Emphasis on Component (Hardware, Software, and Services); Application (Diagnostics, Telehealth & Remote Patient Monitoring, Robotic Surgery, Others); End User (Hospital & Clinics, Home Care Settings, and Others); Region/Country.
The Edge Computing in Healthcare Market was valued at USD 5000 Million and is expected to grow at a strong CAGR of around 25% during the forecast period (2024-2032) owing rising adoption of the IoT in medical device.
Edge computing has emerged as a crucial technology in the healthcare sector, offering real-time data processing and analysis at the point of care. As healthcare organizations continue to prioritize digital transformation and data-driven decision-making, edge computing is poised to play a pivotal role in shaping the future of healthcare delivery and patient outcomes. In the age of digital transformation, healthcare is embracing innovative technologies to improve patient care, optimize operations, and enhance overall efficiency. One such technology making waves in the healthcare industry is edge computing. Edge computing holds immense potential to revolutionize healthcare by bringing data processing closer to the source, enabling real-time insights, and facilitating seamless connectivity. This article explores the role of edge computing in healthcare, its benefits, challenges, and real-world applications.
Further, in a study conducted by Intel, edge computing reduced the latency of medical image analysis from minutes to milliseconds, enabling faster diagnosis and treatment planning.
The University of California, San Francisco (UCSF) implemented edge computing solutions to analyze data from wearable sensors, leading to a 90% reduction in the time required for detecting patient deterioration in intensive care units.
Within North America, the United States holds a major share of the market. The major factors boosting the market’s growth in the country are the increasing digitalization, growing focus on R&D, a well-established healthcare infrastructure, and the presence of several market players.
As per the data of HHS Office for Civil Rights (OCR) data breach portal, the healthcare sector suffered about 295 breaches in the first half of 2023 alone. More than 39 million individuals were implicated in healthcare data breaches in the first six months of the year. For Instance, In March 2023, A Breach was disclosed by PharMerica to OCR that impacted more than 5.8 million individuals. PharMerica is located in Louisville, Kentucky and is operated by parent company BrightSpring Health Services.
The Edge Computing in Healthcare Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are CISCO System, Inc., Dell Technologies, Inc., Amazon Web Services, Google, Inc., Microsoft Coorporation, Intel Corporation, General Electric Digital, Hewlett Packard Enterprice Company, VMware, Inc., and HUAWEI Technologies Co. Ltd.
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Analyzing the historical market, estimating the current market, and forecasting the future market of the global Edge Computing in Healthcare Market were the three major steps undertaken to create and analyze the adoption of Edge Computing in Healthcare in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Edge Computing in Healthcare Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Edge Computing in Healthcare Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Edge Computing in Healthcare Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, technology, component, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Edge Computing in Healthcare Market. Further, we conducted factor analysis using dependent and independent variables such as type, technology, component, and end-user of the Edge Computing in Healthcare Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Edge Computing in Healthcare Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Edge Computing in Healthcare Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Edge Computing in Healthcare Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, technology, component, and end-user in the global Edge Computing in Healthcare Market.
The main objective of the Global Edge Computing in Healthcare Market Study
The current & future market trends of the global Edge Computing in Healthcare Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the Edge Computing in Healthcare Market?
Q2: What are the driving factors for the growth of the Edge Computing in Healthcare Market?
Q3: Which segment has the largest share of the Edge Computing in Healthcare Market by component?
Q4: What are the emerging technologies and trends in the Edge Computing in Healthcare Market?
Q5: Which region will dominate the Edge Computing in Healthcare Market?
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