To support Ultra-Reliable and Low Latency Communications (URLLC) is an essential character of the 5th Generation (5G) communication system. Unlike the other two use cases defined in 5G, e.g. enhanced Mobile Broadband (eMBB) and massive Machine Type Communications (mMTC), URLLC traffic has strict delay and reliability requirement. In this paper, an analysis model for URLLC traffic is proposed from the generation of a URLLC traffic until its transmission over a wireless channel, where channel quality, coding scheme with finite coding length, modulation scheme and allocated spectrum resource are taken into consideration. Then, network calculus analysis is applied to derive the delay guarantee for periodical URLLC traffic. Based on the delay analysis, the admission region is found under certain delay and reliability requirement, which gives a lower bound on required spectrum resource. Theoretical results in the scenario of a 5G New Radio system are presented, where the SNR thresholds for adaptive modulation and coding scheme selection, transmission rate and delay, as well as admission region under different configurations are discussed. In addition, simulation results are obtained and compared with theoretical results, which validates that the admission region derived in this work provides a lower spectrum allocation bound.