Body Area Network Market: Clear Understanding Of The Competitive Landscape And Key Product SegmentsAccording to a new research report pertaining to the body area network market, published by Transparency Market Research , the global body area network market is expected to reach a value of more than 75,000 Mn by 2027, expanding at a CAGR of nearly 23% from 2019 to 2027. According to the report, the global body area network market would continue to be influenced by a range of macroeconomic and body area network market-specific factors during the forecast period.
Growing Adoption of Remote Health Monitoring Systems and Rising Elderly Population Driving the Global Body Area Network Market
Increasing elderly population across the globe and rising expenses on healthcare are prompting improvements in existing healthcare applications by the introduction of new technologies. This, in turn, is anticipated to drive the demand in the global body area network market in the coming years.
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Providers of healthcare systems and services across the world are working to promote healthy ageing in order to prevent and treat non-communicable diseases and chronic conditions, and expand access to high-quality, long-term, and palliative care.
With the help of body area network technologies, healthcare service providers can monitor objects remotely. Recent advancements in microelectronics, telecommunications, data analysis techniques, and sensor manufacturing have opened new avenues for using wearable technology in digital health ecosystems, to achieve a wide range of positive health outcomes. Additionally, with the advent of cloud computing, several wearable sensor systems can now be easily upgraded without the need for users to install a software in their monitoring devices. The rising popularity of wearable healthcare monitoring devices and growing awareness about healthcare monitoring from a remote location are anticipated to boost the global body area network market during the forecast period.
Healthcare Segment to Account for a Prominent Share of the Global Body Area Network Market
The report offers detailed segmentation of the global body area network market in terms of technology (Bluetooth, Wi-Fi, ZigBee, and others), device (wearable devices and implantable devices), and end-use industry (healthcare, sports, and others). The global body area network market has also been segmented based on region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Among the end-use industries, the healthcare segment accounted for a leading share of the global body area network market in 2018. The segment is anticipated to maintain its leading position in the global body area network market during the forecast period as well.
The rising demand for remote health monitoring is adding to the potential consumer base for body area networks. This factor is expected to drive the body area network market during the forecast period.
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North America to be a Highly Lucrative Region in the Global Body Area Network Market
North America is expected to hold a prominent market share of the global body area network market during the forecast period, owing to early penetration of body area networks in this region. Asia Pacific and Europe hold a considerable market share each in the body area network market. On the other hand, these regions are projected to provide highly lucrative opportunities to the body area network market during the forecast period.
Technological advancements and increase in the incidences of cardiovascular and other diseases (such as diabetes and hypertension) are likely to drive the healthcare sector in Asia Pacific during the forecast period. Thus, healthcare research institutes are investing in different emerging technologies, which is expected to offer a new opportunity to providers of BAN components and services in the next few years. Furthermore, the increasing demand for healthcare monitoring devices based on Bluetooth and Wi-Fi technologies is expected to boost the body area network market in the region during the forecast period.
High Investments and New Product Development by Key Players to Boost the Global Body Area Network Market
The body area network market report provides the profiles of leading players operating in the global body area network market. These include Abbott Laboratories, Bluetooth SIG, Ericsson AB, Fujitsu Limited, General Electric Company (GE), IBM Corporation, Intel Corporation, Telefonica SA, Renesas Electronics Corporation, and ST Microelectronics.
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In March 2016, VivoSensMedical GmbH announced its plans to improve its existing product, i.e. Ovularing, with the help of a start-up company called Saxony. This product has been developed for doctors/gynecologists who can use it during the pregnancy of patients or for determining the fertility of patients.
In December 2018, VitalConnect launched VistaTablet as an extension to its FDA-approved biosensor called VitalPatch, which measures eight vital parameters and provides continuous patient monitoring information from any location.
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