5G in Healthcare Market size is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% between 2021 and 2026. The growing adoption of telemedicine and robotic surgery due to COVID-19 and the growing adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market.
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Key Market Players:
AT&T (US), Verizon (US), China Mobile Limited (China), Qualcomm (US), 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), and Cisco (US)
Growth Strategies Adopted:
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.
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.
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The Connected Medical Devices segment accounted for the largest market share
The connected medical devices segment accounted for the largest share of the 5G in healthcare market in 2020. This application segment is projected to reach USD 1,405.3 million by 2026 from USD 94.5 million in 2021, at a CAGR of 71.6% during the forecast period. The large share of this segment can be attributed to the growth in the telehealth market and the growing inclination towards home healthcare.
Asia Pacific was the largest regional market for 5G healthcare market
Asia Pacific accounted for the largest share of 33.8% of the global market. The APAC is the largest and fastest-growing region in the market. This growth can be attributed to the significant adoption of advanced technologies, increasing number of IoT-enabled medical devices, continuously enhancing network connectivity, and government initiatives for IoT.
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