Edge Computing in Healthcare Market in terms of revenue was estimated to be worth $4.1 billion in 2022 and is poised to reach $12.9 billion by 2028, growing at a CAGR of 26.1% from 2022 to 2028 according to a new report by MarketsandMarkets™. Edge computing is gaining popularity across industries as there is a rise in the number of devices, which has increased the demand for high-bandwidth applications with the growing use of internet services. Edge computing is rapidly gaining acceptance worldwide by healthcare organizations due to various benefits, including low latency, traffic distribution, increased reliability, and reduced costs.
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Hardware segment is expected to be the largest edge computing in healthcare market, by component, during the forecast period
Based on offering, the market is segmented into software and services. The software segment accounted for the largest share of the global market in 2022. The hardware segment dominated this market in 2022, this is due to the high-scale deployment of edge hardware by healthcare organizations to achieve high performance, scale, and flexibility.
The hospitals & clinics segment, by end user, is expected to be the largest and fastest growing edge computing in healthcare market during the forecast period
Based on end-users, hospitals & clinics garner high revenue owing to their huge generation of data, attributed to the widespread geographical presence and customer base. Edge computing is transforming the way hospitals and clinics manage data, enabling faster, more efficient decision-making and reducing the burden on IT infrastructure. This technology is helping to improve patient outcomes, enhance the patient experience, and increase the overall efficiency of healthcare systems.
North America is expected to account for the largest share in edge computing in healthcare market in 2022
Based on region, the global market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America accounted for the largest market share followed by Europe. The increasing number of alliances and partnerships among edge computing and other technology providers for continuous technological innovations and advancements in edge computing have further added to the growth of the global edge computing market in North America.
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Edge Computing in Healthcare Market Dynamics:
Drivers:
- Growing adoption of IoT medical devices
- Exponentially increasing network traffic and volume of healthcare data
- Rising need to curtail healthcare costs
- Rising demand for low-latency processing and real-time, automated decision-making solutions
Restraints:
- High CAPEX and OPEX associated with edge computing systems
- Interoperability challenges related to edge computing across different healthcare systems
Opportunities:
- Advent of 5G network
Challenges:
- Complexities in integrating edge computing systems with existing cloud architecture
- Susceptibility to cyberattacks and limited authentication capabilities of edge computing architectur
Key Market Players:
Major players operating in the edge computing in healthcare market are CISCO Systems, Inc. (US), HUAWEI Technologies Co. Ltd (China), Dell Technologies, Inc. (US), Amazon Web Services (US), Google, Inc. (US), Microsoft Corporation (US), Intel Corporation (US), General Electric Digital (US), Hewlett Packard Enterprise Company (US), VMware, Inc. (US).
Recent Developments:
- In December 2022, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania (Penn Medicine) completed of a joint research study using distributed machine learning (ML) and artificial intelligence (AI) approaches to help international healthcare and research institutions identify malignant brain tumors.
- In February 2023, Cisco Systems, Inc. (US) partnered with the NTT DATA (Tokyo) to boost private 5G adoption and edge computing solutions across the Automotive, Logistics, Healthcare, Retail, and public sectors. Cisco Systems, Inc. also collaborated with Bharti Airtel and Apollo Hospitals, Inc. to develop 5G-connected ambulances
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