Major players in the IoT healthcare market include Medtronic, Koninklijke Philips N.V., Cisco Systems, IBM and GE Healthcare.
The Internet of Things (IoT) in healthcare market is expected to reach USD 1951.1 Billion in annual worldwide revenue by 2028, growing with an estimated CAGR of 42 percent during the period, according to a report by Research for Markets.
The main market drivers as identified by the research firm include implementation of IoT solutions for reduced cost of care, evolution of artificial intelligence technology and increasing penetration of connected devices in healthcare.
The IoT healthcare market is expected to grow significantly over the forecast period due to the following reasons:
- technological advances
- increased incidence of chronic diseases
- increased demand for cost-effective treatment and disease management
- improved high-speed accessibility and internet
- enforcement of regulatory policies and
- collaboration between top IT companies and medical specialists.
The major players in the IoT healthcare market are Medtronic, Koninklijke Philips N.V., Cisco Systems, IBM, GE Healthcare, Microsoft Corporation, SAP, Apple, Google, Qualcomm Life Inc., Proteus Digital Health, St. Jude Medical Inc. and Honeywell Life Care Solutions
