5G in Healthcare: Innovations and Opportunities
5G in healthcare market is already showing significant growth potential and attracting considerable attention from various stakeholders in the industry. 5G technology, the fifth generation of cellular network technology, has the potential to revolutionize healthcare by enabling faster data transmission, lower latency, and higher network capacity compared to previous generations.
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The 5G in healthcare market is valued at an estimated USD 215 million in 2021 and is projected to reach USD 3,667 million by 2026, at a CAGR of 76.3% during the forecast period. The increasing adoption of telehealth and robotics surgery due to COVID-19 and the rising adoption of 5G-enabled wearable medical devices for real-time remote patient monitoring are key factors driving the growth of this market.
Here are some of the key areas where 5G is expected to have a significant impact on the healthcare market:
Telemedicine and Remote Patient Monitoring: 5G’s high-speed and low-latency capabilities allow for seamless real-time video consultations between healthcare professionals and patients, especially in remote or underserved areas.
Surgical Applications: In the healthcare setting, 5G’s low latency and high bandwidth can support telesurgery and remote robotic surgeries, allowing skilled surgeons to operate on patients located in different regions with precision and safety.
Internet of Medical Things (IoMT): 5G can connect a vast array of medical devices and sensors, forming the IoMT ecosystem. These interconnected devices can provide real-time data, enhancing diagnostics, patient care, and treatment outcomes.
Augmented Reality (AR) and Virtual Reality (VR): 5G can power AR and VR applications in medical training, patient education, and therapy.
Data Analytics and AI: With faster data transmission and processing capabilities, 5G can improve the performance of data analytics and artificial intelligence algorithms in healthcare.
Hospital Connectivity and Efficiency: 5G can enhance hospital operations by improving communication among healthcare staff and medical devices, optimizing workflow, and increasing overall efficiency.
Clinical Trials and Research: 5G’s ability to handle vast amounts of data and facilitate real-time collaboration can accelerate the pace of clinical trials and medical research.
Patient Data Security and Privacy: As 5G networks are designed with advanced security features, it can provide enhanced data protection for patient information, a critical aspect in the healthcare industry.
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The prominent players in the 5G in healthcare market are AT&T (US), Verizon (US), China Mobile Limited (China), 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), Cisco (US), Sierra Wireless (Canada), Swisscom (Switzerland), Qualcomm (US), Fibocom Wireless Inc. (China), Quectel (China), and Sequans (France)
AT&T
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.
VERIZON
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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