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Global 5G in healthcare market to reach $1.8 trillion by 2034, report news

Global 5G in healthcare market to reach $1.8 trillion by 2034, report

The 5G in healthcare market is slated to have a valuation of S$ 85 billion in 2024.

 In contrast, the value was marked at US$ 62.2 billion in 2023. The progress of the market is anticipated to register a Compound Annual Growth Rate, CAGR, of 35.7% through 2034. The valuation of the market is forecasted to reach $ 1,800 billion by 2034. This is according to a report by Future Market Insights.

Healthcare is integrating technology into its workings at an increasing rate. One such technology making its way into healthcare is 5G. With a need for better communication in the medical field, 5G is enabling greater contact between patients, medical professionals, researchers, and other healthcare sector players.

In recent years, doctors are increasingly relying on remote monitoring equipment. With problems related to the number of hospital beds, understaffing, and funding, many doctors are turning to remote devices to monitor patient's health. 5G remote devices ensure the smooth running of information to doctors and efficiency in the reading of vitals.

The importance of research in the healthcare sector is rising as people are getting afflicted with newer diseases. With the need to get medicines on the shelf as quickly as possible, researchers are leveraging 5G to speed up their processes. Enabling better communication, effective management of data, efficient running of hypotheses, and more, researchers are inclined towards 5G usage in their lab work.

"Robotic surgery is turning out to be a revolutionary technique in the healthcare sector. With 5G assisting robots in surgical tasks, robotic surgery is earning a positive reputation. Thus, robotic surgery is one avenue market players can look towards for rapid growth," says Sudip Saha is the managing director and co-founder at Future Market Insights.

Collaborations with both healthcare institutions and medical technology producers are being utilized by key players for market growth. Through the means of acquisitions and mergers, 5G companies are stepping into or increasing their foothold in the market.


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