During the assessment period (2022-2032), the global body area network market is anticipated to expand rapidly at a CAGR of 22.3%, reaching a worth of roughly US$ 229.8 billion in 2032. The two main causes boosting sales of body area network devices are the increased usage of wireless devices to precisely assess a variety of bodily functions and the growing digitization in the healthcare industry.
The digitalization of many outdated procedures and practices has caused a technological revolution in the worldwide healthcare sector. According to Fact.MR, the newest technologies used by healthcare providers to keep up with rising consumer expectations include telehealth, e-health, EHR, and digital health mapping.
The demand for cutting-edge devices and products is rising, which is creating a lot of opportunities for body area network manufacturers. Big data use in the medical industry, combined with IoT, is also driving up demand for cutting-edge solutions and opening up new market prospects for body area network market participants.
Another important factor propelling the body area network market is the increasing emphasis on regularly monitoring crucial body characteristics of athletes and sportspeople. Worldwide, trainers and coaches are searching for even the smallest nuances to improve players’ performance. Because of these reasons, Fact predicts that the use of body area networks in the sports sector will increase during the forecast period. MR.
Another important element pushing sales of body area networks internationally is the drop in semiconductor prices. The cost of many items, including body area network devices, has decreased as a result of falling semiconductor prices over time.
Key Learnings:
- By the end of 2032, the U.S. body area network market is anticipated to reach US$ 88 billion.
- Technology-wise, Bluetooth is predicted to maintain its lead and will increase at a CAGR of 24.3% during the assessment.
- From 2022 to 2032, the Japan body area network market is anticipated to grow at a rate of roughly 22.3%.
- The body area network market is expected to grow at a CAGR of 20.8% in the U.K.
- According to projections, the body area network markets in South Korea and China would grow by 23,3% and 24,7%, respectively, from 2022 to 2032.
Competitive Environment:
To increase their market share, the majority of the top players in the body area network market are focusing on releasing novel products. To provide customers more for their money, producers are concentrating on extending battery life and lowering the cost of their goods.
For example,
- Garmin released Enduro 2, which has a 40% longer battery life than the first model, in August 2022. The new model also has the brightest flashlight and several other features that might assist athletes in better tracking their performance.
- In August 2022, the $60 EufyHome Smart Scale P2 Pro was released on the market.
Key Companies Profiled by Fact.MR: Telefonica SA, Bluetooth SIG, Jawbone Inc., General Electric Company (GE), IBM Corporation, Ericsson AB, Fujitsu Limited, Abbott Laboratories, Intel Corporation, Renesas Electronics Corporation, ST Microelectronics
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