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5G in healthcare market to hit USD 80 bn by 2030

5G in healthcare market value is set to reach USD 80 billion by 2030, according to a new research report by Global Market Insights Inc.

The incidence of chronic diseases at an alarming rate in rural areas will augment the technology adoption. A vast majority of the underprivileged population in emerging economies does not have a proper access to high-quality medical facilities. 5G technologies can be useful in such cases as it will give doctors the opportunity to increase the reach of their services by conducting virtual consultations to understand a patient’s health status.

Innovative digital technologies have improved the delivery of care to patients living in remote locations, thereby reducing the need for emergency visits and hospitalization. Since the COVID-19 pandemic in 2020, the deployment of communication networks in healthcare services has increased the number of telehealth visits. The percentage of people applying for Medicaid and Medicare insurance and reimbursements has also risen significantly, bolstering the demand for 5G networks.

5G technology will improve remote patient monitoring capabilities
5G in healthcare market share from the remote patient monitoring segment is projected to surpass USD 35 billion by 2030. The prevalence of chronic diseases is rising at a worrying rate across the world. Remote monitoring devices are used to continuously measure vital signs, such as heart rate, pulse rate, blood pressure, blood oxygen saturation, and several other physiological data.

Asthma is among the major noncommunicable diseases that require continuous monitoring to improve the diagnosis and treatment. For instance, according to the WHO data for 2019, nearly 262 million people were suffering from asthma across the globe. Similar factors are likely to drive the demand for remote patient monitoring solutions and fast communication technologies.

Pharmaceutical companies can use 5G to develop novel drugs

5G in healthcare market from the pharmaceutical company’s segment is predicted to observe more than 40% CAGR through 2030. Pharma companies are adopting 5G infrastructure and connectivity to develop a wide range of new drugs to combat complex health disorders. They can also use IoT-connected monitoring devices on a large scale during clinical trials for better efficiency and accurate results. Moreover, 5G technology can reduce the total cycle time and help these firms up-scale their production batch, due to low latency and high-speed features.

Asia Pacific to record strong growth across 5G in healthcare industry
Asia Pacific 5G in healthcare market size will record a healthy CAGR of over 35% through 2030. This is attributed to variables such as increasing prevalence of chronic ailments, rising awareness regarding 5G technology in healthcare, and growing integration of 5G with other technologies. The high incidence of heart diseases among the regional population will increase the need for remote patient monitoring devices, visual consultancy, and connected ambulance services. These applications may increase the integration of 5G across healthcare facilities.

BT Group, Deutsche Telekom AG, Vodafone, China Mobile Limited, China Unicom, Saudi Telecom Company (STC), and T-Mobile, among many others, are the reputed organizations in the global 5G in healthcare market. These companies are signing merger & acquisition agreements and partnership deals to diversify their product portfolios.

CT Bureau

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