The Worldwide Body Area Network Industry is Expected to Reach $30.24 Billion by 2030 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Body Area Network Market by Device Type, Component, Connectivity and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global body area network market was valued at $10.29 billion in 2020, and is projected to reach $30.24 billion by 2030, registering a CAGR of 11.6% from 2021 to 2030.
A body area network connects independent nodes, which includes actuators and sensors, which are located on the body or inside human body. The body area network expands over the entire human body and the nodes are connected over a wireless communication channel. It can be widely used in applications such as remote health monitoring, sports, home/health care, and medicine.
Increase in use of smart devices for tracking physical fitness, rapid developments in medical devices & communication technologies, surge in government support, and rise in sales of smartwatches and smart bands boost the growth of the body area network market. However, concerns in regards to security and privacy limit the market growth. On the contrary, high demand from Asia-Pacific region, is expected to create lucrative opportunities for the body area network industry.
The body area network market is segmented into device type, component, connectivity, end user, and region. By device type, the market is bifurcated into implantable devices and wearable devices. By component, it is categorized into processors, memory modules, displays, sensors, electromechanicals, communication & interface components, and others. The connectivity covered in the study includes Bluetooth, Wi-Fi, ZigBee, and others. On the basis of end user, the market is fragmented into healthcare, sports, fitness, and others. Region-wise, the body area network market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
- Surge in health awareness among the consumers
- Increased penetration of AI in healthcare industry
- Advancement of IoT and integration of wireless technology
- High initial cost of body area network devices
- Rise in investment on building connected ecosystem
- Apple Inc.
- Fitbit, Inc.
- Fossil Group, Inc.
- Garmin Ltd.
- Google LLC (Alphabet Inc.)
- Huawei Technologies Co., Ltd.
- Samsung Electronics Co., Ltd.
- Sensoria Inc.
- TomTom International B.V.
- Xiaomi Corporation
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