Medical Devices, Remote Patient Monitoring, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

Services Segment is Expected to Hold a Significant Market Share Over the Forecast Period

Factors such as increasing adoption of 5G services, research studies, product/service launches, and other initiatives are expected to drive market growth in the upcoming future. Various research studies have been published about the insight of 5G services in healthcare. For instance, in October 2021, a research study published titled "5G Use in Healthcare: The Future is Present" stated that healthcare applications, especially telemedicine, have finally rapidly expanded, mainly because it enables physicians to remotely evaluate their patients. Telemedicine can assist in the more efficient and reasonable distribution of constrained healthcare assets, by delivering support with innovative service design that already exists, to distant areas where there is a shortage of physicians and other healthcare professionals, by reducing travel transport challenges and the associated carbon footprint. The new 5G information ecosystem greatly increases the productivity of both basic science and clinical research. The technologies greatly facilitate collaborative, multi-institutional studies and secondly through the access to massive data (BD), repositories, AI, and computational analytic software. The data is frequently being fed autonomously from the billions of devices, equipment, and instruments connected to the IoT. Product/service launches are another factor in the growth of the market. For instance, in November 2019, following the launch of BT’s 5G network in Birmingham, University Hospitals Birmingham NHS Foundation Trust (UHB) and BT are utlilising the technology to provide solutions for the healthcare sector. Such advancements are likely to boost the market growth.

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