Edge Computing in Healthcare Market worth $12.9 billion | MarketsandMarkets

CHICAGO, May 16, 2023 /PRNewswire/ -- Edge computing is set to revolutionize the healthcare industry in the near future by enabling real-time data processing and analysis at the edge of the network, closer to where healthcare services are delivered. This emerging technology brings computing resources and data storage capabilities closer to the point of care, allowing for faster response times, reduced latency, and improved security and privacy. Edge computing in healthcare will facilitate the seamless integration of various medical devices, wearables, and sensors, enabling continuous monitoring and remote patient management. It will empower healthcare providers with instant access to critical patient data, facilitating more accurate diagnoses, personalized treatments, and timely interventions. Furthermore, edge computing will support the growth of telehealth services by enabling high-quality video consultations and real-time data exchange between patients and healthcare professionals. With the ability to handle large volumes of data and process it in real-time, edge computing will enhance healthcare delivery, improve patient outcomes, and drive innovation in the healthcare industry.

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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Edge Computing in Healthcare Market Scope:

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:

1. Growing adoption of IoT medical devices
2. Exponentially increasing network traffic and volume of healthcare data
3. Rising need to curtail healthcare costs
4. Rising demand for low-latency processing and real-time, automated decision-making solutions

Restraints:

1. High CAPEX and OPEX associated with edge computing systems
2. Interoperability challenges related to edge computing across different healthcare systems

Opportunities:

1. Advent of 5G network

Challenges:

1. Complexities in integrating edge computing systems with existing cloud architecture
2. 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).

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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
• In February 2022, Kyndryl partnered with Amazon Web Services to establish a Cloud Centre of Excellence to provide joint solutions, such as mainframe, network, edge computing, and ERP services for mission-critical infrastructure.
• In October 2021, Dell Technologies enhanced its edge innovations across its infrastructure and PC portfolios to assist organizations in simplifying deployments and capturing more value from data generated and processed outside of the traditional data center and public cloud—from rugged and remote locations to retail stores and factory floors. For instance, VxRail satellite node single-node deployments automate day-to-day operations, health monitoring, eliminating the need for local technical and specialized staff.

Edge Computing in Healthcare Market Advantages:

• Real-time Data Processing: Edge computing enables real-time data processing and analysis at the edge of the network, closer to the point of care. This allows healthcare providers to access and analyze critical patient data instantly, facilitating faster diagnoses, personalized treatments, and timely interventions. Real-time data processing also supports remote patient monitoring and enables healthcare professionals to make informed decisions in a timely manner.
• Reduced Latency and Improved Performance: By processing data locally at the edge, edge computing significantly reduces latency compared to traditional cloud-based processing. This improved performance is crucial for applications that require instant response times, such as telehealth consultations, remote patient monitoring, and emergency medical services. Reduced latency ensures seamless and uninterrupted healthcare services, enhancing patient experience and outcomes.
• Enhanced Security and Privacy: Edge computing addresses concerns about data security and privacy by keeping sensitive patient information closer to the source, rather than transmitting it to the cloud for processing. This localized approach reduces the risk of data breaches and unauthorized access, providing a higher level of security and privacy protection. It also ensures compliance with data protection regulations, such as HIPAA in the United States and GDPR in Europe.
• Scalability and Cost Efficiency: Edge computing offers scalability and cost efficiency by distributing computational resources across edge devices. This eliminates the need for extensive infrastructure investments and allows healthcare organizations to scale their operations according to demand. The decentralized nature of edge computing also reduces data transfer and storage costs associated with cloud-based solutions, making it a more cost-effective option for healthcare providers.
• Reliability and Resilience: Edge computing enhances the reliability and resilience of healthcare systems by reducing dependence on a centralized infrastructure. In the event of network disruptions or limited connectivity, edge devices can continue to operate and process data independently, ensuring uninterrupted healthcare services. This resilience is particularly important in remote or underserved areas where connectivity may be unreliable.

Overall, the adoption of edge computing in the healthcare industry offers numerous advantages, including real-time data processing, reduced latency, enhanced security, scalability, cost efficiency, and improved reliability. These benefits empower healthcare providers to deliver more efficient, personalized, and responsive care to patients while leveraging the full potential of digital technologies in a secure and reliable manner.

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