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Global Body Area Network Market Forecast to 2024: Increasing Importance of Remote Health Monitoring is Generating Growth Opportunities

DUBLIN, Sept. 11, 2019 /PRNewswire/ -- The "Body Area Network Market by Device Type (Wearable, Implantable), Component (Displays, Application Processors, Memory, Electromechanicals, Interfaces, Sensors), Application (Medical, Fitness & Sports, Security, Military), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The body area network (BAN) market is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024, recording a CAGR of 11.7%.

The body area network market is driven by various factors, such as the increased use of smart devices for tracking physical fitness, rapid advancements in medical devices, and promotion of digital healthcare through supportive government & hospital initiatives. However, constraints such as security of huge volumes of sensitive data may hinder the growth of the market.

Based on applications, medical, fitness, and sports is likely to be the fastest-growing application during 2019-2024

Body area network has a broad scope of use in medical application. The increasing importance of remote health monitoring is generating a vast growth opportunity for players in the body area network market. The information gathered from body sensors can be processed to obtain reliable and accurate physiological estimations that allow distant doctors to offer real-time opinions on the medical diagnosis and precise prescription.

Also, the features of smart devices such as monitoring of parameters which includes sleep, calories burnt, heart rate, fall detection, and blood pressure along with activity tracking such as walking, running, swimming, and strength training are propelling the body area network market. Therefore, the demand for medical, fitness, and sports applications is expected to hold a major share of the market by 2024.

APAC to record the highest growth rate in the body area network market during the forecast period

APAC is likely to be the fastest-growing region for the body area network market in the coming years. Leading players offering wearable devices such as Samsung (South Korea), Huawei (Japan), LG (South Korea), and Xiaomi (China) are based in APAC. Rising healthcare costs, increasing error occurrence, and growing demand for better healthcare services have made it imperative for healthcare organizations to integrate medical devices and medical diagnosis apps in APAC.

Body area network market in China contributes largely to the APAC market and is likely to grow at the highest CAGR in APAC during the forecast period. Significant rise in the healthcare expenditure of China, increasing rate of population aging, and collaborative initiatives by the Chinese government and industry players are the factors that drive the body area network market in China. Other countries that show significant growth in APAC are Japan and South Korea.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Body Area Network Market
4.2 Body Area Network Market, By Component and Region
4.3 Country-Wise Body Area Network Market Growth Rate

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Use of Smart Devices for Tracking Physical Fitness
5.2.1.2 Rapid Advancements in Medical Devices and Communication Technologies
5.2.1.3 Supportive Government and Hospital Initiatives to Promote Digital Healthcare
5.2.1.4 Easy Availability of Low-Cost Fitness-Tracking Gadgets
5.2.2 Restraints
5.2.2.1 Social Refrain Due to the Threat of Invasion of Privacy
5.2.3 Opportunities
5.2.3.1 Utilization of Advanced Technologies to Reduce Constantly Increasing Healthcare Expenditure
5.2.3.2 Adoption of IoT in Healthcare Applications
5.2.4 Challenges
5.2.4.1 Securing Huge Volumes of Sensitive Data

6 Body Area Network Market, By Device Type
6.1 Introduction
6.2 Wearable Devices
6.2.1 Smart Bands
6.2.1.1 Rising Awareness About Fitness Monitoring Among Users Accelerating Demand for Smart Bands
6.2.2 Smartwatches
6.2.2.1 Growing Importance of Monitoring Health Parameters Encouraging Users to Adopt Smartwatches
6.2.3 Smart Earphones
6.2.3.1 Rapid Innovations in Designing Smart Earphones for Fitness and Health Monitoring Surge Adoption of Smart Earphones
6.3 Implantable Devices
6.3.1 Advances in Medical Applications and Communication Technologies Propel Market Growth

7 Body Area Network Market, By Component
7.1 Introduction
7.2 Displays
7.2.1 OLED Displays Gaining Traction for Smart Bands and Smartwatches
7.3 Application Processors and Memory Modules, and Pulse Generators
7.3.1 Application Processors and Memory Modules, and Pulse Generators Likely to Continue to Command Ban Market
7.4 Electromechanicals
7.4.1 Necessity of Electromechanical Components to Ensure Support and Rigidity of Complete Device
7.5 Communication and Interface Components
7.5.1 Importance of Communication and Interface Components to Transmit Data to Different Devices
7.6 Power Management Units
7.6.1 Implementation of Advanced Power Management Components to Meet Rising Demand of End Users for Enhanced Battery Life
7.7 Sensors
7.7.1 Utilization of Sensors to Monitor Different Health Parameters Including Heart Rate and Body Temperature
7.8 Others

8 Body Area Network Market, By Application
8.1 Introduction
8.2 Medical, Fitness, and Sports Application
8.2.1 Medical
8.2.1.1 Increasing Importance of Remote Health Monitoring Generating Huge Opportunity for Players in Ban Market
8.2.2 Fitness
8.2.2.1 Rising Health Awareness and Availability of Low-Cost Smart Bands Boosting Ban Market Growth
8.2.3 Sports
8.2.3.1 Growing Adoption of Wearable Technology in Sports Offers Lucrative Growth Opportunities for Ban Market
8.3 Security
8.3.1 Technological Advancements in Smartwatches Enable Its Use for Security Applications
8.4 Military
8.4.1 Body Area Network Devices Used for Monitoring Health Parameters of Soldiers

9 Geographic Analysis

Company Profiles

Key Players

  • Apple
  • Fitbit
  • Samsung
  • Garmin
  • Fossil
  • Casio
  • Huawei
  • LG Electronics
  • Medtronic
  • Xiaomi

Other Key Players

  • Abbott Laboratories
  • Asus
  • Bragi
  • Goqii
  • Huami Corporation
  • Matrix Industries
  • Mobvoi
  • Polar Electro
  • Suunto
  • Withings

For more information about this report visit https://www.researchandmarkets.com/r/o1rafr

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