According to P&S Intelligence, the market is expected to generate $48.2 billion revenue by 2023. Moreover, the market is witnessing the rising number of product launches and cross-compatibility and integration of personal assistance and personal health features.
Factors such as the surging use of fitness tracking apps, growing awareness about obesity, increasing need for wireless and constant health monitoring systems, and rising disposable income are projected to drive the growth of the wearable fitness trackers market at a CAGR of 16.5% during the forecast period (2018–2023).
One of the prime factors propelling the wearable fitness trackers market is the surging adoption of smartphone-based fitness tracking apps. These apps offer an improved level of functionality with new features and designs that help people stay fit. Consumers are increasingly using these apps because they are easy to access and have low costs. Furthermore, the apps are supported by all smartphone operating systems, including Android, iOS, and Blackberry.
Moreover, the need for wireless and constant health monitoring devices is increasing owing to the surging geriatric population and increasing cases of age-associated diseases. For example, diabetes is one of the most-common diseases in elderly people, which requires continuous monitoring. Further, advanced medical systems are less affordable for a number of patients due to their low income and the unfavorable reimbursement policies in several countries. These factors are projected to drive the market growth in the coming years.
The product segment of the wearable fitness trackers market is classified into leg-wear, wrist-wear, smart garments and body sensors, and others. Among these, the wrist-wear category accounted for the largest market share in 2017. This is ascribed to the fact that wrist-worn devices are cheap and easy to access and have improved designs and functionality. The rising adoption of these devices for fitness tracking and increasing spending on healthcare are some other factors boosting the market growth in this category.
Geographically, the wearable fitness trackers market is projected to record the fastest growth in Asia-Pacific (APAC) during the forecast period. This can be ascribed to the presence of local companies offering low-cost fitness trackers, surging adoption of fitness-support devices, rising prevalence of age-related diseases, and increasing number of online shoppers. North America accounted for the largest market share in 2017 due to the high healthcare spending, presence of several key market players, surge in the incidence of chronic diseases, and increase in the usage of fitness trackers for health monitoring in the region.
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