Market Trends of Global 5G in Healthcare Industry
This section covers the major market trends shaping the 5G in Healthcare Market according to our research experts:
The Services Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Factors such as increasing adoption of 5G services, product/service launches, and other initiatives are expected to drive market growth over the forecast period. Various research studies have been published about the insight of 5G services in healthcare. For instance, in October 2021, an NCBI research study stated that healthcare applications, especially telemedicine, have finally rapidly expanded, mainly because it enables physicians to evaluate their patients remotely. Telemedicine can assist in the more efficient and reasonable distribution of constrained healthcare assets by delivering support with innovative service design that already exists in distant areas where there is a shortage of physicians and other healthcare professionals by reducing travel transport challenges and the associated carbon footprint.
The new 5G information ecosystem greatly increases the productivity of both basic science and clinical research. The technologies greatly facilitate collaborative, multi-institutional studies through access to massive data (BD), repositories, AI, and computational analytic software. The data is frequently being fed autonomously from the billions of devices, equipment, and instruments connected to the IoT. Product/Service launches are another factor in the growth of the market. For instance, in September 2022, Medulance Healthcare ambulance used 5G from Reliance Jio for smart ambulance services in rural India by connecting an ambulance to a hospital, almost anywhere in India.
North America is Expected to Witness Considerable Growth Over the Forecast Period
The North American region is expected to witness considerable growth over the forecast period. Factors such as increasing infrastructure support and launches are likely to fuel the growth of the market. 5G could revolutionize telemedicine and remote monitoring. Wearables and monitoring devices will connect patients directly to providers, making healthcare services more accessible and targeted. These advances, along with an aging population, will boost demand for care and spur job growth. The United States Bureau of Labor Statistics projects that employment growth in health care will be among the fastest for all industry sectors in the next decade. The estimation is that 5G will indirectly boost employment in the sector by 341,000 jobs and contribute USD 104 billion to the GDP. Furthermore, in June 2020, Telus launched the first phase of its 5G network to bolster Canada's economic productivity, improve virtual healthcare, and support digital education.
Key acquisitions and partnerships among major players s in the United States are also factors driving the growth of the 5G in the healthcare market in the country. For instance, in February 2020, the strategic collaboration with Verizon, Microsoft, and Medivis made VA Palo Alto Health Care System (VAPAHCS) one of the first VA 5G-enabled hospitals in the world.
