Market Size of Global 5G in Healthcare Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 70.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
5G in Healthcare Market Analysis
The 5G in healthcare market is expected to register a CAGR of 70.1% over the forecast period.
The pandemic had an impact on the market. Various studies have been conducted on the negative and positive insights of 5G in healthcare. For instance, in September 2021, an NCBI research study stated that there was a substantial overlap in pathobiology between COVID-19 and wireless communications radiation (WCR) exposure. The same source also stated 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 NCBI research study stated that the COVID-19 crisis adversely impacted the Chinese economy. China's internet companies benefited from the quarantine. However, the long-term consequences of the 2020 crisis on 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. Hence, the market witnessed a positive impact due to the pandemic and is expected to continue the upward trend over the forecast period.
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 propel the market growth over 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 2021, a research study published in PLOS stated that 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 to focus personal care and limited supplies to the most urgent cases.
The rising adoption of remote patient monitoring (RPM) devices is also expected to propel market growth. For instance, in March 2021, an NCBI research study stated that there was an increase in the adoption of the RPM. The initiatives by the key players operating in the market are also anticipated to surge the market growth. For instance, in April 2020, Apple acquired AI startup Xnor.ai, which specializes in low-power edge-based tools, for USD 200.0 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, and sudden spikes or other potentially dangerous conditions can be flagged right away. Such initiatives are likely to increase market growth over the forecast period.
However, the high cost of deployment of the 5G network may likely hinder the market growth over the forecast period.
