The fitness trackers market is estimated to witness high growth owing to rising obesity rates globally. Fitness trackers are electronic devices that are worn on the body and can track a user's physical activity, heart rate, calories burned, steps taken and sleep patterns. They provide advantages like tracking activities, monitoring heart rate, storing data for analysis and goal setting which helps in staying fit and healthy. With increasing health awareness and busy lifestyles, fitness trackers have become an important need for self-monitoring and taking control of one's wellness. 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. The key players are focusing on developing advanced products with innovative features and strengthened research and development activities.
The rising health consciousness and growing obesity rates present significant opportunities for players in the fitness trackers market. Additionally, increasing preference towards wearable technology and their integration with smartphones is further fueling the market growth.
The market is witnessing rapid global expansion with growing demand across regions like North America, Europe, Asia Pacific and Rest of the world. The increasing penetration of internet and smart devices is driving the adoption of fitness trackers worldwide.
Market Drivers
The increasing prevalence of lifestyle diseases such as diabetes, obesity and cardiovascular issues due to sedentary lifestyles and unhealthy eating habits is a major market driver. Fitness trackers help combat such issues by monitoring activities and stats which encourages individuals towards fitness goals and healthier routines. Furthermore, advanced features of new-age trackers along with growing innovations are attracting more users thereby accelerating the overall market growth.
PEST Analysis
Political: The fitness trackers market is influenced by government regulations and privacy laws related to data collection and usage. Changes in privacy laws can impact the way manufacturers design and develop trackers.
Economic: Higher consumer spending on health and fitness products along with higher disposable income levels are driving sales of fitness trackers. The economic growth in various countries is supporting market expansion.
Social: Increasing health awareness and focus on preventive healthcare are prompting more people to adopt fitness tracking devices. The growing preference for self-monitoring of health metrics is a major social trend boosting the market.
Technological: Continuous advancement in sensors, connectivity, and battery technologies are enhancing the functionality of trackers. Integration of features like activity/sleep tracking, heart rate monitoring, GPS, and mobile payments are widening the appeal of trackers. Major tech companies are actively investing in wearables R&D.
The Asia Pacific region is concentrating the largest value share of the global fitness trackers market led by countries like China, Japan, and India. Higher population, growing health consciousness, rising per capita incomes, and increasing penetration of smartphones are some factors fueling strong sales of fitness trackers in Asia Pacific. North America currently captures a major chunk of the overall market revenue and is anticipated to witness robust growth over the forecast period supported by high consumer spending on health and wellness products in the United States. However, Latin America is emerging as the fastest growing regional market for fitness trackers worldwide driven by improving economic conditions, healthcare developments, and expanding urbanization in Brazil and Mexico.
The global wearable fitness trackers market is projected to attain a revenue of $48.2 billion by 2023, progressing at a 16.5% CAGR during the forecast period (2018–2023), according to a study conducted by P Intelligence.
The market is witnessing growth due to the increasing demand for wireless and continuous health monitoring devices, rising utilization of fitness tracking apps, growing disposable income, and surging awareness regarding obesity.
On the basis of product, the market is divided into leg-wear, smart garments and body sensors, wrist-wear, and others.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/wearable-fitness-trackers-market/report-sampleSmart garments and body sensors are projected to register the highest CAGR during the forecast period, owing to the rising collaboration of fitness, fashion, and high-tech companies.
The wearable fitness trackers market is bifurcated into direct and indirect in terms of distribution channel.
Between the two, the indirect category is expected to hold the larger share of the market during the forecast period, owing to the rising preference of customers for online shopping and growing number of online stores across the globe.Make an Enquiry before Purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=wearable-fitness-trackers-marketGeographically, North America dominated the wearable fitness trackers market in the past, due to a large number of established players, rising spending in the healthcare sector, growing adoption of fitness trackers for health monitoring, and surging prevalence of chronic diseases.
The Asia-Pacific region is projected to register the fastest growth during the forecast period.
