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Edge Computing In Healthcare Market Size, Scope Analysis, Key Insights, Leading Key Players, And Forecast To 2033
Edge Computing In Healthcare Market Size
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According to The Business Research Company's, The edge computing in healthcare market size has grown exponentially in recent years. It will grow from $3.81 billion in 2023 to $4.67 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to increase in telemedicine services, rising data privacy concerns, demand for real-time data processing, increase in wearable health devices, and development of 5G networks.
The edge computing in healthcare market size is expected to see exponential growth in the next few years. It will grow to $10.60 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to focus on disaster recovery and continuity planning, growth of wearable health technology, cost efficiency in healthcare, operations, regulatory push for data localization, and expansion of virtual healthcare services. Major trends in the forecast period include AI and machine learning integration, internet of medical things expansion, edge-to-cloud continuum, virtual and augmented reality applications, product innovation, and integration of technologies.
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Market Drivers and Trends:
The expansion of telehealth services is expected to propel the growth of edge computing in the healthcare market going forward. Telehealth services refer to using digital information and communication technologies, such as computers, mobile devices, and wearables, to access and manage healthcare services remotely. The expansion of telehealth services is due to the demand for accessible, convenient, and efficient healthcare delivery. Edge computing in healthcare is required in telehealth services to ensure low-latency data processing and real-time analytics, enhancing the responsiveness and reliability of remote patient consultations and diagnostics. For instance, in October 2022, according to a report published by the Centers for Disease Control and Prevention, a US-based government agency, in 2021, approximately 37.0% of adults in the United States used telemedicine in the past 12 months, highlighting the growing reliance on remote healthcare services. Further, women (42.0%) were more likely to use telemedicine than men (31.7%). Therefore, the expansion of telehealth services is driving the growth of edge computing in the healthcare market.
Major companies operating in the edge computing in healthcare market are developing innovative solutions, such as AI computing platform to enhance real-time data analysis and improve patient outcomes. An AI computing platform is a system that combines hardware and software to perform advanced artificial intelligence tasks, such as machine learning and data analysis, efficiently and effectively. For instance, in September 2022, Nvidia Corporation, a US-based technology company, launched the NVIDIA IGX platform for high-precision edge AI, bringing advanced security and proactive safety to sensitive industries such as manufacturing, logistics, and healthcare. The NVIDIA IGX platform is an industrial-grade edge AI computing platform for safe and secure autonomous systems in sensitive industries such as manufacturing, logistics, and healthcare. It is tailored to harness the advantages of AI in industrial automation and medical devices, fostering safer collaboration between humans and machines. It shines particularly in robotic-assisted surgery, patient monitoring, and advanced manufacturing environments.
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Major Key Players of the Market:
Google LLC, Samsung Electronics Co., Microsoft Corporation, Verizon Communications Inc., Dell Technologies Inc., Amazon Web Services (AWS) Inc., Lenovo Group Limited, General Electric Company, Intel Corporation, IBM Corporation, Cisco Systems Inc., Qualcomm Incorporated, Hewlett Packard Enterprise Company, Fujitsu Limited, NVIDIA Corporation, Nokia Corporation, Siemens Healthineers AG, Koninklijke Philips NV, VMware Inc., Advantech Co. Ltd., Aruba Networks Inc., ADLINK Technology Inc., Huawei Technologies Co. Ltd., Litmus Automation Inc., Veea Inc., FogHorn Systems Pvt Ltd.
Edge Computing In Healthcare Market 2024 Key Insights:
• The edge computing in healthcare market size is expected to see exponential growth in the next few years. It will grow to $10.60 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%.
• Impact Of Telehealth Services On The Growth Of Edge Computing In Healthcare
• Innovative AI Computing Platforms Driving Advancements In Edge Computing
• North America was the largest region in the edge computing in healthcare market in 2023
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