Edge Computing In Healthcare Market Size

Edge Computing In Healthcare Market Analysis

The Edge Computing In Healthcare Market size is estimated at USD 6.82 billion in 2024, and is expected to reach USD 18.33 billion by 2029, growing at a CAGR of 19.60% during the forecast period (2024-2029).

The major factors driving the market are the growing adoption of the Internet of Things (IoT) in medical devices, the increasing expansion of telehealth services, and increasing investments in the digitalization of the healthcare industry.

The growing adoption of the Internet of Things (IoT) in medical devices describes the network of medical devices connected to share data. This adoption can increase the data generated in healthcare organizations, increasing the demand for edge computing solutions for analyzing data more efficiently and improving patient care, which will drive the market during the forecast period.

For instance, according to an article published in the Internet of Things Journal in July 2023, the emergence of IoT provides huge opportunities in the healthcare field. When it comes to telemonitoring patients, IoT is expected to be crucial in healthcare facilities and, more significantly, patients’ own homes. The deployment of IoT in remote health monitoring also has enormous potential for improving healthcare service quality and lowering costs via early detection and prevention of illnesses and other potentially dangerous conditions.

Hence, due to the various advantages offered by IoT to healthcare providers, its adoption is expected to increase, which ultimately increases the utilization of edge computing technologies for the processing of data and will drive the market during the forecast period.

Moreover, the increasing strategic activities, such as new software launches and acquisitions, will increase the accessibility and affordability of edge computing technologies, which will drive the market during the forecast period. For instance, in February 2024, Intel reported the launch of the new Edge Platform, an open software platform enabling healthcare to develop, deploy, run, secure, and manage edge and AI applications at scale in the organization with cloud-like simplicity. Hence, the launch of such solutions will increase the accessibility of edge technologies and accelerate the market during the forecast period.

Also, the increasing digitalization of healthcare increases the efficient adoption of edge computing solutions to patient care, which will drive the market during the forecast period. For instance, according to an article published in January 2024, the UK government recognizes that health systems must embrace new “ways of working,” which include the scaled adoption of digital technologies, AI, edge computing, and a preventative approach to healthcare. Hence, the increasing digitalization of healthcare is expected to drive the market during the forecast period.

In conclusion, the increasing adoption of the Internet of Things (IoT) medical devices, growing investments in the digitalization of the healthcare industry, and rising strategic activities such as new edge software launches are expected to drive the market during the forecast period. However, the high cost of deployment and maintenance is expected to restrain the market during the forecast period.