The wearable fitness trackers market is expected to rise in the near future, due to a surge in usage of fitness tracking apps and growing demand for advanced wireless devices that monitor health continuously. It is also ascribed to the growing awareness about obesity, health problems associated with it, and an increase in disposable income.
The wearable fitness trackers market is divided into leg-wear, wrist wear, smart garments and body sensors, and others, based on product type. The smart garments and body sensors are projected to generate highest sales growth in the near future, owing to the rising collaboration among fashion, high-tech, and fitness companies.
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North America holds the largest market share, due to the massive presence of market players, including Apple Inc., Fossil Group Inc., and Fitbit Inc., increasing adoption of fitness trackers to monitor health, rise in prevalence of chronic diseases, and growing expenditure in healthcare.
The wearable fitness trackers market is driven by the new product launches that facilitate the integration and cross-compatibility between personal health and personal assistance. The key companies are focusing on launching new advanced products to expand themselves geographically in the market and enhance their product portfolio. The top wearable fitness trackers companies are Apple Inc., Sony Corporation, Garmin Ltd., Xiaomi Inc., Sensoria Inc., Motiv Inc., and TomTom International BV.
The surge in usage of the smart-phone based fitness tracking apps results in the market proliferation, as they provide improved functionality incorporated with designs and features providing fitness monitoring. The ease of accessibility and in-expensiveness of such applications increase consumer inclination toward them, resulting in the surging dominance of smartphone platforms. In addition, such fitness tracking applications can be used in all the major smartphone operating systems, including Android, Apple, and Blackberry.
The demand for wireless and continuous health monitoring devices has also witnessed a surge, attributed to the rise in the elderly population and the risk of associated diseases in this age group, for example, patients with diabetes require constant health monitoring. Moreover, the unfavorable reimbursement policies make advanced medical devices equipped with the latest technologies unaffordable for healthcare payers, and therefore, it is expected to fuel the wearable fitness trackers market growth.
Furthermore, numerous organizations are organizing health awareness programs and conducting physical fitness tests for the population, which would result in reduced costs for the health care system. For example, an NPO named Campaign to End Obesity in the U.S. conducts numerous programs to grow awareness among people on various issues such as physical exercise, proper diet, and comprehensive treatment approaches for obesity. Similarly, the Obesity Action Coalition also conducts programs to make people aware of the treatment and prevention of obesity.
Therefore, the prevalence of chronic diseases among the geriatric population drives the market growth.
SOURCE: P&S Intelligence
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