North America to account the largest share of the body area network market during the forecast period

The body area network market is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024; it is expected to grow at a compound annual growth rate (CAGR) of 11.7%. Increased use of smart devices for tracking physical fitness and its availability at low-cost, rapid advancements in medical devices and communication technologies, supportive government and hospital initiatives to promote digital healthcare are some of the driving factors of the market.

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North America to account the largest share of the body area network market during the forecast period

Increasing penetration of smart devices such as smartwatches, fitness trackers, implantable devices; rising prevalence of chronic diseases and lifestyle-related disorders, growing healthcare costs, escalating demand for better healthcare services, and increasing government initiatives to promote digital health records are likely to drive the market growth. Surging penetration of 3G and 4G networks and rising awareness about self-health management are the factors to which growth of body area network market in North America can be attributed.

Key Market Players

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) are among a few major players in the body area network market.

Wearable devices to hold a major share of the body area network market during the forecast period

Wearable devices are expected to lead the body area network market. This is mainly because of rapid growth in adoption of smartwatches and smart bands in sports and fitness applications across various countries. These devices help users to keep a tab on their activities such steps and calculate the distance covered by walking and running every day. Based on the information gathered through sensors, these fitness tracking devices can calculate and report accurate data on calories that users have burned on each day and also monitors sleep and heart rate. Hence, increasing preference for wearable devices for fitness application drives the growth for body area network market.

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