The report "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", is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 11.7%. Increased use of smart devices for tracking physical fitness and its availability at low-cost are major driving factors of the market. Utilization of advanced technologies to reduce the growing healthcare expenditure and adoption of IoT in healthcare applications provide an opportunity for the market.
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Some of the major application areas of body area network includes medical, fitness, and sports; and security. Medical, fitness, and sports application is expected to hold largest market share and to grow at the highest CAGR during the forecast period. Wearable devices, such as smartwatches and smart bands, used to track sports activities and analyze fitness, while implantable devices are adopted in medical applications. As these devices are majorly used in medical, fitness, and sports applications, the market for this application is expected to witness significant growth in the coming years.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=120804837
Some of the major application areas of body area network includes medical, fitness, and sports; and security. Medical, fitness, and sports application is expected to hold largest market share and to grow at the highest CAGR during the forecast period. Wearable devices, such as smartwatches and smart bands, used to track sports activities and analyze fitness, while implantable devices are adopted in medical applications. As these devices are majorly used in medical, fitness, and sports applications, the market for this application is expected to witness significant growth in the coming years.
Wearable devices would grow at the highest CAGR for body area network market during the forecast period
Wearable devices for body area network mainly includes smart bands, smartwatches, and smart earphones. The rapid adoption of smartwatches and smart bands in sports and fitness applications across various countries is accelerating market growth for wearable devices. Apple, Fitbit, Samsung, Fossil, Garmin, Huawei, and Xiaomi are among the few companies that offer smartwatches and smart bands, while companies such as Bragi and GN Group offers smart earphones.Application processors and memory modules to account for the largest market share during the forecast period
Application processors are used widely in several wearable devices, including activity monitors, smartwatches, and smart wristbands. The use of application processor for combining data from multiple sensors, whether internal or external, where the received information is processed, and then the corrective action is taken. Increasing multimedia features in wearable devices such as smartwatches is accelerating the need for additional internal memory. Such factors contribute to a higher market share of application processors and memory modules in the body area network market.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.About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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