Surging Use of Fitness Tracking Apps Driving Wearable Fitness Trackers Market Growth

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). 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.

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.

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.

Thus, the surging downloads of smartphone-based fitness tracking apps and increasing need for wireless and constant health monitoring devices are expected to propel the market growth during the forecast period.

This study covers

  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
  • Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
  • Major players operating in the market and their service offerings

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