Global Edge Computing in Healthcare Market Size, Share & Industry Trends Analysis Report By Component (Hardware, Software, and Services), By Application, By End User, By Regional Outlook and Forecast, 2023 - 2030
Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
Get in-depth analysis of the COVID-19 impact on the Edge Computing in Healthcare Market
Market Report Description
The Global Edge Computing in Healthcare Market size is expected to reach $25.5 billion by 2030, rising at a market growth of 26.9% CAGR during the forecast period.
Asia Pacific region has increased its focus on advancing networking technology during the COVID-19 outbreak, thereby APAC is expected to acquire more than 1/4th share of the market by 2030. A robust computing infrastructure is required due to the region's tremendous growth of the connected device ecosystem, which creates a lot of data. The use of 5G across the healthcare sector is also significantly increasing in regional countries, supporting the market expansion.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For example, In May, 2023, Cisco Systems, Inc. teamed up with NTT Ltd. to develop solutions for operational efficiencies for their joint customers. The two companies would serve their joint customers with IoT services to accelerate their operational efficiencies. Additionally, In March, 2023, NVIDIA Corporation entered into a partnership with Medtronic to develop AI-powered patient care solutions. The partnership would provide the joint customers of the two companies with AI-powered solutions for better patient outcomes.
KBV Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Market. In April, 2023, Microsoft Corporation expanded its partnership with Cognizant to provide IoT solutions across the healthcare industry. The partnership would allow the two companies to provide their customers with interoperability solutions and claims management. Companies such as Intel Corporation, Nokia Corporation, Cisco Systems, Inc are some of the key innovators in the Market.
Market Growth Factors
Rising acceptance of IoT medical devices
Healthcare businesses have begun to rely on centralized cloud computing & storage solutions because of the proliferation of IoT devices and the large rise in data that has resulted. There are latency and financial viability challenges when moving every aspect of IT to the cloud. Organizations utilizing IoT sensors, actuators, and other IoT devices are thus progressively seeking edge computing solutions, including edge nodes, devices, and hyper-localized data centers. Edge computing enhances the cloud paradigm by enabling data processing near the data source, enabling businesses to accelerate decision-making. The market is predicted to expand because of the increasing deployment of IoT medical devices.
Rising demand for automated decision-making solutions, real-time & low latency processing
Companies must reduce the time it takes to get connected to a service and the quantity of data they transfer to the cloud in the present business environment. The length of time a data packet needs to travel between two sites is referred to as a network's latency. Less latency leads to an increase in the data transfer rate. Remote patient monitoring is one example of a time-sensitive application that demands computation in real time. As a result, the market will grow in the approaching years.
Market Restraining Factors
Cost of CAPEX and OPEX associated with edge computing systems is expensive
The initial capital expense (CAPEX) needed for infrastructure is one of the main barriers to the adoption of edge computing solutions in healthcare settings. Healthcare firms with tight budgets are less likely to embrace edge computing systems because they need large investments in networking, hardware, and software. For instance, deploying edge computing systems for medical imaging necessitates significant investments in high-performance computing infrastructure, such as storage systems, servers, and networking tools. Medical imaging edge computing solutions with high performance are available from numerous vendors, although the initial CAPEX for these systems might be costly.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on component, the market is fragmented into hardware, software, and services. In 2022, the hardware segment dominated the market with maximum revenue share. When discussing edge computing in healthcare, the term "hardware" refers to the actual hardware utilized to make it possible. This comprises both networking or edge devices, like switches, routers, and gateways, as well as RFID sensors, tags, and gateways. Cloud infrastructure, including virtual machines, storage, and databases, can also be used with the market.
On the basis of application, the market is classified into diagnostics, telehealth & remote patient monitoring, robotic surgery, ambulances, and other applications. In 2022, the ambulances segment covered a considerable revenue share in the market. In the emergency care system, paramedics can only give emergency doctors a quick description of the patient. Therefore, these individuals can only obtain pertinent diagnostic procedures once the ambulance pulls up to the hospital. Due to its mobility, low latency, and data-processing capabilities, edge computing at the network edge can help local paramedics provide more effective and precise care and send more precise information on the state and location of patients arriving at the hospital.
