PUBLISHER: KBV Research | PRODUCT CODE: 1599382
PUBLISHER: KBV Research | PRODUCT CODE: 1599382
The Global 5G In Healthcare Market size is expected to reach $627.3 billion by 2031, rising at a market growth of 39.5% CAGR during the forecast period.
The segment's expansion is driven by the growing demand for continuous health monitoring solutions and the rising prevalence of chronic diseases such as diabetes, cardiovascular disorders, and hypertension. The ultra-low latency and high-speed connectivity of 5G networks enable real-time transmission of patient data from wearable devices and IoT-enabled sensors to healthcare providers, ensuring timely interventions and improved patient outcomes. This capability is especially advantageous in remote and underserved regions, where access to in-person medical treatment is restricted, as it enables the management of healthcare in a cost-effective and efficient manner. Thus, the remote patient monitoring segment witnessed 55% revenue share in the 5G in healthcare market in 2023.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2024, Nokia expanded its multi-year partnership with NTT Data, a global digital business and IT services company, to drive private 5G adoption across various industries including smart cities and airports. This partnership focuses on offering low-latency, high-security private 5G networks to improve operations and enable real-time data sharing. Additionally, In August, 2024, Nokia Corporation came into partnership with Bounteous x Accolite, a global consultancy in digital transformation, to utilize its Network as Code platform and developer portal. This collaboration aims to develop innovative 5G use cases in healthcare, such as improving ambulance response times through location tracking. The partnership will also allow developers to leverage 5G network capabilities to create new applications, enhancing services across various industries, including healthcare.
Market Growth Factors
The demand for telemedicine has surged in recent years, driven by the transformative capabilities of 5G technology, which has revolutionized how healthcare is delivered. Telemedicine has become indispensable for the provision of medical care remotely, thereby eliminating the necessity for in-person visits to healthcare facilities.
Additionally, powered by 5G technology, remote patient monitoring has reached new heights, enabling the continuous transmission of patient data from virtually anywhere to healthcare facilities. The uninterrupted transmission of data from wearable devices, sensors, or other monitoring equipment is guaranteed by the ultra-fast speeds and minimal latency of 5G networks. Thus, by enabling continuous monitoring and effective management of chronic diseases, 5G is reshaping the healthcare landscape.
Market Restraining Factors
The deployment of sector involves a significant financial commitment, which can challenge its widespread adoption. Establishing a robust 5G infrastructure requires the installation of numerous base stations and specialized network hardware to ensure seamless connectivity and coverage. Hence, high initial infrastructure costs remain a significant barrier to the widespread adoption of 5G in healthcare.
Component Outlook
Based on component, the market is bifurcated into hardware and services. The hardware segment garnered 67% revenue share in the market in 2023. Hospitals and healthcare facilities require advanced hardware components, such as 5G-compatible IoT devices, routers, and diagnostic equipment, to support high-speed connectivity and seamless data transmission. The growing reliance on remote patient monitoring systems and wearable health devices further fuels the demand for 5G hardware.
End Use Outlook
On the basis of end use, the market is classified into healthcare providers, healthcare payers, and others. The healthcare payers segment recorded 24% revenue share in the market in 2023. Insurance companies and other payers are adopting 5G to improve claims processing, fraud detection, and member services by leveraging real-time data transmission and AI-driven insights.
Application Outlook
By application, the market is divided into remote patient monitoring, connected medical devices, AR/VR, connected ambulance, and asset tracking. The AR/VR segment procured 13% revenue share in the market in 2023. This segment is being driven by the increasing utilization of augmented and virtual reality in patient therapy, surgical simulations, and medical training. 5G's high bandwidth and low latency ensure that AR/VR applications deliver immersive, real-time experiences, which are critical for robotic surgeries and virtual consultations.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment recorded 32% revenue share in the market in 2023. European countries are increasingly adopting 5G-enabled technologies to enhance telemedicine, optimize hospital workflows, and facilitate cross-border data sharing for collaborative research and care delivery.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global 5G In Healthcare Market Report Segmentation
By Component
By End Use
By Application
By Geography