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The global fitness tracker market size was valued at USD 36.34 billion in 2020 and is projected to grow from USD 36.34 billion in 2020 to USD 114.36 billion in 2028, exhibiting a CAGR of 15.4% in the 2021-2028 period. Based on our analysis, the global market exhibited a stellar growth of 19.5% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with fitness trackers witnessing a positive demand shock across all regions amid the pandemic. The fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Fitness trackers have become extremely popular and feasible for use among the general population. These devices are used to track and monitor physical and fitness activities such as steps covered, calories burned and consumed, heart rate, distance covered, sleep duration, and breathing. Tracking devices are wirelessly synced with a computer or a smartphone and can be used anywhere by anyone 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, several wearable devices are paving their way into clinical settings and are used to offer real-time monitoring data. For example, Geisinger Orthopedic Institute initiated a research program with the help of wearable devices to collect patient data in real-time to monitor and track their activities along with personal data collection. The data collected can help the doctors or helpers to research, understand, and analyze what practices should be adopted to offer quick recovery, improve decision-making, and obtain desired health outcomes. The global market is currently growing at a substantial rate due to an increase in these trackers' adoption among young people. Furthermore, rising disposable income and increasing expenditure on wearable technology are factors likely to foster market growth.
COVID-19 Pandemic Has a Positively Impact on Fitness Tracker Market Growth
Sales of fitness monitoring devices marked a positive impact owing to the rise in COVID-19 cases. COVID-19 increased awareness regarding health, thus increasing sales of fitness monitoring products. Companies such as Apple and Garmin have witnessed an increase in revenue by 20% in 2020 compared to the previous fiscal year. While COVID-19 has impacted several businesses, and there remains uncertainty around the economy and customer demand, manufacturers are developing advanced products and services to 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 salability. 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 interested 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 perspectives, 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. Wearable fitness technology is likely to surge due to the intersection of healthcare and digital technologies and is expected to dominate the market.
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 with a colored display that tracks the sleep pattern, measures heart rate, activity monitor, and others. Being at their nascent stage in India, the fitness industry foresees a good amount of adoption, particularly amongst the younger generation. People are currently more inclined towards health clubs and gyms 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. The fitness trackers help them 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 to expand innovative technologies are expected to boost the global market's growth rate by 2028. Thus, growing health awareness is anticipated to drive the growth of the market.
Increasing Prevalence of Health Disorders to Propel Market
Deskbound lifestyles associated with contemporary living 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 urged people to commence daily exercise to sustain their health and avoid numerous health conditions. Consequently, increasing awareness about the prominence of healthy living will increase the requisite for 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 mainly personal, entailing the user's information, which includes 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 primary concern is data theft. Thus, leaving the person open to privacy destructions that may cause them harm. Though, fitness 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 troops' locations and habits using their fitness app at secret military bases in Afghanistan, Iraq, and Syria. The same year, hackers gained unapproved access to data, penetrating fitness monitoring devices accounts of 150 million MyFitnessPal users. Thus, the aforementioned security reasons are likely to hamper the market growth.
Smart Watches to Grow at Faster Pace during 2021-2028
Based on device type, the market includes smartwatches, fitness bands, smart glasses, smart clothing, and others. Fitness bands dominated the market in 2020 owing to their 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 these devices' demand. Smart glasses and smart clothing shows a significant CAGR during the forecast period. The segment is gaining traction due to its 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, inspiring customers to adopt wearable fitness trackers. Thus, creating a massive demand for these products and propelling the market growth.
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Running Segment Dominated the Market in 2020
Based on the application, the market is segmented into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracks. The running segment dominated the market in 2020, followed by the sports segment. The growth 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 is expected to witness a considerable CAGR during the forecast period.
Online Channel to Register a Higher CAGR during the Forecast Period
In terms of division of the market by sales channels, the market is segmented into online, retail, and others. The online channels are expected to have a dominant fitness tracker market share in the global market 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, 2020 (USD Billion)
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The global market size for fitness trackers in North America stood at USD 17.36 billion in 2020. This region's dominance 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 technology adoption, an upsurge in acceptance towards smart gadgets, and several benefits of fitness monitoring devices are likely to propel the demand for fitness monitoring products. Hence, creating vast opportunities 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, it 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.
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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 to offer advanced innovative products that include novel features and functionalities and growing their sales channels globally. For instance, in September 2019, Apple watches series 5 with advanced features, including 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 the 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 tracker market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses major factors that have contributed to the market's growth in recent years.
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 36.34 billion in 2020 and is expected to reach USD 114.36 billion by 2028.
In 2020, the North America market value stood at USD 17.36 billion.
The market is expected to grow at a CAGR of 15.4% during the forecast period (2021-2028).
The fitness band is expected to be the leading segment in this market during the forecast period.
The 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, and Xiaomi are some of the global market players.
North America dominated the market share in 2020.
Growing awareness related to health and fitness is expected to drive the adoption of fitness monitoring devices globally.
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