The Global 5G Healthcare Market Growth, Trends and Key Players (2024 – 2032)
The 5G healthcare market is expected to grow significantly, from USD 41.89 billion in 2022 to over USD 266.60 billion by 2032, with a strong annual growth rate of 20.82% during the forecast period from 2023 to 2032. This rapid expansion is driven by increasing demand for patient-centered care, along with the growing adoption of remote surgeries and advanced healthcare technologies.
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Report Highlights
- The healthcare industry is poised to become one of the top three sectors in the global 5G market.
- The service component has taken the lead, accounting for over 50% of the market share.
- Dynamics within the healthcare industry are driving the increased adoption of 5G technology.
- North America leads the 5G healthcare market due to its advanced technology adoption, robust healthcare infrastructure, and favorable government regulations.
- The 5G healthcare market is highly competitive, with ongoing innovation and progress.
- A study by GlobalMed revealed that 74% of millennials prefer teleconsultations over in-person visits, and only 5% of remote medical appointments require a follow-up face-to-face consultation.
5G, the fifth-generation wireless technology, is known for its emphasis on speed, ultra-low latency, and high connectivity. It offers massive bandwidth, faster speeds, and extensive coverage, making it a game-changer for the healthcare industry. As patient value (outcomes relative to expenses) continues to decline, contributing to rising healthcare costs, the need for more efficient systems is becoming clearer.
There is growing concern about the inefficiencies in healthcare management, the improper use of medical resources, and challenging medical conditions. For instance, while telehealth and remote patient monitoring help reduce delays in communication between patients and healthcare providers, issues like network congestion and slow connectivity can still create significant problems. Fast, reliable, and seamless connectivity is essential for delivering timely, patient-centered care.
5G’s standout features include
- Data speeds of up to 10 gigabits per second (10 to 100 times faster than 4G and 4.5G networks)
- 1-millisecond latency
- 1,000 times the bandwidth per unit area
- 100 times more connected devices per unit area compared to 4G LTE
- 99.999% availability
- A battery life of up to 10 years for low-power IoT devices
The Emerging Impact of 5G IoT Use Cases
5G IoT is poised to transform industries, though its impact will unfold in stages. In the early phases, enhanced mobile broadband (eMBB) applications will lead the way, followed by a rise in ultra-reliable, low-latency communication (URLLC) use cases. Massive machine-type communication (MMTC) applications, however, will take several more years to become mainstream.
Key industries set to benefit from 5G’s rise include mobile operators, network providers, component suppliers, and sectors like machinery, industrial automation, and manufacturing.
The Evolving 5G Module Market
As 5G IoT accelerates, 5G modules are expected to be significantly more expensive than their 4G counterparts, potentially costing two to three times more at launch. However, these prices will gradually decrease over time.
By 2030, low-power wide-area (LPWA) 5G modules are projected to make up nearly 30% of the total B2B 5G IoT module market. Initially, the greatest value will come from specific use cases where 5G IoT provides a clear performance advantage, with few manufacturers incorporating 5G into their devices just for future-proofing.
By 2030, 5G will be a standard feature in devices—not necessarily because of its unique performance benefits, but because it has become the industry norm.
B2B Opportunities The Rise of Industry 4.0
For B2B applications, the immediate opportunities for 5G IoT are concentrated in Industry 4.0—the digital transformation of manufacturing and production processes. Here, 5G promises significant improvements in performance across various applications.
By 2030, the Industry 4.0 segment is expected to account for approximately 22 million 5G IoT units, with most of these units deployed in manufacturing. In other B2B sectors like smart cities, smart energy, and connected health, 5G IoT will primarily serve niche applications.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/5g-healthcare-market-size
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