Yahoo Finance Body Area Network Market to Exceed US$ 229.8 Billion by 2032 Amid Rapid Expansion of MedTech Industry with Digitization; States Fact.MR
The body area network market analysis offered by Fact.MR scrutinizes key growth factors that are impacting sales in the market. The report provides in-depth insights covering key factors such as drivers, opportunities, key players' strategies, and demand outlook. In addition to this, the study analyzes latest trends across various segments such as technology, devices, end use industry, and region.
Dublin, Ireland, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global body area network market is likely to grow at a robust CAGR of 22.3% during the assessment period (2022-2032), thereby reaching a valuation of nearly US$ 229.8 Billion in 2032. Growing use of wireless devices to accurately measure various body functions and increasing digitization in the healthcare sector are the key factors driving sales of body area network devices.
The global healthcare industry is going through a technological revolution as many old processes and methods are being replaced by digitization. Telehealth, e-health, EHR, and digital health mapping are some of the latest technologies adopted by healthcare providers to keep in sync with growing consumer expectations, opines Fact.MR.
The growing MedTech industry is creating numerous opportunities for body area network manufacturers as demand for innovative devices and products is increasing. Use of big data in medical field along with IoT is also creating high demand for cutting-edge products, thereby creating new opportunities for body area network market players.
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Growing focus on consistently tracking vital body parameters of athletes and sportspersons is another key driver of the body area network market. Coaches and fitness staff all over the globe are looking for minutest details to boost performance of athletes. Owing to these factors, use of body area networks in the sports industry is expected to grow during the forecast period, opines Fact.MR.
Decreasing price of semiconductors is another key factor driving sales of body area networks globally. Semiconductor prices have declined over the years and this has resulted in lower prices of various products, including body area network devices.
Key Takeaways:
The U.S. body area network market is likely to reach US$ 88 Billion by end of 2032.
By technology, Bluetooth is likely to remain at the forefront and is expected to grow at 24.3% CAGR during the assessment period.
Japan body area network market is set to exhibit about 22.3% CAGR from 2022 to 2032.
The U.K. is anticipated to showcase a CAGR of 20.8% in the body area network market.
South Korea and China body area network markets are projected to exhibit 23.3% and 24.7%, respectively in 2022 to 2032.
Growth Drivers:
Growing geriatric population around the globe is creating high demand for accurate and reliable devices like body area networks that can predict and prevent strokes.
Digitization of the healthcare industry with rising focus on improving patient care is likely to augur well for the body area network market.
Restraints:
Low awareness regarding the benefits of body area networks in emerging countries continues to be a key restraint for manufacturers.
As efficient working of body area networks requires stable network connectivity, lack of internet connection in rural areas may hinder growth.
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Competitive Landscape:
Innovation is the buzzword in the body area network market and the majority of key players are focusing on launching innovative products to boost their share. Manufacturers are also focusing on increasing the battery life and reducing the price of their products to provide better value for money to consumers.
For instance,
In Aug 2022, Garmin launched Enduro 2, which has 40% longer battery life than its original model. The new model is also equipped with the brightest flashlight and various features that can help athletes in monitoring their performance in a better way.
EufyHome Smart Scale P2 Pro was launched in the market in August 2022 for a low price of $60.
Key Companies Profiled by Fact.MR
Telefonica SA
Bluetooth SIG
Jawbone Inc.
General Electric Company (GE)
IBM Corporation
Ericsson AB
Fujitsu Linited
Abbott Laboratories
Intel Corporation
Renesas Electronics Corporation
ST Microelectronics
More Valuable Insights on Body Area Network Market
In the latest study, Fact.MR offers a detailed study on global body area network market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of body area network with analysis across below segments:
By Technology:
Bluetooth
Wi-Fi
Zigbee
Others
By Devices:
Wearable Devices
Implant Devices
By End Use Industry:
Healthcare
Sports
Others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)
Key Questions Covered in the Body Area Network Market:
What is the projected value of the body area network market in 2022?
At what rate will the global body area network market grow until 2032?
Which are the factors hampering the growth in the body area network market?
Which region is expected to lead in the global body area network market during 2022-2032?
Which are the factors driving the body area network market during the forecast period?
What is the expected market value of the body area network market during the forecast period?
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