“Surge in health awareness among the consumers, rise in penetration of AI in healthcare industry, and advancement of IoT and integration of wireless technology drive the growth of the global body area network market. However, the outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure electronics and semiconductor industries, thereby adversely affected the body area network market.”
According to the report published by Allied Market Research, the global body area network market generated $10.29 billion in 2020, and is projected to reach $30.24 billion by 2030, witnessing a CAGR of 11.6% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in health awareness among the consumers, rise in penetration of AI in healthcare industry, and advancement of IoT and integration of wireless technology drive the growth of the global body area network market. However, high initial cost of body area network devices restrains the market to some extent. On the other hand, rise in investment on building connected ecosystem presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of the electronics and semiconductor industries, thereby adversely affecting the body area network market.
- It further disrupted the supply chain, leading to difficulties in the supply of raw materials and finished goods. This, in turn, impacted the market demand negatively and reduced sales in the manner.
The report offers detailed segmentation of the global body area network market based on components, connectivity, device type, end user, and region.
Based on device type, the wearable devices segment held the highest market share in 2020, holding around four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 11.8% from 2021 to 2030.
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Based on components, the sensors segment held the largest market share in 2020, holding one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 13.8% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the global body area network market, and is estimated to continue its dominant share by 2030. However, Asia-Pacific region is projected to manifest the fastest CAGR of 13.5% during the forecast period.
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Leading players of the global body area network market analyzed in the research 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.
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