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.
A body area network is a wireless network of wearable computing devices, which are used for a personal safety, health improvement, and sport & leisure applications. These body area network devices can be implanted or surface mounted on the human body in a specific location.
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Asian and European countries under lockdowns have suffered major loss of business and revenue due to shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the body area network market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as production facilities have stalled, which, in turn, boosted the demand for electronics and semiconductor products in the industries. Its major impact includes large manufacturing interruption across Europe and interruption in Chinese parts exports, which may hinder the growth of the body area network market.
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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.
- 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.
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