The Global Body Area Network Market is projected to grow from USD 9.1 billion in 2019 to USD 15.8 billion by 2024; it is expected to grow 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 & communication technologies, supportive government & hospital initiatives to promote digital healthcare, and easy availability of low-cost fitness-tracking gadgets.
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Major Players in the Body Area Network Industry include Apple Inc. (US), Fitbit (US), Samsung Electronics Co., Ltd. (South Korea), Garmin Ltd. (US), Fossil Group, Inc. (US), Xiaomi Corporation (China), Huawei Technologies Co., Ltd. (China), Casio Computer Co., Ltd. (Japan), LG Electronics Inc. (South Korea), Medtronic plc (US), Bragi (Germany), Polar Electro Oy (Finland), Mobvoi Information Technology Company Limited (China), GOQii (US), Suunto Oy (Finland), Withings (France), AsusTek Computer Inc. (Taiwan), Abbott Laboratories (US), Huami Corporation (China), and Matrix Industries (US).
These players have adopted various growth strategies, such as product launches, expansions, and partnerships/collaborations, to expand their presence in the body area network market further. Partnerships & collaborations and products launches have been the most dominating strategies adopted by key players from 2018 to 2019, which helped them strengthen their product portfolio and broaden their customer base.
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Apple secured the first rank in the Body Area Network Market in 2018. It offers Mac, iPad, iPhone, watches, and TVs. Mac is a series of computers and laptops that include MacBook, iMac, etc. iPad is a series of multipurpose tablets based on the iOS operating system, which comprises iPad Air and iPad Mini. iPhone is the company's line of smartphones based on the Apple iOS multi-touch operating system. In the wearable technology market, Apple, Inc. offers a series of smartwatches with iOS. The company released its first smartwatch, Apple Watch, in April 2015. This product enables users to communicate in new ways with the help of a simple device on the wrist, track their health and fitness through activity and workout apps. For instance, Apple Watch Series 4, with the help of ECG app, is capable of generating an ECG similar to a single-lead electrocardiogram. In September 2018, Apple introduced Apple Watch Series 4 with watchOS 5, having advanced and communications features, along with accelerometer and gyroscope, and an electrical heart rate sensor that can take an electrocardiogram (ECG) using an ECG app.
Fitbit ranked second in the Body Area Network Market in 2018. The company manufactures wearable products such as watches, trackers, and related accessories. These products automatically track users’ daily steps, calories burned, distance traveled, and active minutes, as well as provide real-time feedback. Fitbit's health trackers not only measure floors climbed and sleep duration and quality but also track the heart rate. The company sells all its products through its sales network channels, retailers’ websites, an online store at Fitbit.com, and through Fitbit Health Solutions (the company’s business-to-business unit). Fitbit has more than 39,000 retail stores across 87 different countries. Along with its wearable products, the company offers different mobile apps and dashboards, such as Fitbit Coach. The Fitbit platform combines health data and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, personalized insights, and virtual coaching through custom-made fitness plans. In March 2019, Fitbit announced the launch of four new products—Fitbit Versa Lite Edition, Fitbit Inspire HR, Fitbit Inspire, and Fitbit Ace 2.
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