End User Outlook
By end user, the market is categorized into hospitals & clinics, long-term care centers & home care settings, ambulatory care centers, and others. The hospitals & clinics segment witnessed the largest revenue share in the market in 2022. This is due to their massive data production, which results from their large customer base and diverse geographic presence. Through faster, more effective decision-making and a reduction in the demand for IT infrastructure, edge computing is revolutionizing how hospitals & clinics manage their data. The effectiveness of healthcare systems as a whole is rising owing to this technology, which also helps enhance patient outcomes & patient satisfaction.
|Market size value in 2022||USD 3.9 Billion|
|Market size forecast in 2030||USD 25.5 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2030|
|Revenue Growth Rate||CAGR of 26.9% from 2023 to 2030|
|Number of Pages||284|
|Number of Table||383|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Application Type, Application, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the market by generating the highest revenue share in 2022. The region is witnessing growth due to factors like growing government or healthcare providers' investments in enhancing healthcare IT facilities, increasing cloud-based service adoption, and an increasing need for effective data management solutions. A further factor in the region's growth is the existence of significant edge computing providers.
Free Valuable Insights: Global Edge Computing in Healthcare Market size to reach USD 25.5 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc, Nokia Corporation, Dell Technologies, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet Inc.), Microsoft Corporation, Intel Corporation, General Electric Company, Hewlett Packard Enterprise Company, and NVIDIA Corporation
Strategies deployed in the Market
» Partnerships, Collaborations, and Agreements:
- May-2023: Cisco Systems, Inc teamed up with NTT Ltd., an IT infrastructure solutions provider, to develop solutions for operational efficiencies for their joint customers. The two companies would serve their joint customers with IoT services to accelerate their operational efficiencies.
- Apr-2023: Microsoft Corporation expanded its partnership with Cognizant, an American IT company, to provide IoT solutions across the healthcare industry. The partnership would allow the two companies to provide their customers with interoperability solutions and claims management.
- Mar-2023: NVIDIA Corporation entered into a partnership with Medtronic, a medical device company based in the United States, to develop AI-powered patient care solutions. The partnership would provide the joint customers of the two companies with AI-powered solutions for better patient outcomes.
- Feb-2023: Intel Corporation signed a partnership with A5G Networks Inc., a British software company, to develop multi-access edge computing (MEC) solutions. The combined expertise of the two companies would provide the customers with a cost-effective edge platform.
- Feb-2023: Intel Corporation partnered with Cisco, a communication solutions provider based in the United States, to combine its technology platform with Cisco's 5G services. The partnership would the two companies to provide their joint customers with private network deployment services.
- Nov-2022: Nokia Corporation expanded its partnership with Inria, short for Institute for Research in Digital Science and Technology, to develop digitization solutions. The partnership would allow Nokia to develop and provide IoT solutions to its customers.
- Nov-2022: Microsoft Corporation came into partnership with Wolters Kluwer, a software solutions provider, to integrate its Azure cloud platform with Wolters Kluwer's offerings. The partnership would drive operational efficiency across the healthcare industry.
- Sep-2022: Google LLC signed a partnership with LifePoint Health, a healthcare network services provider, to integrate its Healthcare Data Engine (HDE) with Lifepoint Health's healthcare network. The combined expertise of the two companies would drive better patient monitoring, data interoperability, and virtual care.
- Sep-2022: Intel Corporation collaborated with Singtel, short for the Singaporean telecommunications company, to develop a 5G Multi-access Edge Compute incubator. The product developed in the course of collaboration would facilitate the customers to deploy low latency enabled applications for boosting their business productivity.
- May-2022: Nokia Corporation announced a partnership with Microsoft, an American software company, to develop IoT solutions for Industry 4.0 applications. The partnership features the integration of Nokia's customer premise’s edge with Microsoft's Azure Arc which would facilitate the development of industry 4.0 applications.
- May-2022: Amazon Web Services, Inc. announced a partnership with IBM, a global software company, to integrate its platform with IBM's Software-as-a-Service (SaaS) based services portfolio. The partnership would allow the two companies to provide their joint customers with cloud-based IoT solutions.
