This paper presents an investigation of a concurrent low-cost dual-band power amplifier (PA) fabricated in SiGe technology, able to simultaneously operate at two frequencies of 2.45 and 3.5-GHz, including an evaluation of its system level performance potentiality. Taking into account the technology novelty and the lack of device characterization and modeling, a hybrid (MIC) approach has been adopted both for a fast prototyping of the PA and for the evaluation of the device potentiality based on an extensive linear and nonlinear characterization. The comparison of PA performance in single-band or concurrent mode operation will be presented. In particular, the measured PA prototype shows an output power of 17.2 and 17-dBm at a 1-dB compression point, at 2.45 and 3.5-GHz, respectively, for CW single-mode operation, with a power added efficiency around 20%. System-level analysis predicts that, when the PA is operated under the 20-MHz Orthogonal Frequency-Division Multiplexing (OFDM) concurrent signals, the maximum output power levels to maintain the Error Vector Magnitude (EVM) within 5% are 11 and 3.5-dBm at 2.45 and 3.5-GHz, respectively. Moreover, new concepts and possible new system architectures for the development of the next generation of the multi-band transceiver front-end will be provided with an extensive system-level evaluation of the amplifier.