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The global fitness tracker market size was valued at USD 30.41 billion in 2019 and is projected to reach USD 91.98 billion by 2027, exhibiting a CAGR of 15.2% during the forecast period.
Fitness trackers have become extremely popular and feasible for use among the general population. These are devices used to track and monitor fitness-related body activities such as steps covered, calories burned and consumed, heartbeat rate measurement, distance covered, sleep duration, and sweat rate. Tracking devices are wirelessly synced with a computer or a smartphone and are usually used in sports and fitness centers to monitor fitness and health-related parameters. For Instance, according to the Pew Research center, in 2019, one in five Americans regularly use a fitness monitoring device. Thus, creating a high demand for fitness monitoring devices.
Though the integration of consumer-based wearable technologies into health research is still new, the field is progressing rapidly. To integrate into wellness programs, wearable devices are making their way into clinical settings and are being used to provide more objective data. For example, Geisinger Orthopaedic Institute has started a research program using wearable activity devices to collect real-time data from patients. The data collected will be used to monitor patient activities along with subjective data collection. The data collected will be used to research and analyze what practices are best for recovery and to improve decision-making and health outcomes. The global market is currently growing at a substantial rate, due to an increase in the adoption of these trackers among young people. Furthermore, rising disposable income and growing expenditure on global wearable technology are major factors likely to foster the fitness tracker market growth.
COVID-19 Pandemic Impact on Fitness Tracker Market
Sales of these trackers marked a negative impact owing to the rise in COVID-19 cases. COVID-19 resulted in disruptions in the manufacture, development, shipment, and sales of fitness monitoring products. While COVID-19 has impacted several businesses, and there remains uncertainty around the economy and customer demand, manufacturers are developing advanced products and services that can help customers during this time. For Instance, Fitbit is investing in research and development activities by collaborating with health industry leaders like Apple, Stanford Medicine and The Scripps Research Institute, to study how data from wearables can identify, track, and have infectious diseases like COVID-19.
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Technological Advancements in fitness monitoring devices to Increase Market Potentiality
Advancements in any market are optimistic in leveraging the market potentiality and market value. The Fitness monitoring market has a high market value due to its adoption and high scalability. Technology is progressively creating a place within people’s fitness routines. Apart from the advancement, the convenience that technology can offer is unsurpassed. Furthermore, there is also a shift toward consumer awareness. Gym-goers are now inquisitive to know more about their progress, such as body fat percentage to sleep quality apart from only simple information such as their weight. Thus, technology is changing from both perspective, customers, and suppliers. For Instance, in 2018 Apple redesigned and added an electrocardiogram (ECG) function on the Apple Watch Series 4, which allows for a more thorough analysis of its users’ heart health. The wearable fitness technology is likely to upsurge owing to the intersection of healthcare and digital technologies and is expected to dominate the market in the forecast period.
Growing Awareness Related to Health and Fitness to Fuel Demand for Fitness Monitoring Products
Growing awareness to stay healthy and fit to monitor fitness activities is anticipating the growth of the market. These tracking products have come a long way from being just a basic pedometer to becoming a smarter device that tracks the sleep pattern, measures heart-rate, sports activities, and others. Being at their nascent stage in India, the fitness industry foresees a good amount of adoption, particularly amongst the younger generation. Currently, people are more inclined towards health clubs and gyms in order to limit the side-effects of a hectic lifestyle. Moreover, a regular workout helps in reducing stress, anxiety, and depression. The growing health issues are pushing people not only towards a healthy diet but also towards fitness activities. These trackers assist them to track their exercises, thus, propelling the demand for fitness monitoring products.
Besides, certain economic factors such as growing per capita healthcare expenditure, developing healthcare infrastructure, and rising investment in the industry sector for the expansion of innovative technologies are expected to boost the growth of the global market by 2027. Thus, growing health awareness is anticipated to drive the Fitness Tracker Market growth.
Increasing Prevalence of Health Disorders Globally is Propelling the Growth of the Market
Deskbound lifestyles associated with contemporary livings are baring people to the high risk of developing several health issues, including obesity, lack of sleep, diabetes, and other diseases. The frantic work timetables and growing health issues have enforced people to commence some form of daily exercise to sustain their health and avoid numerous health conditions. Consequently, growing awareness about the prominence of a healthy lifestyle is likely to increase the demand for several fitness activities. This in turn is expected to foster the demand for fitness monitoring products. Besides, fitness products offer better flexibility to customers, as a result, help to prevent major health conditions. Thus, rising health awareness is expected to drive the growth of the market.