- Feb-2022: Nokia Corporation signed a partnership with Kyndryl, an American IT company, to provide solutions for operational digitization. Nokia would integrate its edge computing solutions with Kyndryl's offerings to deliver a comprehensive suite of performance-rich IoT solutions to their customers.
- Feb-2022: Nokia Corporation partnered with Atos, a French IT company, to develop 5G-powered digitization solutions. The two companies would combine their expertise to develop IoT solutions that would improve organizational productivity.
»Product Launches and Product Expansions:
- Jun-2023: Hewlett Packard Enterprise released HPE GreenLake for Private Cloud Business Edition for its HPE GreenLake edge-to-cloud platform. The HPE GreenLake for Private Cloud Business Edition is a service used for launching virtual machines (VMs) on hybrid clouds instantly.
- May-2023: Dell Technologies, Inc. announced the launch of Project Frontier, a platform used for coordinating edge applications. The benefits of the platform include enhanced security across the edge applications, deployment automation, and software application selection facility.
- Sep-2022: Nokia Corporation introduced new capabilities for its Mission Critical Industrial Edge (MXIE) compute platform. The new capabilities would facilitate interoperability between containerized applications and non-cloud native applications on the Nokia MXIE platform.
- Sep-2022: NVIDIA Corporation announced the launch of the NVIDIA IGX platform, an AI-powered edge service used for security applications in the healthcare industry. The IGX platform features an NVIDIA IGX Orin supercomputer and compatibility with NVIDIA AI Enterprise software for driving operational efficiencies.
- May-2022: Intel Corporation released Project Amber, a service used for facilitating confidential computing workloads within the public clouds. The project Amber is cloud-agnostic, interoperable with third-party services, and supports Intel TEEs.
- Oct-2021: Google LLC unveiled Google Distributed Cloud, a suite of services used for integrating Google's cloud infrastructure with data centres. The Google Distributed Cloud includes Google’s network edge, Operator edge, Customer edge, and Customer data centres.
» Acquisition and Mergers:
- Jan-2023: Dell Technologies, Inc. completed the acquisition of Cloudify, an Israeli DevOps automation platform. The acquisition would expand Dell's edge portfolio.
- Mar-2022: Microsoft Corporation took over Nuance Communications Inc., an ambient intelligence solutions provider for the healthcare industry. The acquisition would allow Microsoft to integrate Nuance’s ambient intelligence capabilities with its cloud offerings, which would further improve the healthcare experience for its customers.
- Jul-2021: Cisco Systems, Inc announced the acquisition of Socio Labs, Inc., an American event management platform provider. The acquisition enhances Cisco Webex's platform offerings and would provide customers with a better experience in online events.
Scope of the Study
Market Segments Covered in the Report:
- Telehealth & Remote Patient Monitoring
- Robotic Surgery
By End User
- Hospitals & Clinics
- Long-term Care Centers & Home Care Settings
- Ambulatory Care Centers
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Cisco Systems, Inc
- Nokia Corporation
- Dell Technologies, Inc.
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC (Alphabet Inc.)
- Microsoft Corporation
- Intel Corporation
- General Electric Company
- Hewlett Packard Enterprise Company
- NVIDIA Corporation
Unique Offerings from KBV Research
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
What would be the size of this Market by 2030?
The Market size is projected to reach USD 25.5 billion by 2030.
What are the key driving factors and challenges in this Market?
Rising acceptance of IoT medical devices are driving the Market in coming years, however, Cost of CAPEX and OPEX associated with edge computing systems is expensive restraints the growth of the Market.
What are the major top companies in the competitive landscape?
Cisco Systems, Inc, Nokia Corporation, Dell Technologies, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Google LLC (Alphabet Inc.), Microsoft Corporation, Intel Corporation, General Electric Company, Hewlett Packard Enterprise Company, and NVIDIA Corporation
Which segment shows a high revenue share of this Market in 2022?
The Telehealth & Remote Patient Monitoring segment acquired the maximum revenue share in the Market by Application in 2022, thereby achieving a market value of $8.2 billion by 2030.
Which region dominated the Market in 2022?
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.9 billion by 2030.