February 25, 2024

Fitness Trackers Market to Witness High Growth due to Increasing Adoption of Smart Devices

The fitness tracker’s market has witnessed significant growth in recent years owing to the growing awareness about healthy lifestyles. Fitness trackers are wearable devices that monitor and track fitness-related metrics such as distance walked or run, heart rate, calorie burned, sleep duration and quality, among others. They play an important role in motivating users towards physical fitness by keeping a record of daily activities and goals. Fitness trackers are available in variants of wristbands, smartwatches and clip-on devices which provide ease of use along with accurate tracking capabilities. Ongoing technological advancements have led to the introduction of advanced features like GPS, payment methods, smartphone notifications in trackers. Increasing adoption of smart devices along with focus on physical wellbeing among millennials and generation Z is expected to drive further growth in the fitness trackers industry.

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. companies are increasingly focusing on developing advanced products with enhanced features. The market provides ample growth opportunities through expanding distribution channels and customization as per target segments. Fitness tracker manufacturers are focusing on global expansion plans across developing regions to tap the rising health-conscious consumer base.

Key opportunities in the market include subscription-based services and focusing on virtual fitness tracking. Collaborations of fitness tracker companies with fitness studios and gyms allowing synchronized tracking and incentives is another growth area. Tracker companies are increasingly promoting global expansion through strategic partnerships and acquisitions to consolidate presence across high potential markets.

Market Drivers
Increasing health awareness among consumers: The growing focus on preventive healthcare and wellbeing has been a major factor driving sales of fitness trackers. Users are increasingly adopting trackers to monitor vitals and regulate workouts as part of healthier lifestyle habits.

Technological advancements: Continuous technology upgrades in trackers including enhanced sensor capabilities, battery life, compatible mobile apps etc. are encouraging new consumer segments to try out advanced tracking options. Features such as on-wrist ECG and blood oxygen monitoring are allowing medical grade tracking.

Rise of remote workouts: The Covid-19 pandemic has accelerated the popularity of virtual workout classes and fitness tracking. Many users now prefer trackers that can monitor and sync fitness metrics to online training programs and communities. This is expected to boost demand over the forecast period.

PEST Analysis
Political: The fitness tracker market is facing increased regulations concerning data privacy and security. Manufacturers are compelled to comply with policies around gathering and storing user data.
Economic: High obesity rates and increasing health awareness are driving more individuals to adopt healthy lifestyles and fitness programs, bolstering demand for fitness trackers. However, inflationary pressures could impact discretionary consumer spending.
Social: Younger individuals and Millennials are embracing wearable technology and fitness trackers as a way to quantify health metrics and maintain an active lifestyle. Social media encourages people to share fitness goals and activities.
Technological: Newer models feature advanced sensors and connectivity options. Smartwatches now track fitness alongside smart capabilities. Integration of GPS, heart rate monitors, and oxygen saturation levels provides more robust health and activity insights. Data can also be synced to apps and shared on virtual fitness communities.

The North American region accounts for the largest share of the global fitness trackers market value owing to high disposable incomes, health awareness among the population, and the large young demographic. The region is expected to continue its dominance through the forecast period.

The Asia Pacific region is poised to showcase the fastest growth in the fitness trackers market during the forecast period. This can be attributed to increasing health consciousness, rising obesity issues, improving living standards, and growing adoption of mobile devices in developing countries of the region such as India and China. Rising youth population and their increasing preference for wearable tech also favors the market in Asia Pacific.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it