Smart fitness gear are used for physical workouts that really help in managing overall weight, improve actual physical stamina, as well as improve muscular strength. These products are widely used to track info such as sleep, steps, calories, heart rate, along with other bodily condition, which more help in enhancing the actual fitness of the human body.
Rising awareness among individuals connected with health and fitness is one of the major driving factors for growth of the global wise health market. The point attributed to development of the market is soaring health problems such as for example obesity, heart attack, diabetics, which further increases demand for fitness equipment.
For instance, in 2013, in accordance with the Institute for Health Metrics and Evaluation analysis, nearly 30 % of the world public was suffering from obesity or perhaps obese, globally. Moreover, according to the diabetics.org, the total amount of people in the U.S. struggling from diabetes patients was 7.2 million in 2014, and in 2015, 1.5 million new cases have been reported which was 6.7 % per 1,000 persons. So, increasing awareness among individuals will proportionally demand for such fitness products, which will enable them to track health connected information like heart rate, amount of calories burned and workout time. This is expected to further help to enhance their overall fitness of the entire body, subsequently aiding in expansion of the worldwide smart fitness market.
Moreover, growing federal initiative programs in connection with health awareness is yet another factor 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 activity, and Health. The objective of this particular approach is to promote as well as protect health by guiding at every individual, community, national, and world-wide level such that 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 significant component that limits growth of the marketplace. This pushed start up gyms & fitness centres and in house users to buy second-hand equipment. Therefore, high rates of these gear is a major factor hampering purchase of equipment that is brand new for commercial purposes. This is likely to negatively affect sales of new smart fitness equipment.
Worldwide Smart Fitness Market: Segment Trends
On the foundation of product type, the smart watch segment accounted for the largest market share in 2017 and it is expected to retain its role during the forecasted period. This’s owing to increased demand for wireless health monitoring units. For example, in accordance with the Coherent Market Insights’ analysis, the whole product of smart watches product sales in 2016 was US$thirty six million and this increased to US$seventy six million in 2017, internationally. These smart watches handle several capabilities such as for instance real time pulse rate monitoring, health monitoring, tracking footsteps, tracking number of calories burnt, overall rest statistics, tracking exercise instruction, and monitoring of user’s day regime to give useful insights on their health. This further helps physician to diagnose their patient’s overall health remotely. This’s likely to aid in expansion of the segment with the forecast period.
Worldwide Smart Fitness Market: Regional Insights
North America held a dominating position in the global wise fitness market in 2017, and it is likely to maintain the dominance of its throughout the forecast period (2018-2026). This growth is caused by increasing number ofhealth problem related to being overweight as heart disease, type 2 diabetes, and also others, which specifically affects children, youth, and adults. As an example, in accordance with the National Centre for Health’s analysis, in 2017, in the U.S. 40 % of adults as well as 19 % of youths have been suffering from being overweight. So, growing concern among people about health connected concerns is leading to increasing demand for fitness equipment, to be able to handle their fitness. Hence, all these factors will help in propelling growth of the smart fitness market in this particular region.
Worldwide Smart Fitness Market: Competitive Landscape
Major players operating in the global wise fitness market 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 such as Apple Inc., Others, Samsung, and Fitbit Inc. are concentrating on adopting mergers and acquisitions strategy, to be able to strengthen the foothold of theirs in the market. For instance, alpilean ingredients in February 2018, Fitbit, Inc. acquired the Twine Health. The objective of the acquisition is increasing the offerings of theirs in the healthcare industry, which further helped the organization to gain a competitive advantage in the marketplace.
