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
According to MarketsandMarkets, the global body area network market (BAN) is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024, at a CAGR of 11.7%. Major factors driving the growth of the body area network market include the increased use of smart devices for tracking physical fitness, rapid advancements in medical devices and communication technologies, supportive government & hospital initiatives to promote digital healthcare, and easy availability of low-cost fitness-tracking gadgets.
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Body area network market for medical, fitness, and sports application to account for the largest share during 2019 and 2024. Wearable devices, such as smartwatches and smart bands, are mainly used to track and analyze fitness, health monitoring, or sports-specific movements. Body area network devices are adopted in various countries for medical applications such as telemedicine, remote patient monitoring, and assisted living. As these devices are used majorly in medical, fitness, and sports applications, the market for this application is expected to witness significant growth in the coming years.
The body area network market for application processors and memory modules is expected to capture the largest market share and is likely to witness a higher CAGR during the forecast period. Application processors are embedded with high-resolution analog-to-digital converters (ADCs) and are suitable for measuring weak biomedical signals, such as pulse wave and electrocardiogram (ECG). Since these processors are an important part in wearables, there has been a rising need for advanced processors having strong processing capabilities. Also increasing multimedia features in wearable devices and requirement to store a large volume of data monitored by sensors are driving the need for additional internal memory.
In terms of geographic coverage, the body area network market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of World (RoW). North America is expected to continue to lead the body area network market during 2019–2024. North America includes countries such as the US, Canada, and Mexico. The body area network market in APAC is expected to grow at the highest CAGR from 2019 to 2024. The growing adoption of wearable devices and other medical devices, along with remote patient monitoring systems and assisted living solutions drives the market in North America. Presence of leading players in the body area network market such as Apple, Fitbit, Garmin, Fossil, and Medtronic also provides an opportunity in this region.