Fitness Trackers Market Poised for Significant Growth due to increased adoption of wearable technology

 Fitness trackers help track various fitness and health parameters like calorie count, steps walked, heart rate etc. through devices worn on the wrist, arm, around the neck or clipped onto clothes. Features like tracking physical activities, sleep patterns and calorie intake help motivate users towards a healthy lifestyle.

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:
The increased adoption of wearable technology and smart devices has accelerated the growth of the fitness trackers market significantly over the past few years. Continuous innovation and addition of advanced features like GPS, payment options and compatibility with smartphones have increased the popularity of fitness trackers. The availability of affordable smart bands and watches with basic health and fitness monitoring capabilities has opened up this market beyond serious athletes and gym enthusiasts to include common users seeking to monitor their daily activities and sleep patterns. Going forward, the integration of advanced sensors for complex health parameters is expected to further fuel the demand for more accurate and informative fitness trackers.

Segment Analysis
The global fitness trackers market is dominated by the smartwatches sub-segment currently accounting for over 30% of the total market share. This is owing to the multiple in-built functionalities of smartwatches such as call and message notifications, app functionalities and larger screen sizes in comparison to basic wrist bands. This has made them a preferred choice for both health and lifestyle monitoring.

Key Takeaways
The global fitness trackers market is expected to witness high growth over the forecast period of 2023 to 2030 on account of rising health consciousness among individuals and growing adoption of tech-enabled lifestyle choices.

Regional analysis
North America currently holds the major share of over 35% of the global fitness trackers market led by the United States. This can be attributed to robust infrastructure for tech-adoption and rising obesity rates driving preventive healthcare adoption in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period with countries like China and India emerging as lucrative markets. This is owing to growing disposable incomes, increasing awareness about health and fitness along with rapidly expanding e-commerce channels in the region.

Key players
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.

Comments

Post a Comment

Popular posts from this blog

Neuroendocrine Cancer is the fastest growing segment fueling the growth of Pituitary Cancer Market

Image
The pituitary cancer market comprises of medical treatment options for patients diagnosed with pituitary cancer. Pituitary cancers are rare tumors that start in the pituitary gland which is a pea-sized gland located at the base of the brain.  The global Pituitary Cancer Market is estimated to be valued at US$ 380.7 Mn in 2023 and is expected to exhibit a CAGR of 9.6% 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 fueling the growth of the pituitary cancer market is rising preference of targeted drug therapy over conventional chemotherapy. Targeted drug therapies mainly include somatostatin analogs and dopamine agonists which directly act on cancer cells and have less side effects compared to chemotherapy. These targeted drugs are effective in controlling symptoms and slowing tumor growth in patients with hormone secreting pituitary adenomas and carcinomas. The targe...
Read more

Enhancing Patient Care and Comfort: The Evolution of Hospital Beds

Image
  Hospital beds play a crucial role in patient care, providing comfort, safety, and functionality for individuals requiring medical attention. Over the years, advancements in technology and design have revolutionized hospital beds, leading to improved patient outcomes and caregiver efficiency. From basic adjustable beds to sophisticated models equipped with cutting-edge features, the evolution of hospital beds has transformed the healthcare landscape. Evolution of Hospital Beds: Historically, hospital beds were simple in design, primarily consisting of a metal frame with adjustable height and manual controls. However, as medical practices advanced and patient needs became more complex, the demand for more versatile and ergonomic hospital beds grew. In recent decades, significant strides have been made in the development of hospital bed technology. Modern hospital beds are designed with a focus on patient comfort, safety, and mobility. Features such as electronic controls, motorize...
Read more

Dry Eye Disease Market is Estimated to Witness High Growth Owing to Rising Awareness About Disease Management

Image
  Dry eye disease, also known as keratoconjunctivitis sicca, is a multifactorial disease of the ocular surface characterized by lack of sufficient moisture and tear film instability. Common symptoms of dry eye include stingy or burning sensation in eyes and blurred vision.   Market Dynamics : The Dry Eye Disease Market is witnessing high growth owing to rising awareness about disease management and increasing number of people experiencing symptoms of dry eyes. According to the report, increasing usage of electronic devices and prolonged screen time is a major driver fueling the demand for dry eye treatments. Additionally, growing geriatric population worldwide who are more prone to dry eyes is also contributing to the market growth. Availability of various treatment options along with new product launches is further expected to boost the market during forecast period.   Increasing Prevalence of Dry Eye Disease is Driving Market Growth   One of the major market drive...
Read more