The global market for body area network will likely clock a robust CAGR of 24.7% from 2017 to 2025. Expanding at this pace, the market is expected to become worth US$62,120.9 mn by 2025 end.
New research report offers a comprehensive analysis of the “Body Area Network Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Global Body Area Network Market: Snapshot
The global market for body area network is primed for dramatic growth in the next couple of years on the back of their rising applications in various fields. Currently, they are seeing swift uptake in the domain of healthcare where the real time data on patients they churn out provide useful tools for doctors to accurately diagnose patients.
Sports and military are other domains where they are finding new breakthrough uses for monitoring the performance of sportspersons or tracking the position and physical condition of military personnel.
According to market research firm Transparency Market Research, the global market for body area network will likely clock a robust CAGR of 24.7% from 2017 to 2025. Expanding at this pace, the market is expected to become worth US$62,120.9 mn by 2025.
Wearable Body Area Network Account for Maximum Share Due to Swift Sales of Smart Watches
Some of the key technologies leveraged in body area network are Bluetooth, ZigBee, Wi-Fi, and other communication technologies such as IEEE 802.15.6, mobile networks, Ultra Wideband (UWB), Zarlink technology, ANT protocol, Rubee active wireless protocol, Bluetooth Low Energy,. Of them, the technology of ZigBee is expected to see maximum uptake, particularly in North America and Europe.
There are two types of devices in the global body area network market – wearable devices and implant devices. Of the two, the segment of wearable devices accounts for a greater share in the market.
Over the course of the forecast period, the segment is expected register a double digit CAGR. This is because of the soaring popularity and subsequent sales of smart watches and wrist watches, which are wearable devices used in body area networks.
This, is turn, is because of the increasing disposable incomes of people. Main components of wearable devices used in body area network are sensors and microcontrollers.
The sensors gauge the different parameters of the functioning of the human body such as heart beats, temperature,.
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Crowd-funding for Product Development Majorly Promotes North America Market
Geographically, the prominent segments of the global market for body area network are South America, North America, Europe, Asia Pacific, and the Middle East and Africa. Of them, North America is a dominant market which currently accounts for maximum wearable body area network devices in the entire world.
Canada is at the forefront of driving the North America market. The market in the region has been primarily bolstered by crowd-funding channeled into development of such cutting-edge devices.
Some of the notable platforms for crowd-funding in the region are Kickstarter, Indiegogo,. The market in North America is expected to become worth US$25.39 bn by 2025.
Asia Pacific is another key market for body area network powered primarily by China. South Korea, Japan, and India are other countries that play a pivotal role in driving the growth in the region.
The large population of millennial in rapidly developing economies of Asia Pacific are primarily serving to boost demand. Japan, with a massive elderly population, is also generating demand for body area network on account of their use in remote patient monitoring and self-monitoring.
The overall Asia Pacific market is expected to surpass all other regions in terms of growth rate by registering a CAGR of 26.2%.
Some of the prominent participants in the global market for body area network are Fujitsu Limited, Intel Corporation, Renesas Electronics Corporation, Abbott Laboratories, Ericsson Ab, Telefonica SA, IBM Corporation, Jawbone Inc, Bluetooth SIG, General Electric Company (GE), and ST Microelectronics.
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