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Fitness trackers are wearable electronic devices that help users track their daily activities such as steps taken, calories burned, and sleep duration. These trackers have features like heart rate monitors, calorie counters, and sleep trackers that provide useful insights to users for maintaining an active and healthy lifestyle. Fitness trackers are gaining popularity among health-conscious individuals and athletes for monitoring their daily activities and workouts.
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 key trends:
One of the key trends driving growth in the fitness trackers market is the rising focus on preventive healthcare. As non-communicable diseases like diabetes and cardiovascular diseases are becoming more prevalent, individuals are becoming more conscious about their health and fitness levels. Advanced features in fitness trackers like continuous heart rate monitoring, calorie burn count, and sleep tracking are empowering users to better manage their health. Another trend is the evolving design and features of fitness trackers. Manufacturers are focusing on compact and stylish designs along with added sensors for blood pressure and oxygen monitoring. The integration of advanced technologies like AI and virtual coaching is also enhancing the user experience. The growing availability of low-cost fitness bands and watches is further expanding the potential consumer base.
Porter’s Analysis
Threat of new entrants: The fitness trackers market has moderate threat from new entrants as it requires high initial investment for R&D and manufacturing. However, new cloud based services for fitness tracking poses low entry barriers.
Bargaining power of buyers: Buyers have high bargaining power in the fitness trackers market due to availability of large number of players providing similar products at competitive prices. Buyers can also choose basic pedometers as substitute products.
Bargaining power of suppliers: Component manufacturers forming a significant portion of suppliers have moderate bargaining power due to availability of alternative component sources. However, technology suppliers have high bargaining power as their technological expertise cannot be easily substituted.
Threat of new substitutes: Products offering additional healthcare features as sleep trackers, heart rate monitors are becoming substitutes. Further, mobile fitness applications provide low-cost substitute.
Competitive rivalry: The market has high competition due to presence of major global players. Players differentiate through continuous innovation, brand positioning, and after-sales support.
Key Takeaways
The global fitness trackers market is expected to witness high growth in the forecast period supported by growing health awareness among population and increasing obesity issues. 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.
Regionally, North America dominates currently supported by growing smart wearables adoption, however Asia Pacific is expected to witness fastest growth due to large population and economic growth in the region.
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. Major players are focused on continuous technology innovation through investing significantly in R&D. For instance, Fibrogen introduced new drug for treatment of anaemia.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
