In 2020, the global market size of the body area networks was more than USD 8.29 billion. The body area network market is forecast to grow at a compound annual growth rate of nearly 9% during the forecast period from 2021-2027.
The healthcare industry is entering a digital age, which means telehealth and body sensor network technology is no longer futuristic concepts. Telemedicine is becoming more popular in the healthcare industry due to the increasing adoption of cutting-edge technologies, and telehealth solutions are becoming a necessity rather than an option. In the healthcare industry, the role of sensors; miniaturized, low-power integrated circuits; and wireless networks are evolving as several companies modify their business models to offer value-based services.
The body area network deals with detecting, monitoring, and controlling the body's complete system. Wireless devices use low power that can be implanted into the body or carried in the body. Personal safety, sports training, health & wellness monitoring, and personalized medicine can all benefit from this technology.
Factors Affecting the Market
Globally, the markets share of body area networks is forecast to rise due to a range of factors such as the increased use of smart devices for tracking physical fitness, rapid developments in medical devices and communication technologies, and government support.
Despite advances in body area networks, security and privacy concerns continue to limit industry growth.
COVID-19 Impact
COVID-19 has had a significant impact on electronics and semiconductor manufacturing. Due to a rise in COVID-19 cases, businesses and manufacturing units across various countries have closed and will remain closed through 2021. The partial or complete lockdown disrupted the global supply chain and made reaching customers challenging for manufacturers.
Globally, the COVID-19 pandemic is having an impact on society and the economy. Globally, this outbreak is having an increasingly negative impact on businesses. Stock market uncertainty is reducing business confidence, impacting the supply chain, and creating panic among consumers.
The shutdown of manufacturing facilities in Asia and Europe has resulted in severe losses in business and revenue. The outbreak of COVID-19 disease severely impacted production and manufacturing operations, which further hampered revenue growth in the body area network market.
Similarly, a COVID-19 pandemic has affected the electronics industry, as production facilities have been idle, making electronic and semiconductor products more popular. Among its significant impacts are manufacturing interruption in Europe and interruptions in parts exports from China, which are likely to impede the growth of the body area network market.
Regional Overview
During the forecast period, the Asia-Pacific region will hold the largest share. Body area networks are becoming more popular in the Asia Pacific region while nations are modernizing and adopting new, technologically advanced medical devices. Accordingly, the market for body area networks is on the rise across the region.
Key Players
The leading prominent competitors in the global body area network market are:
Aim of the Report
The global body area network market segmentation focuses on Device Type, Components, Connectivity, End-User, and Region.
Segmentation based on Device Type
Segmentation based on Components
Segmentation based on Connectivity
Segmentation based on End-User
Segmentation based on Region
