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Fitness trackers are wearable electronic devices that monitors various activities related to health and fitness such as steps taken, calories burned, heart rate, quality of sleep and other activities. They comprises of wrist band, chest straps and smart watches that uses sensors to measure real-time biometric data. These devices connects to smartphones and tablets to share health and fitness data with various health and fitness apps. The global fitness tracker market is driven by increasing focus on health and fitness among population and growing adoption of IoT and wireless technologies. These trackers allows population to monitor their daily activities and improve their fitness levels that boosts the market 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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing health concerns among population due to sedentary lifestyle is driving the fitness tracker market growth. As per WHO, over 1.9 billion adults aged 18 years and older were overweight in 2016. Among them, over 650 million adults were obese. With increasing obesity rates and prevalence of lifestyle diseases, people are adopting fitness activities and using wearable devices to stay fit and monitor real-time health data. This is positively impacting the market growth.
Another factor boosting the demand for fitness trackers is growing health and diet consciousness. Majority of population are adopting balanced diet plans and workouts regimen to maintain health. Fitness trackers helps users to keep count of their daily activities, calories intake and burned, heart rate and sleep patterns. This allows users to take corrective action and improve their overall well-being. This growing health and diet consciousness among population is driving the global fitness trackers market.
Segment Analysis
The fitness trackers market is segmented in terms of device type, display type, compatibility, and distribution channel. The smartwatch sub-segment dominates the market as smartwatches can perform various functions such as monitoring GPS, tracking steps, measuring calories burned, monitoring heart rate, and receiving text messages and social media alerts. This multifunctional nature makes smartwatches more popular among consumers.
PEST Analysis
Political: The governments across various countries are promoting health awareness campaigns to reduce prevalence of lifestyle diseases. This is boosting demand for fitness trackers.
Economic: Rise in disposable income and health consciousness has increased spending on fitness gadgets and services.
Social: Increasing focus on fitness among people as a status symbol is propelling the market growth.
Technological: Advancements in sensor technology, miniaturization, and connectivity options in trackers are enhancing features and user experience.
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.
Regional analysis related content comprises
The North American region holds the largest share in the global fitness trackers market. This is attributable to growing health concerns, increasing obesity rates, and presence of many international player in this region. In addition, supportive government initiatives to promote fitness is driving adoption of these devices in the US and Canada.
Key players related content comprises
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. Key players are focused on introducing advanced products with enhanced features to strengthen their product portfolio. For instance, Pfizer Inc. offers trackers with extensive monitoring capabilities, long battery life, and water resistance.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
