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 record a compound annual growth rate (CAGR) of 11.7%. Increased use of smart devices for tracking physical fitness and its availability at low-cost are major driving factors of the market. Utilization of advanced technologies to reduce the growing healthcare expenditure and adoption of IoT in healthcare applications provide an opportunity for 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
Wearable devices are expected to lead the Body Area Network Market. This is mainly because of rapid growth in adoption of smartwatches and smart bands in sports and fitness applications across various countries. These devices help users to keep a tab on their activities such steps and calculate the distance covered by walking and running every day. Based on the information gathered through sensors, these fitness tracking devices can calculate and report accurate data on calories that users have burned on each day and also monitors sleep and heart rate. Hence, increasing preference for wearable devices for fitness application drives the growth for Body Area Network Market.
Medical, Fitness, & Sports Application to grow at the highest CAGR during the forecast period for Body Area Network Market
Increasing demand for wearable as well as implantable devices in medical applications such as remote health monitoring, telemedicine, and assisted living, while the popularity of wearable devices for fitness, & sports applications are some of the major factors affecting the growth of the market. Also, the availability of a wide range of these wearable devices at an affordable cost supports market growth.
North America to exhibit the largest market share for Body Area Network through the course of the forecast period
Factors such as increasing penetration of smart devices such as smartwatches, fitness trackers, implantable devices; rising prevalence of chronic diseases and lifestyle-related disorders, growing healthcare costs, and escalating demand for better healthcare services drives the growth of body area network market in North America. Apple, Fitbit, Garmin, Fossil, and Medtronic are among the major players of the Body Area Network Market in North America.
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