5G will enable more than $1.1 trillion in sales to the global health care market in 2035
OCT 26, 2017SAN DIEGO
Qualcomm Incorporated today announced that its subsidiary, Qualcomm Technologies, Inc. released additional findings of its landmark study, The 5G Economy. The new paper titled “5G Mobile: Impact on the Health Care Sector,”developed by Dr. David Teece, Professor at Haas School of Business, U.C. Berkeley and Chairman and Principal Executive Officer of Berkeley Research Group, examines the potential economic impact of 5G on the Health Care industry, based on the findings of the original study released in early 2017 conducted by IHS Markit.
On this new paper Dr. Teece states that according to IHS Markit, 5G will have a significant impact on the health care sector, its suppliers, and on sectors that use health care, and it will enable more than $1.1 trillion in sales for the global health care market in 2035, representing more than nine percent of the $12.3 trillion of the global 5G-enabled economy that year. It is also expected that 5G will be a substantial enabler of a new era of “personalized health care” providing the ability to leverage large amounts of patient-specific data to develop predictive analytics and take courses of action tailored to the patient and his or her condition, also giving patients greater ability to manage conditions on their own.
“Few people are cognizant of the full impact that the mobile communications has on their lives or on the economy. There is growing evidence that wireless technology is the silent enabler of technological progress throughout the economy,” said Dr. David Teece, Professor at Haas School of Business, U.C. Berkeley and Chairman and Principal Executive Officer of Berkeley Research Group. “Health care is a large and growing sector of our economy. Technologies that improve productivity and patient care are much sought after. 5G will open the door to important developments in personalized, anywhere, anytime, medicine.”
“At Qualcomm, we have held the vision for more than 15 years that mobile connectivity will transform the health care industry globally. As we have pushed the mobile industry forward, we have evolved towards the enablement of the Internet of Medical Things,” said Rick Valencia, senior vice president and president of Qualcomm Life, a subsidiary of Qualcomm Incorporated. “We are excited to see that the findings of this report provide new perspectives on the economic benefits that 5G will bring to health care and also that 5G will be crucial for this transformation.”
The new paper states that 5G will have a large impact on the quality of health care received by hundreds of millions of patients and will fuel significant changes in the way in which health care is delivered. Other potential benefits of a new health care paradigm include resource and cost savings, as well as a greater focus on health care providers focusing on outcomes instead of volumes, and ultimately healthier lives overall.
About Berkeley Research Group
Berkeley Research Group is a leading global strategic advisory and expert consulting firm that provides independent advice, data analytics, authoritative studies, expert testimony, investigations, and regulatory and dispute consulting to Fortune 500 corporations, financial institutions, government agencies, major law firms, and regulatory bodies around the world. It is led by its chairman and founder, David Teece, Tusher Professor of Global Business at the Haas School of Business, University of California, Berkeley.
About IHS Markit
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
Qualcomm’s technologies powered the smartphone revolution and connected billions of people. We pioneered 3G and 4G – and now we are leading the way to 5G and a new era of intelligent, connected devices. Our products are revolutionizing industries, including automotive, computing, IoT, healthcare and data center, and are allowing millions of devices to connect with each other in ways never before imagined. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, all of our engineering, research and development functions, and all of our products and services businesses, including, our QCT semiconductor business. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.