Market Scenario
As per the reports by Market Research Future Reports (MRFR), the Global Body Area Network Market is estimated to expand from USD 9.09 Billion in 2018 to USD 21 Billion by 2025, at an expanding CAGR of 21% during the review period from 2019 to 2025. The unique selling point of the global body area network market is the development of wireless communication. An increase in the usage of smart devices for identifying physical fitness and its availability at a cheaper price, robust developments in medical equipment and communicative technology, supportive hospital and governments initiatives to educate people about digital healthcare are some of the most crucial factors affecting the global body area network market 2020.
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Body area network is a short-range wireless network that consists of equipment stationed in, on, and around the body that can be communicated and connected. It is a kind of personal network that utilizes implanted and wearable electronic circuits. It deploys extremely useful functions and capabilities inconvenient and inconspicuous configurations that operate at very low power and deliver superior security. Body area network applications are in several fields like in the military where it is utilized to regulate the physical locations of field personnel. The important signs of solider’s can be traced similar to healthcare patients as part of regulating their physical well-being.
Segments:
The Body Area Network Market has been segmented based on device, application, and region.
Key Players:
The Key Players in the Body Area Network Market are Apple Inc.(US), Fitbit (US), Samsung Electronics Co., Ltd (South Korea), Garmin Ltd. (US), Fossil Group, Inc. (US), Xiaomi Corporation (China), Huawei Technologies Co., Ltd. (China), Casio Computer Co., Ltd. (Japan), LG Electronics Inc. (South Korea), Medtronic plc (US), Bragi (Germany), Polar Electro Oy (Finland), Mobvoi Information Technology Company Limited (China), GOQii (US), Suunto Oy (Finland), Withings (France), AsusTek Computer Inc. (Taiwan), Abbott Laboratories (US), Huami Corporation (China), and Matrix Industries (US), Sony Corporation (Japan).
Regional Analysis:
The global body area network market is projected to grow at a significant rate during the forecast period from 2019 to 2025. The geographic analysis of the global body area network market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and Central and South America.
North America is dominating the market owing to a surge in the adoption of various smart devices including fitness trackers, smartwatches, implantable devices among others. Also, the rate of chronic diseases and growing healthcare costs are boosting the growth of the body area network market in North America. Furthermore, Asia-Pacific is expected to be the fastest-growing region during the forecast period owing to growing initiatives by the government to promote curation in the form of digital health records. Also, the demand for better health-related services is expected to fuel the growth of the market in the coming years. The Middle East and Africa region is expected to show significant growth during the forecast period.
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