Wise Fitness Market Outlook, Sales Revenue, Strategy to 2026
Smart fitness equipment are used for physical workouts which help in managing overall weight, improve physical stamina, and build muscular strength. These units are widely used to track information including sleep, steps, calories, heart rate, brown adipose tissue and weight loss other bodily state, which more assist in improving the actual physical fitness of the body.
Rising awareness among people connected with health and fitness is on the list of major driving factors for progress of the global wise health industry. The aspect attributed to development of the market is climbing medical issues just like obesity, heart attack, diabetics, which further increases need for physical fitness equipment.
For instance, in 2013, based on the Institute for Health Metrics and Evaluation analysis, almost thirty % of the world public was suffering from unhealthy weight gain or even overweight, globally. Furthermore, in accordance with the diabetics.org, the total number of men and women in the U.S. suffering from diabetes patients was 7.2 million in 2014, and in 2015, 1.5 million new cases have been reported which has been 6.7 % per 1,000 persons. Therefore, increasing recognition among individuals will proportionally demand for that fitness products, which will allow them to track health connected info like heart rate, amount of calories burned and exercise time. This is likely to further assist to enhance the general fitness of theirs of the entire body, subsequently aiding in expansion of the worldwide smart fitness industry.
Furthermore, growing government initiative programs in connection with health awareness is another component propelling growth of the market. For example, in May 2004, in the 57th World Health Assembly (WHA) endorsed the World Health Organization’s (WHO), Global Strategy on Diet, Physical exercise, and Health. The objective of this particular approach is promoting as well as protect health by guiding at every person, national, community, and global level such it can help in reducing disease as well as death rates related to physical inactivity and unhealthy diet.
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High price of wise fitness equipment is major factor that limits growth of the market. This pushed start-up gyms & fitness centres and in-house users to get second-hand equipment. Therefore, high prices of these equipment is an important factor hampering purchase of brand new equipment for commercial purposes. This’s likely to negatively impact sales of new wise fitness gear.
Global Smart Fitness Market: Segment Trends
On the basis of merchandise type, the smart watch segment accounted for the biggest market share in 2017 and it is expected to maintain its role throughout the forecasted time. This is owing to demand which is high for wireless health monitoring devices. For instance, according to the Coherent Market Insights’ studies, the whole device of smart watches product sales in 2016 was US$thirty six million which improved to US$seventy six million in 2017, globally. These bright watches handle multiple functions particularly real time heart rate monitoring, fitness monitoring, tracking footsteps, tracking number of calories burnt, overall rest statistics, tracking exercise training, and monitoring of user’s day regime to offer useful insights on their health. This additional assists doctor to diagnose their patient’s overall health remotely. This’s expected to aid in growth of the segment with the forecast period.
Worldwide Smart Fitness Market: Regional Insights
North America held a dominating position in the worldwide wise health market place in 2017, and it is expected to maintain its dominance through the entire forecast period (2018-2026). This particular growth is due to increasing number ofhealth issue regarding unhealthy weight for instance heart conditions, type 2 diabetes, and others, which specifically impacts children, youth, and adults. For instance, based on the National Centre for Health’s studies, in 2017, in the U.S. 40 % of adults and 19 % of youths were suffering from being overweight. So, growing concern among people about health connected concerns is leading to increasing demand for fitness equipment, in order to manage the fitness of theirs. Hence, all these factors will help in propelling growth of the intelligent fitness market in this kind of region.
Global Smart Fitness Market: Competitive Landscape
Major players operating in the worldwide wise health industry are Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MAD Apparel, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro, and OMsignal. Major players in the market like Apple Inc., Fitbit Inc., Samsung, and others are focusing on adopting mergers as well as acquisitions strategy, in order to strengthen their foothold in the market. For instance, in February 2018, Fitbit, Inc. acquired the Twine Health. The aim of the acquisition is increasing the offerings of theirs in the healthcare industry, which more helped the organization to gain a competitive edge in the market.