Implementing 5G into the healthcare industry will create new opportunities for physicians, patients, and electronics manufacturers.
5G is the latest and most popular technological trend within the electronics industry today. Consumers have been eying and speculating the emergence of 5G technology, wondering how it will change their daily lives. 5G will impact many industries, but the healthcare industry will be significantly reformed. Both hospital and patient-based applications paired with 5G can deliver many healthcare opportunities and applications to us, consumers and healthcare physicians, bringing technical improvements into the health industry.
Now, how exactly will 5G play out in the healthcare industry? Here are 5 ways 5G will impact the healthcare industry and the electronics manufacturers that serve it:
5 ways 5G will impact the healthcare industry:
1. Bring a rise in demand for 5G-enabled electronic devices
With the help of 5G, more than US $1 trillion in products and services will be realized in the global healthcare sector in the year 2035. This means 5G will impact the healthcare industry by increasing demand for more 5G-connected wearables, smartphones, sensors, and other healthcare machinery amongst consumers and healthcare physicians.
2. More virtual appointments
Instead of driving to the hospital for an appointment, 5G can allow consumers to virtually meet with their doctors on 5G’s reliable platform, which is most commonly known as telemedicine. Unlike 4G, 5G’s low latency and large bandwidth can support faster connection speeds, allowing patients to quickly reach doctors without having to travel to the hospital. According to Ericsson, 39% of chronic patients prefer online consultations over face-to-face meetings.
Also, with 5G, patients with wearable technology can be remotely monitored in real-time by their doctors from the comfort of their own home. Ericsson reports that close to two in three consumers prefer to wear wearable devices that can monitor and administer medication to better manage chronic ailments, thus resulting in reduced visits to the doctor.
3. Decreased patient wait times
While 5G will allow for reliable telemedicine, it will also allow for decreased patient wait times. Industry experts report that 5G will be as much as 100 times faster than 4G – bringing quicker, real-time responses from doctors to patients without the worry of unstable connections and lag time.
4. Component demand will rise
According to industry experts, the 5G chipset market size is forecasted to expand to US $9.22 billion by 2023, while growing at a CAGR of 41.2%. From now until 2023, the demand will be due to the highly anticipated increase in available connected devices and machine connectivity, with healthcare contributing as one of the main industry influencers.
5. Bring more innovations and technological advancements
5G is already impacting the healthcare industry, as some 5G service providers are beginning to implement new 5G ideas into healthcare centers. Last year, AT&T revealed at CES 2019 its innovative project with Chicago’s Rush University Medical Center and Rush System for Health to bridge the gap between 5G technology and hospitals. Through this project, they expect better hospital operations as well as provide the highest-quality patient and staff experience. For example, with telemedicine, doctors will be able to instantly download an MRI scan while virtually helping a patient.
Looking forward, 5G will impact the healthcare industry and its electronic manufacturers in numerous ways – bringing more 5G-enabled devices, new advanced methods to traditional healthcare routines, as well as increased demand for electronic components. 5G will not only bring faster speeds to our cellphones – it’ll reshape the way healthcare is practiced.