The global 5G in healthcare market is projected to generate USD 147 billion revenue by 2030, advancing at a CAGR of 17.6% during 2022–2030. This can be ascribed to the increasing standard of living associated with the mounting disposable income, integration of the latest technologies in healthcare, growing need for connected medical devices, and product launches by industry leaders.
Moreover, the growing preference of people for e-medicine and their rising health awareness will propel the market growth.
The hardware category, based on component, held the larger share, of 68%, in 2022, and it is further expected to maintain its dominance during the forecast period. This can be ascribed to the growing healthcare infrastructure and high R&D spending by industry giants for creating innovative products. Further, the rising number of road accidents and injuries due to other reasons, in the event of which connected ambulances are being extensively used, contributes to the market advance.
Based on application, the remote patient monitoring category will register significant growth in the coming years. This will be due to the growing trend of telemedicine, which offers ease to doctors in monitoring patients’ health via numerous connected medical devices; patients enjoy the freedom to receive treatments from anywhere, at any time. Moreover, this technology has several advantages, such as a reduction in the risk of disease transmission, fast access to patients’ health information, and cost-efficiency.
Furthermore, the asset tracking category held a significant revenue share in 2022, due to the surging need for the tracking the location of medication, tools, and medical equipment and the growing need of healthcare settings to automate asset management workflows, reduce asset search time, and optimize asset procurement plans.
Healthcare payers, based on end user, will register substantial growth in the coming years. Organizations that determine the prices of different services, are liable to collect payments, and handle claims are the payers. The category will grow due to the rising usage of EHRs with robust connectivity for gaining access to patients’ medical data, in order to assess their conditions and decide upon reimbursement.
Geographically, North America was the highest revenue contributor in 2022, and it is further expected to maintain its dominance during the prediction period. This is due to the high standard of living, coupled with the significant per capita income, burgeoning spending by government on the health sector, presence of an extensive number of industry players, and growing need for treatments owing to the aging population. This is especially true of the U.S., which has been dominating the regional market for quite some time and is expected to do so at least throughout this decade.
The APAC region will witness substantial growth in the coming years. This will be due to the continuous R&D for advancements in connected medical devices, rising rate of digitalization in the healthcare sector, and increasing count of awareness programs sponsored by the government as well as the private sector. Moreover, China, Japan, and India significantly contribute to the regional market owing to the rising awareness regarding 5G integration in healthcare and the surging count of industry players.
Some of the major players in the market are AT&T Inc., Verizon Communications Inc., China Mobile Limited, T‑Mobile, Telefonaktiebolaget LM Ericsson, Telit Corporate Group, TELUS Corporation, Vodafone Group Plc, Nokia Corporation, Samsung Electronics Co. Ltd., Deutsche Telekom AG, and Orange SA.