The fitness trackers market has experienced unprecedented growth in recent years driven by the increasing demand for healthy lifestyle and monitoring health metrics among the growing health-conscious population globally. Fitness trackers provide users with an easy way to count steps, measure calories burned, monitor heart rate, track sleep patterns and other fitness activities. Some key features offered by fitness trackers include activity/sleep tracking, heart rate monitoring, GPS functionality, smartphone notifications and more. The major benefits of using fitness trackers include keeping track of activity levels, monitoring fitness progress over time, getting active reminders and goals and prioritizing health and fitness. The Global Fitness Trackers Market is estimated to be valued at US$ 4,112.4 Mn in 2024 and is expected to exhibit a CAGR of 47.% over the forecast period 2023 to 2030.
Key Takeaways
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. The demand for fitness trackers has increased significantly over the past few years owing to the growing health awareness and focus on preventive healthcare measures across countries. Technological advancements have enabled fitness trackers to offer advanced functionalities like activity trend analysis, continuous heart rate monitoring, stress tracking, sleep analysis and more.
Market Trends
The popularity of smartwatch form factor among fitness trackers has increased tremendously in recent years driven by their larger screens, App Store connectivity and ability to function as a mini smartphone on the wrist. Many smartwatch manufacturers are focusing on enhancing the activity/health tracking capabilities of their devices. Subscription-based fitness tracker services are also gaining traction as they provide personalized coaches, challenges and communities to help users stay motivated.
Market Opportunities
The increasing adoption of hybrid devices that can function as both a smartwatch and fitness tracker presents a big opportunity. Many fitness tracker manufacturers are expected to launch hybrid devices going forward. The growing health and fitness segmentation also provides a massive opportunity to launch customized trackers for different consumer groups like kids, older adults etc. Enhanced tracking of vital health metrics like blood pressure, ECG, blood sugar etc. using advanced sensors will further drive the demand.
Impact of COVID-19 on Fitness Trackers Market
The COVID-19 pandemic has significantly impacted the fitness trackers market. In the initial months of the pandemic, sale of fitness trackers declined significantly as people were staying indoors and gym/fitness centers were closed. However, as the pandemic progressed, focus on health and fitness increased among people. They started relying more on home workout regimes and using fitness trackers to track daily activities and workouts. This increased demand for low-cost and basic fitness trackers that could monitor steps, heart rate, sleep etc. Premium and smartwatch type fitness trackers demand remained subdued due to economic uncertainties. Moving forward, as the pandemic situation stabilizes, market is expected to grow at a fast pace driven by increasing health consciousness. However, companies may need to focus more on affordable offerings and develop new features around health monitoring to attract users in the post COVID era.
Geographical regions with highest concentration in terms of value for Fitness Trackers Market
North America accounts for the largest share of the global fitness trackers market in terms of value, followed by Europe and Asia Pacific. In the US and Western European countries like Germany, UK, demand for sophisticated and expensive smartwatch type of trackers is higher. However, in recent years, Asian markets like China and India are witnessing faster growth led by increasing disposable income and health awareness. Low manufacturing costs are also supporting regional players in these markets to offer affordable trackers.
Fastest growing region for Fitness Trackers Market
Asia Pacific region is expected to witness the fastest growth in the fitness trackers market during the forecast period. Factors such as rising health consciousness, improving lifestyle, increasing spending on wearable devices and presence of key local manufacturers are driving the market in Asia Pacific. Additionally, large population, rapid urbanization and economic development in countries like India and China provide immense growth opportunities. Regional players are launching innovative and inexpensive products to tap the mass market potential in the Asia Pacific region.
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