The fitness trackers market consists of devices that help users to monitor and track their daily activities and health metrics such as steps taken, heart rate, sleep duration, calories burned among others. Fitness trackers are compact wrist-worn devices that are easy to use and provide real-time feedback to encourage an active lifestyle among users. They deliver advantages such as convenience, continuous monitoring, accuracy and affordability which has fuelled their demand across various age groups. With growing health concerns among people, fitness has become an integral part of lifestyle which has boosted adoption of fitness trackers to monitor fitness progress and motivate individuals to adopt an active lifestyle and achieve health goals. 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. These players are focusing on new product launches and strategic collaborations to consolidate their market position. For instance, in 2022, Fitbit launched Fitbit Sense 2 with advanced heart health features.
The key opportunities in the fitness trackers market include rising demand for advanced features such as ECG measurement, sleep tracking, GPS and increased focus on virtual coaching and connected services. Continuous innovations and addition of advanced functionalities in trackers are luring more users.
Globally, the fitness trackers market is expanding rapidly with major players focusing on geographic expansion plans to unlock opportunities in developing and emerging countries in Asia Pacific, Latin America, Middle East and Africa. High growth potential, increasing health awareness and improving economic conditions are encouraging international players in these regions.
Market drivers:
- Growing health consciousness: Rising awareness about health benefits of physical activity and fitness among consumers is a key market driver. Users are adopting trackers to monitor calories, stay active, count steps and achieve fitness milestones.
- Technological advancements: Continuous innovations and addition of advanced technology like ECG, SpO2 monitoring, GPS, virtual coaching etc. are augmenting adoption. New features keep users engaged for longer duration.
Market restraints:
- Privacy and data security concerns: There are increasing apprehensions around data privacy and security risks associated with continuous health data collection by trackers. Stringent regulations around data usage can hamper market growth.
- Technical issues and high costs: Problems like device malfunctioning, breakdowns, short battery lives and high costs of technologically superior trackers limits mass acceptance.
Segment Analysis
Content: The fitness trackers market is dominated by the wrist-wear segment, which holds a market share of over 90%. This is because wrist-wear fitness trackers are the most convenient to use as they can easily be worn throughout the day and night without much hassle. They accurately track activities like steps taken, calories burned, heart rate etc. and provide real-time updates on smartphones. Other segments include legwear, smartwatches and fitness apparel but have relatively lower penetration currently.
Global Analysis
Content: Regionally, North America leads the global fitness trackers market and is expected to maintain its dominance during the forecast period. Increased health awareness coupled with high spending power on fitness devices drives the market in North America. Asia Pacific is the fastest growing regional market owing to growing health consciousness, improving living standards and rising disposable incomes in developing countries of the region like India and China. China dominates the Asia Pacific fitness trackers market due to increasing focus on preventive healthcare from the government's side and rising obesity rates. Europe follows North America in terms of market size.
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