Safety and Privacy Concerns to Limit Market Growth
The data collected by fitness monitoring devices is particularly personal, entailing the information provided by the user which includes data such as weight, birth date, photos GPS coordinates, or social data, heart rate, steps, and background data used by the device. Besides the highly personal data, the major concern is the sheer quantity of data collected, recurrently. Thus, leaving the person open to privacy destructions that may cause them harm. Though, these tracker users are likely uninformed of the privacy implications of how the data could be misused, when collected over time or when linked with other information. For Instance, in 2018, Strava on its website uploaded a heat map of users unnamed and collective fitness tracking data. The emerging usage patterns exposed the locations and habits of troops using their fitness app at secret military bases in Afghanistan, Iraq, and Syria. The same year, hackers gained unapproved access to data, penetrating fitness tracker accounts of 150 million MyFitnessPal users. Thus, the aforementioned security reasons are likely to hamper market growth.
Smart Watches to Grow at Faster Pace during 2020-2027
Based on device type, the market includes smartwatches, fitness bands, smart glasses, smart clothing, and others. Fitness band dominated the market in 2019 owing to its user-friendly usability, and rising prevalence to track physical activities. Besides the smartwatches are experiencing a rise as it includes high-end activity tracking features and interactive operating systems, which foster the demand for these devices. Smart glasses and smart clothing shows a significant CAGR during the industry forecast period. The segment is gaining traction due to their advancing features. Sensors used in the fabric monitors heartbeats, pulse rate, and other fitness and medical metrics. The market is growing due to the adoption of new technologies such as Glucose Monitoring which is inspiring customers to adopt wearable fitness trackers. Thus, creating a huge demand for these products and propelling market growth.
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Running Segment Dominated the Market in 2019
Based on the application, the market is segmented into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracking. Running segment dominated the market in 2019 followed by sports segment. The market growth of the fitness tracker is attributable to rising awareness about trackers in sports and their growing adoption by athletes is also advancing the overall market growth.
The heart rate tracking segment is showing a significant demand owing to growing cardiovascular disease due to changing lifestyles. On the other hand, the sleep and glucose measurement segment are expected to witness a considerable CAGR during the forecast period.
Online Channel to Register a Higher CAGR during the Forecast Period
In terms of distribution channels, the market is segmented into online, retail, and others. The online channels are expected to have a dominant fitness tracker market share during the forecast period. The dominance is due to an increase in the growing penetration of the internet and the easy availability of these apps in smartphones is propelling the online distribution channel for the market globally.
North America Fitness Trackers Market Size, 2019 (USD Billion)
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The market size in North America stood at USD 14.57 billion in 2019. The dominance of this region is attributable to the growing concern towards health issues coupled with rising chronic diseases. Europe stood at the second-largest position in terms of revenue. Increasing adoption of technology, upsurge in acceptance towards smart gadgets and several benefits of these trackers are likely to propel the demand of fitness tracker products. Hence, creating a huge opportunity for fitness monitoring devices in the region. The market in Asia Pacific is expected to exhibit healthy growth owing to the adoption trend of tracking devices among the young generation. Japan, China, and India are key market regions and are projected to have the largest market growth. India has 60% of young people below 35 years. Thus, offers favorable backgrounds for the market to grow. Latin America, and the Middle East and Africa hold the least share in the market due to the lesser adoption rate of fitness products and poor economies.
Advancing Features and Functionality of Innovative Products of key Players to Lead Dominance
The global market has been segmented into large, medium, and small industries providing dynamic products to the healthcare fitness industry. Among this cluster, Apple Inc. tops the market having a robust product portfolio for the fitness industry. Companies are now aiming on offering advanced innovative products which include novel features and functionalities, as well as on growing their sales channels globally. For instance, in September 2019, Apple watches series 5 with advanced features which include tracking of onboard heart rate and GPS. The product is prominent in monitoring several physical activities with high accuracy. Therefore, advancing technologies and innovations in this market are anticipated to boost the key player’s revenue in the coming years.
An Infographic Representation of Fitness Tracker Market
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The fitness trackers market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the fitness tracker market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses major factors that have contributed to the growth of the market over recent years.
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Value (USD Billion)
Device Type; Application; Distribution Channel; and Geography
By Device Type
By Distribution Channel
Fortune Business Insights says that the global market size was USD 30.41 billion in 2019 and is projected to reach USD 91.98 billion by 2027.
In 2019, the North America market value stood at USD 14.57 billion.
The market is expected to grow at a CAGR of 15.2% during the forecast period (2020-2027).
The fitness band is expected to be the leading segment in this market during the forecast period.
Growing adoption of advanced technologies, changing lifestyles, and rising disposable incomes are the factors driving the growth of the market.
Apple Inc., Fitbit Inc., Garmin, Xiaomi, are some of the major players of the global market.
North America dominated the market share in 2019.
Growing awareness related to health and fitness is expected to drive the adoption of fitness monitoring devices in the global market.
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