The fitness trackers market comprises wearable devices that enable tracking and monitoring of various fitness and health parameters such as heart rate, sleep pattern, among others. Fitness trackers are wrist-worn devices that utilize advanced sensors and algorithms to track metrics related to physical activities, workouts, distance covered, calorie burnt and sleep. Growing health awareness, rising obesity rates, active ageing trend and increasing adoption of wearable technology have been driving the adoption of fitness trackers.
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 2030as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of wearable technology has been a major trend bolstering the growth of fitness trackers market. Wearable technology enables non-invasive monitoring of an individual’s health and fitness on a real-time basis. Advanced wearable devices allow tracking of multifarious health metrics accurately and constantly throughout the day. Fitness trackers have evolved from basic activity trackers to sophisticated smartwatches having ECG, blood pressure and advanced health monitoring features. Technological advancements leading to development of lightweight, accurate and user-friendly fitness trackers with extended battery life have further spiked their adoption worldwide. Introduction of attractive pricing schemes and subscription models have also augmented the sales of innovative fitness trackers.
SWOT Analysis
Strength: Fitness trackers offer convenience by tracking fitness metrics and activity right from the wrist. They provide real-time feedback to encourage users to meet their fitness goals.
Weakness: Battery life is relatively short for some fitness trackers, requiring frequent charging. Accuracy of step counting and other metrics can vary depending on the device.
Opportunity: Growing health awareness is driving more people to adopt fitness trackers to monitor their activity levels and progress. Continuous technology advancements allow for new features that further engage users.
Threats: Low-cost alternatives and smartwatches with robust health and fitness tracking pose competition. Privacy and data security concerns exist regarding information collected by trackers.
Key Takeaways
The global fitness trackers market is expected to witness high growth. 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.
North America currently dominates the market owing to high health awareness and demand for advanced wearable devices for tracking fitness metrics. Asia Pacific is expected to see fastest growth over the forecast period supported by growing purchasing power, increasing obesity rates, and expanding e-commerce channels in the region.
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 leading companies are focusing on new product launches and partnerships to cater to diverse consumer segments and needs. For instance, Fibrogen launched new drugs like roxadustat for treatment of anemia.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
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