The Fitness Tracker Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fitness Tracker Global Market Report 2024, The fitness tracker market size has grown exponentially in recent years. It will grow from $47.65 billion in 2023 to $57.77 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to increased health and fitness awareness, shift towards wellness and preventive health, demand for weight management, health insurance and corporate wellness, sports and athletic trends.
The fitness tracker market size is expected to see rapid growth in the next few years. It will grow to $116.48 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to sleep tracking and wellness, senior and elderly fitness, pediatric fitness trackers, ecosystem integration, mental health monitoring. Major trends in the forecast period include wearable ecg and health tracking, remote health monitoring, ai and data analytics, customization and personalization, emphasis on fashion and design.
The increase in the incidence of health disorders is expected to propel the growth of the fitness tracker market going forward. A health disorder refers to a condition that has known physical causes and visible psychopathology. With a fitness tracker, there will be physical activity every day, which helps in preventing various health disorders. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the increasing incidence of health disorders is driving the growth of the fitness tracker market.
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The fitness tracker market covered in this report is segmented –
1) By Device Type: Smart Watches, Fitness Band, Smart Glasses, Smart Clothing, Other Device Types
2) By Application: Heart Rate Tracking, Sleep Measurement, Glucose Measurement, Sports, Running, Cycling Tracking
3) By Distribution Channel: Online, Retail, Other Distribution Channel
Technological advancement is a key trend gaining popularity in the fitness tracker market. Major companies operating in the fitness tracker market are engaging in technological advancements to sustain their position in the market. For instance, in April 2021, Fitbit, a US-based consumer electronics and fitness company that is operating in the fitness tracker market, launched Fitbit Luxe, a fashion-forward health and wellness tracker with fundamentals like heart and sleep tracking, breathing rate, stress management, and other such features. It added a touch of luxury with a stainless-steel case and color AMOLED display technology. It has a blood oxygen sensor and keeps track of stress with a daily stress score, sleep, heart rate, steps, active zone minutes, and 50-meter water resistance.
The fitness tracker market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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