Wearable Network Market to Surpass US$229.8 Billion by
Dublin, Ireland, August 19, 2022 (GLOBE NEWSWIRE) — Fact.MR – A market research and competitive intelligence provider: The global wearable networking market is expected to grow at a robust CAGR of 22.3% during the assessment period (2022-2032), thus reaching a valuation of nearly US$229.8 billion in 2032. Growing use of wireless devices to accurately measure various body functions and increasing digitization in the healthcare industry are the major factors driving the sales of body network devices.
The global healthcare industry is going through a technological revolution as many old processes and methods are replaced by digitalization. Telehealth, e-health, EHR and digital health mapping are some of the latest technologies being adopted by healthcare providers to keep pace with rising consumer expectations, Fact.MR believes.
The growing MedTech industry is creating many opportunities for body-worn manufacturers as the demand for innovative devices and products increases. The use of big data in the medical field with IoT is also creating a strong demand for advanced products, thereby creating new opportunities for players in the wearable network market.
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Another key driver of the body networks market is the increasing attention paid to the constant monitoring of the vital body parameters of athletes and sportspersons. Coaches and fitness staff around the world are looking for the smallest details to improve athlete performance. Due to these factors, the use of body networks in the sports industry is expected to increase over the forecast period, estimates Fact.MR.
Falling semiconductor prices are another key driver driving wearables sales globally. Semiconductor prices have been falling over the years, which has led to lower prices for various products, including body array devices.
Key points to remember:
- The US wearable networking market is expected to reach US$88 billion by the end of 2032.
- By technology, Bluetooth is expected to remain at the forefront and is expected to grow at a CAGR of 24.3% over the evaluation period.
- The Japanese wearable network market is expected to grow at a CAGR of around 22.3% from 2022 to 2032.
- The UK is expected to show a CAGR of 20.8% in the wearable network market.
- South Korea and China’s wearable networks markets are expected to grow 23.3% and 24.7% respectively from 2022 to 2032.
- The growing geriatric population around the world is creating a high demand for accurate and reliable devices such as body arrays that can predict and prevent strokes.
- The digitization of the healthcare industry with its increasing focus on improving patient care is expected to bode well for the wearable networking market.
- Low awareness of the benefits of wearable networks in emerging countries continues to be a major obstacle for manufacturers.
- Since efficient operation of body networks requires stable network connectivity, lack of internet connection in rural areas can hamper growth.
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Innovation is the buzzword in the wearable networking market and majority of the key players are focusing on launching innovative products to increase their market share. Manufacturers are also focusing on increasing battery life and lowering the price of their products to provide better value for consumers.
- In August 2022, Garmin has launched Enduro 2, which has 40% longer battery life than its original model. The new model is also equipped with the brightest flashlight and various features that can help athletes better monitor their performance.
- EufyHome Smart Scale P2 Pro was launched in the market in August 2022 for a low price of $60.
Top Companies Featured by Fact.MR
- Telefonica SA
- Bluetooth GIS
- Jawbone Inc.
- General Electric Company (GE)
- IBM Corporation
- Ericsson AB
- Fujitsu Limited
- Abbott Laboratories
- intel company
- Renesas Electronics Corporation
- ST Microelectronics
More valuable information about Body Regional network Market
In the latest study, Fact.MR offers a detailed study on the Global Body Networking Market for the forecast period 2022 to 2032. This study also highlights the key drivers of Body Networking Sales Promotion with analysis of the sections below:
- Portable devices
- Implant devices
By end-use industry:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
Key questions addressed in the Body Are NOTnetwork Market:
- What is the projected value of the Body Networking market in 2022?
- At what rate will Global Body Networking Market grow through 2032?
- What are the factors hindering the growth of the Body Networking market?
- Which region is expected to lead the global wearable networking market in 2022-2032?
- What are the factors driving the Body Networking market during the forecast period?
- What is the expected market value of the Body Networking market during the forecast period?
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