Fitness trackers are wearable electronic devices that monitor and track fitness-related metrics such as distance travelled, calorie consumption, sleep duration and quality, heart rate, mental stress and other valuable health statistics. Key functions of fitness trackers include activity/workout tracking, calorie counting, sleep measurement, heart rate monitoring, GPS functionality, message/call alerts from smartphones and more.
The global fitness trackers market is estimated to be valued at US$ 4,112.4 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The fitness trackers market is expected to witness high growth owing to the increasing popularity of wearable devices for health and fitness monitoring among consumers. One of the key drivers for the growth of fitness trackers has been the increasing awareness regarding health benefits of physical activities and exercises. Consumers are increasingly relying on fitness trackers to monitor their daily activities, stay motivated to exercise more and achieve their health goals. Fitness trackers provide valuable insights regarding steps count, calories burned, heart rate monitoring and sleep statistics which encourage users to adopt healthy lifestyle. Furthermore, technological advancements have made modern fitness trackers more compact, accurate and affordable, increasing their adoption worldwide.
SWOT Analysis
Strength: Fitness trackers provide a convenient way to track daily activity levels, sleep patterns and heart rate. By quantifying health metrics, users can set goals and monitor progress towards a healthier lifestyle. Many fitness trackers also integrate with smartphone apps for easy access to data. Battery life has improved tremendously, allowing some trackers to last up to 2 weeks on a single charge.
Weakness: Initial cost of fitness trackers may seem high for basic features. Data breaches are a concern as devices store personal health information. Accuracy can vary depending on wear location and individual physiology. Not all models are water resistant, limiting use during swimming or bathing.
Opportunity: Increased awareness about preventative healthcare presents an opportunity to promote fitness trackers. Growing health consciousness among younger demographics is expanding the potential customer base. Integration with other services like connected gym equipment or diet apps provides an opportunity to offer more comprehensive wellness programs.
Threats: Privacy regulations could impact data collection capabilities. Technology advances may lead to obsolete features within a short lifespan. Smartwatches offering expanded functionality at similar prices threaten the low-end fitness tracker market. Dependence on smartphone connectivity means some functionality is lost without a companion device.
Key Takeaways
The global fitness trackers market is expected to witness high growth over the forecast period of 2023 to 2030. The global fitness trackers market is estimated to be valued at US$ 4,112.4 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030.
Regional analysis reveals that North America currently dominates the market due to rising healthcare costs and increased focus on preventative care. However, Asia Pacific is poised to showcase the fastest growth rate owing to growing health awareness in populous nations like India and China.
Key players operating in the fitness trackers market are Pfizer Inc., Fibrogen Inc., BioMarin, Santhera Pharmaceuticals, PTC Therapeutics, NS Pharma Inc., Nobelpharma Co. Ltd., Bristol-Myers Squibb, Sarepta Therapeutics, and Eli Lilly and Company. Leading manufacturers are focusing on product differentiation through enhanced features and compelling app-based ecosystems. Technology advancements will play a key role in driving adoption, especially among older demographics. Expanding distribution networks and targeted marketing campaigns also aim to capture a widening customer demographic.
The global wearable fitness trackers market is projected to attain a revenue of $48.2 billion by 2023, progressing at a 16.5% CAGR during the forecast period (2018–2023), according to a study conducted by P Intelligence.
The market is witnessing growth due to the increasing demand for wireless and continuous health monitoring devices, rising utilization of fitness tracking apps, growing disposable income, and surging awareness regarding obesity.
On the basis of product, the market is divided into leg-wear, smart garments and body sensors, wrist-wear, and others.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/wearable-fitness-trackers-market/report-sampleSmart garments and body sensors are projected to register the highest CAGR during the forecast period, owing to the rising collaboration of fitness, fashion, and high-tech companies.
The wearable fitness trackers market is bifurcated into direct and indirect in terms of distribution channel.
Between the two, the indirect category is expected to hold the larger share of the market during the forecast period, owing to the rising preference of customers for online shopping and growing number of online stores across the globe.Make an Enquiry before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=wearable-fitness-trackers-marketGeographically, North America dominated the wearable fitness trackers market in the past, due to a large number of established players, rising spending in the healthcare sector, growing adoption of fitness trackers for health monitoring, and surging prevalence of chronic diseases.
The Asia-Pacific region is projected to register the fastest growth during the forecast period.
Long gone are the days when cyborgs were limited to science fiction realm.
Everything—from our phones to activity trackers—is acting as cognitive, social or biological extensions of our bodies and brains.
It feels amazing, to say the least.My phone tracks all my activities without me even asking for it.
Some companies also provide prizes, financial incentives, or diminutions in health insurance premiums when their employees participate in these competitions.What Is The Purpose Of All Such Monitoring?The technology we keep with us in the forms of our smartphone, watches or other devices has opened new horizons to leverage enormous amounts of data collected about us every instant.
It’s crucial to consider that everything has a purpose.
Each of the 800 employees recruited to participate in the study gave around $7 to register and then all the participants were randomly distributed into four groups for a year.
