Body Area Network Market Opportunities, Business Size with Expansion Plans Forecast To 2024
The Body Area Network Market is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024; it is expected to grow at a compound annual growth rate (CAGR) of 11.7%. Increased use of smart devices for tracking physical fitness and its availability at low-cost, rapid advancements in medical devices and communication technologies, supportive government and hospital initiatives to promote digital healthcare are some of the driving factors of the market.
Key Players:
Apple Inc. (US), Fitbit (US), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (US), Fossil Group, Inc. (US), Xiaomi Corporation (China), Huawei Technologies Co., Ltd. (China), Casio Computer Co., Ltd. (Japan), LG Electronics Inc. (South Korea), Medtronic plc (US), Bragi (Germany), Polar Electro Oy (Finland), Mobvoi Information Technology Company Limited (China), GOQii (US), Suunto Oy (Finland), Withings (France), AsusTek Computer Inc. (Taiwan), Abbott Laboratories (US), Huami Corporation (China), and Matrix Industries (US) are among a few major players in the body area network market.
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Wearable devices to hold a major share of the body area network market during the forecast period
Due to their capacity to measure and monitor a variety of physiological and physical indicators, including heart rate, sleep patterns, and levels of physical activity, wearable technology has grown in popularity in recent years. The market for wearable devices has expanded quickly as a result, and new technologies are being developed to enhance their functionality.
Body area networks, often referred to as body sensor networks, are networks of wearable gadgets connected to create a single system for data collection and transmission. Body area networks are increasingly being employed in the healthcare industry, where they are used to monitor patients with long-term illnesses like heart disease, diabetes, and sleep apnea. Additionally, body area networks are utilised in the sports and fitness industry to track athletic performance and track levels of physical activity.
During the projected period, the body area network market is expected to develop because to the rising popularity of wearable technologies and technological advancements. Body area network demand is anticipated to rise in the healthcare and sports and fitness industries as a result of this expansion, which is anticipated to lead to the creation of new applications and use cases for these technologies.
In conclusion, it is anticipated that wearable technology will significantly contribute to the expansion of the body area network market over the course of the forecast period as they develop further and become capable of satisfying consumer demands in the healthcare and sports and fitness industries.
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Medical, fitness, & sports application to grow at the highest CAGR during the forecast period for body area network market
In the healthcare industry, body area networks are being used more and more for remote patient monitoring, disease management, and rehabilitation. Wearable technology, such as fitness trackers and smartwatches, can gather and communicate patient health information to healthcare professionals, enabling them to monitor patient health remotely and alter treatment regimens as necessary.
Body area networks are being utilised in the fitness and sports industries to track athletic performance, track levels of physical activity, and give users real-time feedback. Athletes and fitness aficionados can track their progress and enhance their performance with wearable technology, such as fitness trackers, smartwatches, and smart clothes, which can provide data on heart rate, calorie burn, and distance walked, among other factors.
During the projected period, the body area network market is anticipated to expand due to the rising demand for wearable technologies in the healthcare, fitness, and sports industries as well as technological advancements. This is anticipated to lead to the creation of brand-new, cutting-edge goods, services, and software in various industries, increasing demand for body area networks.
In conclusion, due to wearable technology's continued advancement and capacity to satisfy consumer demands in these industries, the medical, fitness, and sports applications are anticipated to enjoy the body area network market's highest development throughout the projected period.
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North America to exhibit the largest market share for body area network through the course of the forecast period
The region's wearable device industry has grown as a result of the developed healthcare system and sizable consumer market in North America. During the projected period, the body area network market in North America is anticipated to increase due to the rising popularity of wearable technologies and technological advancements.
Additionally, the body area network and wearable device industries are dominated by a few of top North American businesses that have made significant investments in R&D to produce cutting-edge goods and services. Because of this, North America has become a market leader for body area networks and is predicted to continue to do so in the years to come.
The body area network market in North America is anticipated to develop as a result of the rising demand for wearable technology in the healthcare, fitness, and sports industries as well as the increased use of body area networks for remote patient monitoring and tracking athletic performance.
Due to its established healthcare system, sizable consumer market, and leadership in the wearable device and body area network markets, North America is anticipated to hold the biggest market share for the body area network market throughout the projection period.
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