5G In Healthcare Market Will Propel at a 17.6% CAGR

The 5G in healthcare market was USD 40.2 billion in 2022, and it will touch USD 147 billion, powering at a 17.6% compound annual growth rate, by 2030. 

The growth is because of the developing 5G infrastructure, rising count of launches of VR/AR devices for medical applications, advancing healthcare sector, increasing need for high-speed connectivity, and growing R&D investments by industry players.

The services category, based on component, is likely to advance at a higher CAGR, of approximately 19%, during this decade. This is because of the increasing need for enhanced connectivity in medical devices for more dependable and faster data transfer, which is allowed by the greater frequency and greater-quality mobile broadband offered by 5G services. 

In 2022, the hardware category accounted for the higher revenue, and it will continue this trend throughout this decade. This is because of the increasing requirement for the upgradation and replacement of connected medical devices and the surging need for ultra-high or high-band widths, massive, and low latency connectivity.

In 2022, the healthcare providers category, on the basis of end user, led the industry, with a 64% share, and it will remain leading throughout this decade. This can be because of the increasing pace of improvements in the healthcare sector as well as the growing count of healthcare settings like ASCs and hospitals.

The connected medical devices category, on the basis of application, was the largest contributor to the 5G in healthcare market in 2022, with approximately 44% share. Moreover, this category is likely to remain the largest during this decade. 

This is because of the rising trend of telemedicine, growing traction for tailored care, surging healthcare costs, and increasing fondness of patients for home-based healthcare. Additionally, the rising emphasis of healthcare providers on improving patient safety and the quality of care also assists this category expansion.

North America led the industry in 2022, with a 36% share, and it is likely to remain leading in the years to come. This can be because of the developed healthcare system, rising count of industry players, high per capita income, advantageous government funding scenario for the healthcare sector, and technological improvements.

APAC is likely to advance at the highest compound annual growth rate in the years to come. This is because of the increasing health consciousness because of government efforts, developing electronics and electrical sector, increasing funding by international players, and improving network connectivity in this region.

It is because of the rise in the incorporation of telemedicine as well as connected medical devices, the 5G in healthcare industry will continue to progress in the coming years.

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