Global 5G phone shipments could reach 199 million by the end of the year.
According to Strategy Analytics, as many as 15% of all smartphones shipped worldwide could be 5G devices with the biggest markets expect to be China, South Korea, the US, Germany and Japan.
Although the organisation expects "a strong bounce-back", there is still likely to be some disruption caused by the coronavirus.
Executive director Neil Mawston said: "The ongoing coronavirus scare and subsequent economic slowdown will put a cap on overall 5G demand this year.
"The COVID-19 outbreak is currently restricting smartphone production in Asia, disrupting supply chains and deterring consumers from visiting retail stores to buy new 5G devices in some parts of China."
Meanwhile, Apple recently confirmed production and sales have been affected by disruption in China, adding that "worldwide iPhone supply would be temporarily constrained", but the tech giant stopped short of revealing the likely cost.
In a statement, the company said: "We do not expect to meet the revenue guidance we provided for the March quarter."
Apple explained it was "experiencing a slower return to normal conditions" than anticipated, and revealed sales of Apple products would be lower during this time.