5G In Healthcare Market is Dominated by Healthcare Providers
The 5G in healthcare market was USD 40.2 billion in 2022, and this will reach to USD 147 billion by 2030, proceeding at a rate of 17.6% by the end of this decade, mentioned in one of its reports by P&S Intelligence.
This is because of the enhancing 5G infra, growing healthcare industry, increasing count of launches of AR/VR devices for medical uses, growing R&D funding by industry players, and growing requirement for high-speed connectivity.
The services category will have higher growth rate in the years to come, of around 19%. This will have a lot to do with the increasing requirement for enhanced connectivity in medical devices for faster and more-dependable data transfer, enabled by the improved-quality mobile broadband and higher frequency offered by 5G services.
Moreover, the increasing count of new entrants will play an important role in the growth of the category.
ICTs have the likelihood to offer patient-centric care at better the quality of care, low- cost improve data sharing, advise medical specialists and patients on improved treatment methods, arouse a diverse user interface with patients and medical care providers, and minimize travel time.
Healthcare providers dominated the 5G in healthcare market, with a share of 64%, in 2022, and the situation will remain like this in the years to come.
This will be as a result of the rising pace of progressions in the healthcare sector, growing count of healthcare settings, for example hospitals and ASCs, growing count of patients, mounting requirement for e-medicine, mushrooming acceptance of 5G-integrated wearable devices, and increasing requirement for improved technologies for the quicker sharing and storing of large medical datasets.
Connected medical devices led the industry with approximately 44%, in 2022, and this trend will continue to grow in the years to come.
This will be attributable to the mounting trend of rising preference of patients for home-based care, telemedicine, rising traction for adapted care, and growing healthcare costs, along with the budding focus of doctors on improving the care quality and patient safety.
North America led the way, with a share of 36%, in 2022, and it will maintain its position in the future. This is attributable to the advanced healthcare infra, high per capita income, increasing count of industry players, tech advancements, and promising government funding for the healthcare industry.
APAC will grow the fastest because of the increasing health consciousness because of the efforts of the government, improving network connectivity, budding electrical and electronics sector, where these kinds of connected devices are manufactured; and growing investment by global players, which is a developing hub for such technologies.
Because of the incorporation of telemedicine and connected medical devices, the demand for 5G in healthcare will continue to grow in the years to come.