Some of the key players operating in the global body area network market are Fujitsu Limited, Intel Corporation, Renesas Electronics Corporation, Abbott Laboratories, Ericsson Ab, Telefonica SA, IBM Corporation, Jawbone Inc, Bluetooth SIG, General Electric Company (GE), and ST Microelectronics.
A research study by Transparency Market Research finds that the global market for body area network is in a nascent stage and is primed to grow at a cracking pace in the next couple of years. The report projects the market to attain a value of US$62,120.9 mn by 2025 by rising at a phenomenal 24.7% CAGR over the course of the forecast period from 2017 to 2025.
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Depending upon the devices, the global body area network market can be split into wearable devices and implant devices. The wearable devices at present hold a greater share in the market on the back of rising sales of smart watches and wrist watches resulting from the increasing spending capacity of people worldwide. During the forecast period between 2017 and 2025, the wearable devices segment is expected to rise at a double digit CAGR.
From a geographical perspective, North America takes the cake with maximum share in the market for body area network. The market in the region, which is being mainly powered by Canada, has been driven by tremendous thrust on product development, which in turn has been facilitated by the enormous backing from crowd-funding platforms. Going forward too, the market in North America is likely to retain its dominant share. The TMR report projects the market to attain a value of US$25.39 bn by 2025.
Real Time Patient Data Provided by Body Area Networks Benefits their Demand
The growing number of applications of body area networks are serving to fillip their market. One of them is the real time data of patients that they produce, which is sought after by doctors and medical institutes. Such data helps to bring about proper diagnosis and eventually accurate treatment. It can also be leveraged in military applications, sports, and entertainment.
For example, in the domain of sports, body area networks can help to measure muscle oxygen and how much oxygen an athlete consumes while training. “BSX Athletics wearable device rolled out a calf compression sleeve for legs. The calf compression sleeve is outfitted with a sensor having LED lights that is placed in sleeve pocket. The LED records and reports real-time oxygen levels. Real time data is helping sports coaches to monitor athlete’s performance in real time,” elaborates the lead analyst of the TMR report with an example.
Military Sector Poised to Bolster Demand Dramatically
A major boost to the market for body area network is being provided by the wearable devices which find application in the sports industry. The military sector too is leveraging it. Explains the author of the report, “Network Enabled Capability (NEC) technology is the future of land warfare. NEC combines computer systems, weapons deployment, and soldiers so as to improve communications by constituting a Personal Area Network (PAN) for soldiers. Body area network technology can help in functioning of NEC by reducing sensor-to-shooter time and tracking each other even if soldiers are dispersed geographically. Soldier equipped with position locating sensors, health information sensors, etc. help to facilitate real-time battlefield information.”