The global fitness trackers market has experienced massive growth in recent years on account of the increasing awareness towards health and wellness. Fitness trackers help monitor vital body parameters like heart rate, calorie burn, sleeping patterns, among others thereby facilitating a healthy lifestyle. Key features of trackers include activity/sleep tracking, calorie counting, continuous heart rate monitoring, GPS tracking and mobile notifications/alerts. The growing popularity of smartwatches that double up as fitness trackers have augmented market growth.
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: 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. These companies have launched diverse product portfolios catering to different segments in terms of price points and features.
Key opportunities: Rise of virtual fitness platforms amid pandemic has opened up new opportunities for wearable brands to integrate with digital offerings and deliver comprehensive health programs. Additionally, continued innovation towards enhanced features, lightweight modular designs and deployment of new sensors will further fuel demand.
Technological advancements: Increased focus on biochemical metrics and form factor innovation are expected to reshape the market. Integration of more advanced technologies including ECG, SpO2, HRR and inter device communication will make trackers more effective health assistants. Adoption of flexible AMOLED displays, ultra-low power chipsets and longer battery life will enhance user experience.
Market drivers
Growing health conscious population: With growing awareness about preventive healthcare, individuals are increasingly investing in trackers and other self-monitoring devices to lead healthy lifestyles. Seminars/ campaigns by health organizations have highlighted the importance of physical activity.
Proliferation of connected devices: Smartphones have made people accustomed to remaining connected digitally. Compatibility of trackers with mobile/computer platforms empower users to access comprehensive health insights on the go via applications. Integration of voice control further augment user engagement and motivation levels.
Current challenges in fitness trackers market:
– The fitness trackers market is rapidly evolving. Technological advancements generate more options for consumers, making it increasingly difficult for manufactures to differentiate their products. This leads to intense competition and pricing pressure in the market.
– Consumers are demanding additional advanced features and functions from fitness trackers over time, while expecting similar or lower prices. Keeping pace with emerging trends and evolving consumer preferences is a challenge for established brands.
– Data privacy and security continue to be a major concern for fitness trackers users. Many refrain from using trackers due to lack of confidence in companies’ ability to protect sensitive health and location data. Strengthening privacy policies is critical to gain widespread consumer acceptance.
SWOT Analysis
Strength: Fitness trackers are becoming more affordable and available. Their popularity in monitoring health metrics allows users to gain insights into activities.
Weakness: Limited battery life remains an issue. Interface and operation of some products could be more user-friendly.
Opportunity: Growing health awareness offers scope to add novel features for stress monitoring, sleep tracking etc. Integration with other medical devices/apps holds promise.
Threats: Stricter regulations around data use may adversely impact business models. Competition is mounting from low-cost alternatives and smartphones with in-built health capabilities.
North America accounts for the largest share in the fitness tracker’s market in terms of value currently. Increased consumer willingness to spend on digital health and growing preference for wearable devices are driving the North American market. The Asia Pacific region is projected to witness the fastest growth during the forecast period. Rapid economic development, rising health consciousness, and increasing disposable incomes in developing Asian countries are factors fueling the expansion of fitness trackers across Asia Pacific.
In terms of value, the fitness trackers market is most concentrated in the United States currently. The country accounts for over 30% of the global market size. However, China is emerging as the fastest growing geographical region for fitness trackers. Significant government support for preventive healthcare, a rapidly expanding population of health-savvy millennials, and growing proliferation of affordable local brands are powering the Chinese fitness trackers space.
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1. Source: Coherent Market Insights, Public sources, Desk research
