The Body Area Network Market is anticipated to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024, at a compound annual growth rate (CAGR) of 11.7%, according to 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." Major market drivers include the rising popularity of smart gadgets for tracking physical fitness and their affordable availability.
IoT use in healthcare applications and the use of innovative technology to cut down on rising healthcare costs present market opportunities.
During the anticipated time, wearable technology will account for a large portion of the Body Area Network Market.
The Body Area Network Market is anticipated to be dominated by wearable technology. This is mostly due to the quick increase in smartwatch and smart band adoption for sports and fitness applications across numerous nations.
These gadgets assist users in tracking their daily activities, such as steps and distance travelled while walking and jogging. These fitness monitoring devices can compute and provide accurate information on the number of calories users have expended each day based on data collected by sensors. They can also monitor sleep and heart rate.
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Thus, rising interest in wearable technology for fitness applications fuels the development of the Body Area Network Market.
The Body Area Network Market's forecast period anticipates the highest CAGR for the medical, fitness, and sports applications.
One of the main reasons influencing the growth of the market is the rising demand for wearable and implanted devices in medical applications including remote health monitoring, telemedicine, and assisted living, as well as the popularity of wearable devices for fitness and sports applications. The market is growing since a variety of these wearable technology products are available at reasonable prices.
Throughout the forecast period, North America will hold the greatest market share for Body Area Networks.
The Body Area Network Market is expanding in North America due to factors such as rising healthcare expenditures, escalating need for better healthcare services, and increasing penetration of smart devices like as smartwatches, fitness trackers, and implanted devices. Among the top companies operating in the Body Area Network Market in North America are Apple, Fitbit, Garmin, Fossil, and Medtronic.
Apple Inc., Fitbit, Samsung Electronics Co., Ltd., Garmin Ltd., Fossil Group, Inc., Xiaomi Corporation, Huawei Technologies Co., Ltd., Casio Computer Co., Ltd., LG Electronics Inc., Medtronic plc, Bragi, Germany, Polar Electro Oy, Mobvoi Information Technology Company Limited, GOQii, Suunto Oy, Withings, Abbott Laboratories, AsusTek Computer Inc., Taiwan.
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