$15.8 Billion Body Area Network (Wearable, Implantable) Markets, 2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Sep 11, 2019--
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.
- Increased Use of Smart Devices for Tracking Physical Fitness
- Rapid Advancements in Medical Devices and Communication Technologies
- Supportive Government and Hospital Initiatives to Promote Digital Healthcare
- Easy Availability of Low-Cost Fitness-Tracking Gadgets
- Social Refrain Due to the Threat of Invasion of Privacy
- Utilization of Advanced Technologies to Reduce Constantly Increasing Healthcare Expenditure
- Adoption of IoT in Healthcare Applications
- Securing Huge Volumes of Sensitive Data
- Abbott Laboratories
- Huami Corporation
- LG Electronics
- Matrix Industries
- Polar Electro
For more information about this report visit https://www.researchandmarkets.com/r/mgewjk
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SOURCE: Research and Markets
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PUB: 09/11/2019 06:18 AM/DISC: 09/11/2019 06:18 AM