Bluetooth Technology to Remain Highly Sought-After in Body Area Network Market, Registering 24.3% CAGR
Fact.MR, in its latest study, provides in-depth insights into the global body area network market for the upcoming decade. The report also offers in-depth analysis of drivers, opportunities, and challenges encouraging sales of body area network across segments within the market including technology, devices, end use industry, and regions.
NEW YORK, April 18, 2022 /PRNewswire/ -- A Market Research and Competitive Intelligence Provider: Total sales in the body area network market are projected to reach a valuation of US$ 229.8 Bn by the end of 2032. As per the study, the global body area network market is slated to witness growth at a CAGR of 22.3%.
Growing demand for continuous monitoring of vital parameters in asthmatic, diabetic, and heart attack survivors is underpinning the need for body area network solutions. Consequently, high prevalence of chronic diseases is anticipated to bolster the adoption of body area network solutions among patients.
Additionally, increasing reliability on the data obtained through body area network as first-hand information will continue boosting applications in the healthcare sector in the forthcoming years.
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Adoption of body area network in private hospitals and government organizations is surging due to the drop in the prices of communicable devices and wearable electronics.
Also, expansion of telecommunication industry in low-income countries is encouraging the integration of 5G technology and advanced network spectrums. This is expected to enhance the network connectivity in body area network devices, thereby creating opportunities for growth for body area network manufacturers.
Apart from this, to cater to the growing need for body area network, manufacturers are improving their product line by integrating advanced technologies such as artificial intelligence (AI), smart sensors, and machine learning.
Report Attributes |
Details |
Base Year Value (2021A) |
US$ 24.6 Bn |
Estimated Year Value (2022E) |
US$ 30.8 Bn |
Projected Year Value (2032F) |
US$ 229.8 Bn |
Global Growth Rate (2022-2032) |
CAGR 22.3% |
Key Takeaways:
- Based on technology, the Bluetooth segment is expected to exhibit growth at a CAGR of 24.3% during the forecast period.
- Sales of body area network in China are expected to increase at a 24.7% CAGR through 2032.
- By end use industry, the healthcare segment is projected to exhibit the fastest growth through 2032.
- Based on devices, wearable segment is expected to dominate the market on the back of increasing demand for real-time data and constant health monitoring.
- The U.S. body area network market is projected to reach US$ 88 Bn over the assessment period.
Growth Drivers:
- Adoption of 5G technology and other advanced network spectrums is increasing reliability of online services, which, in turn, will create a conducive environment for market players.
- Increasing utilization of data transfer technologies such as body area network for remotely monitoring health parameters will fuel the growth in the market.
Restraints:
- Data security problems in developing countries are projected to hinder sales in the market.
- The constraints associated with the use of other electronic gadgets might restrain its demand in the coming years.
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Competitive Landscape:
Key players operating in the global body area network market are focusing on expanding their product portfolios to cater to the growing demand for wireless solutions in the healthcare sector. Meanwhile, some manufacturers are investing in business strategies including collaborations, mergers, partnerships, and joint ventures to gain a competitive edge.
For instance,
- In 2022, Bluetooth SIG is finalizing on the development of LE Audio which will help develop Bluetooth hearing aids to provide all Bluetooth audio-related benefits to the individuals with hearing loss. In the next 5 years, new phones and TVs will be made available for the users with hearing aids.
- April 2019: The Garmin Co. developed four new watches including 45, 45S, 245, 245 Music, and 945. These products were added to its Forerunner series
Key Companies Profiled by Fact.MR
- Fujitsu Limited
- Abbott Laboratories
- Intel Corporation
- Ericsson AB
- ST Microelectronics
- Telefonica SA
- Bluetooth SIG
- Renesas Electronics Corporation
- IBM Corporation
- Jawbone Inc.
- General Electric Company (GE)
More Valuable Insights on Body Area Network Market
Fact.MR in its latest study offers a comprehensive analysis on the global body area network market. It also provides key information such as latest trends, drivers, and challenges factors that are expected to influence sales of body are network during the forecast period of 2022 to 2032. It also uncovers critical forecast data for the body area network market through detailed segmentation as follows:
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 Report
- Who are the leading players in the body area network market?
- Which region is anticipated to dominate the global body area network market during 2022-2032?
- What is the expected value of body area network market in 2022?
- Which are the challenges faced in the body area network market?
- What will be the market size of global body area network market during the forecast period (2022-2032)?
- At what rate will the global body area network market grow until 2032?
Explore Fact.MR's Coverage on the Technology Domain
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