According to a new report published by Allied Market Research, titled, “Body Area Network Market by Device Type, Component, Connectivity, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global body area network market size was valued at $10.29 billion in 2020, and is projected to reach $30.24 billion by 2030, registering a CAGR of 11.6%. Asia-Pacific is expected to be the leading contributor toward the market during the forecast period, followed by Europe and LAMEA.
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The key players profiled in the report include 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., and Xiaomi Corporation. These players have adopted various strategies, such as collaboration, product expansion, and product launch, to strengthen their foothold in the body area network industry.
The growth of the global body area network market share is anticipated to be driven by factors such as increase in use of smart devices for tracking physical fitness, and rapid developments in medical devices & communication technologies. In addition, surge in government support and rise in sales of smartwatches and smart bands boost the overall market growth. However, concerns in regards to security and privacy act as major restraints of the global body area network industry. On the contrary, high demand from Asia-Pacific region, is expected to create lucrative opportunities for the body area network industry.
Moreover, developing nations tend to witness high penetration of body area network products, especially in the healthcare sector, which is anticipated to augment the market growth. Further, increased penetration of AI in healthcare industry accelerates the market growth.
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The body area network market share 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 have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed for the maximum revenue in 2020. However, between 2020 and 2030, the market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging countries such as India, China, Japan, Taiwan, and South Korea.
Key Findings of the Study
By device type, the wearable devices segment is projected to be the major application, followed by implantable devices.
By connectivity, the Bluetooth segment generated the highest revenue in 2020. However, the ZigBee segment is expected to witness the highest growth rate in the near future.
By region, Asia-Pacific and North America collectively accounted for more than 58% of the body area network market share in 2020.
By region, India is anticipated to witness the highest growth rate during the forecast period.
By region, U.S. was the major shareholder in the North America body area network market, accounting for approximately 53% share in 2020.
By region, the body area network market share was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.