5G stands for the fifth generation of mobile communication technology. With each generation’s new technology and standards, there have been improvements in transmission speed and network capacity. 5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale. This massive network will include billions of low-bitrates and low-energy connected health monitoring devices, remote sensors, and clinical wearables, with 5G providing a backbone infrastructure for IoT.
The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period. The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
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In this report, the 5G in healthcare market is segmented into component, application, end user, and region.
The prominent players in the 5G in healthcare market are AT&T (US), Verizon (US), China Mobile Limited (China), T-Mobile (US), Ericsson (Sweden), Telit (Poland), Telus (Canada), Vodafone (UK), Nokia (Finland), Samsung (South Korea), Deutsche Telekom AG (Germany), Orange S.A. (France), SK Telecom Co., Ltd. (South Korea), BT Group (UK), NTT DOCOMO (UK), NEC Corporation (Japan), Telefónica (Spain), Airtel (India), Huawei Technologies Co., Ltd. (China), Cisco (US), Sierra Wireless (Canada), Swisscom (Switzerland), Qualcomm (US), Fibocom Wireless Inc. (China), Quectel (China), and Sequans (France)These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the 5G in healthcare market.
AT&T is the leading player in the 5G healthcare market. AT&T provides its global SIM-enabled connectivity in more than 200 countries and across 500 carriers, which would provide fast and highly secure equipment connectivity to enterprises and help them deploy more devices using IoT and M2M technologies. In 2020, after the pandemic, AT&T strategized lending connectivity services for various industries, including healthcare. The company has adopted key growth strategies such as collaborations and partnerships, and this trend will continue in the future as well. Its collaborations with domestic and multinational players have increased its geographic reach and improved its financial position.
Verizon is the second-leading player in this market. It has developed an innovative product portfolio that is being upgraded to 5G. The company has seen an upsurge in the number of subscriptions, much more than the previous year. It offers reliable and secure network connectivity to its customers so that they can support their employees and for business continuity.
During 2019 and 2018, Verizon invested USD 898 million and USD 1.4 billion, respectively, in the acquisition of wireless licenses. In 2019, it also invested USD 230 million to acquire businesses. In February 2020, Verizon entered into a partnership with Emory Healthcare (US). This partnership was carried out to develop and test 5G Ultra-wideband-enabled use cases that could transform the healthcare industry. As part of the partnership, Verizon lit up the Emory Healthcare Innovation Hub (EHIH) with the 5G Ultra-wideband service, making it the US’ first 5G healthcare innovation lab. The company’s extensive investment activities for new product development will drive further growth in innovation in the long term
5G in Healthcare Market by Component (Hardware, Connectivity, Services) Application (Remote Patient Monitoring, Connected Medical Devices, AR/VR, Connected Ambulance, Asset Tracking) End User (Healthcare Providers, Payers) - Global Forecast to 2026
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