3D Printing Medical Devices Market Growt...
Posted in Biotechnology by Adolf on Feb 1,2022 1153
Speaking about the current times, can you imagine your life without a mobile network or the internet? The obvious answer to this question would be a no, of course. We are living in the age of the digital transformation and besides our basic needs of air, water, food and shelter, communication is equally essential for human existence. Today, with the use of advanced networks and internet technology, we are connected to the world more than ever.
While it is true that the internet and the smartphone have changed the way we evolve, the real power comes from a strong network. In succession from the earlier generations of 2G, 3G and 4G, the inception of 5G is to offer high-speed connections. To carry information through wireless communications, the systems use radio frequencies. Just like how its previous counterparts have been operating, 5G functions with higher radio frequencies that are much more systematic. 5G stands for the 5th generation of mobile communication technology. With each generation’s new technology and standards, there have been improvements in transmission speed and network capacity.
The deployment of 5G services have already started and it is set to revolutionize many businesses such as farming industry, automotive industry, real estate sector, manufacturing and industrial sectors and the healthcare industry. During this pandemic period, the healthcare industry especially has benefitted immensely from the 5G network. With the increasing number of online consultations and telehealth systems, a faster connection is crucial for delivering remote healthcare services.
5G Technology for Healthcare
5G represents a big leap in cellular technology and in healthcare by providing essential levels of connectivity to enable a new health ecosystem, one that can meet the needs of patients and providers accurately, efficiently, cost-effectively, conveniently, and at a substantial scale. This massive network will include billions of low-bitrates and low-energy connected health monitoring devices, remote sensors and clinical wearable with 5G providing a backbone infrastructure for IoT.
The 5G in healthcare market is valued at an estimated US$ 215 million in 2021 and is projected to reach US$ 3667 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 the healthcare industry. The ability of 5G technology to transmit large patient data files quickly, advancements in telecommunication, and the availability of low-cost sensors are other major factors that are driving the growth of this market. However, the high cost of deployment of the 5G network is expected to restrain the growth of this market.
Based on component, the 5G in healthcare market is segmented into hardware, services, and connectivity. The hardware segment accounted for the largest share of the 5G in healthcare market in 2020. This segment is projected to reach US$1871.7 million by 2026, at a CAGR of 76.0% during the forecast period. The large share of this segment can primarily be attributed to the need for frequent upgradation or replacement to make optimal use of the latest software available in the market.
Based on application, the 5G in healthcare market is segmented into remote patient monitoring, connected ambulance, connected medical devices, asset tracking for medical devices, and AR/VR. The connected medical devices segment accounted for the largest share of the 5G in healthcare market in 2020. This application segment is projected to reach US$ 1405.3 million by 2026 from US$ 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. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, and the growing focus on the quality of care and patient safety are further driving the market for connected medical devices in the 5G in healthcare market.
Based on end users, the 5G in healthcare market is segmented into healthcare providers, healthcare payers, and other end users. The healthcare providers segment accounted for the largest share of the 5G in healthcare market in 2020. This end-user segment is projected to reach US$ 3,011.1 million by 2026 from US$ 170.4 million in 2021, at a CAGR of 77.6% during the forecast period. The large share of this segment can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centres, growth in telehealth, rising adoption of 5G-enabled wearable medical devices, and the rising demand for better technologies that help in the easy transfer of large data files.
The global 5G in healthcare market is segmented into 5 major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, 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 5G in healthcare 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.
Some of the prominent players in the 5G in healthcare market are 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). 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.