Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Wireless Health and Fitness Devices market. Market segmentation includes by Product Type (Sports & Fitness, Remote Health Monitoring, Professional Healthcare); Application (Monitoring, Diagnosis).
The many benefits of functional foods that now make them now more than ever vitally important in diets include therapeutic benefits such as cholesterol reduction, weight management, etc.; disease preventive benefits such as reducing the risk of heart disease, cancer, osteoporosis, diabetes, renal diseases etc.; and effective safeguard against dietary deficiency diseases. Online pharmacies and specialty food stores across the world are recording robust increase in sales of dietary & vitamin supplements like vitamin C, D, Zinc, among others.
Similar to health foods, wellness & fitness equipment are also witnessing robust gains in online sales. With majority of gyms and outdoor facilities remaining closed for most part of 2020 to curb the spread of the virus, fitness enthusiasts are now creating their own home gym facilities. As a result, the market for at home physical fitness equipment has been exhibiting exorbitant growth. Additionally, growing impetus on exercising for improving immunity as well as fighting mental illnesses is fueling demand for novel devices. Amid the scenario, demand for dumbbells, rods, plates, and benches exhibit a relatively significant increase as compared to treadmills and cycles. The increasing importance of maintaining a healthy lifestyle, has also led people purchase higher priced fitness equipment such as hybrid and stationery cycles, treadmills, and elliptical. While certain companies offering gym equipment initially experienced the ripple effects of supply chain disruption due to COVID-19, they experienced a significant spike in demand for home gym equipment as the virus spread worldwide. Business models of companies also underwent a change, due to most orders for such equipment being through the online channel or via phone calls, as customers refrained from visiting stores in order to remain safe. COVID-19 has reshaped the world & has triggered massive disruptive changes with the most important being the shift away from physical stores to digital shopping. In the U.S, sales at department stores are expected to decline by over 60%, while e-commerce is projected to grow by nearly 35% in 2020 with some categories rising by over 85%. The pandemic has fast forwarded the evolution & growth of e-commerce by over 4 years. People who successfully moved to at-home workouts are expected to continue exercising at home for some period of time, as it is convenient and they have the equipment.
Fitness wearables are among the most prevalent technology aids that are helping users to keep track of various aspects of their lifestyles and fitness regimens. Consumers are increasingly opting for wearable wireless sports, fitness and wellness devices with the intention of keeping themselves healthy and safe. With growing health awareness, focus on leading active lifestyle, alarming rise in obesity & related problems, and rising health risks of a sedentary lifestyle, there has been a growing emphasis on staying healthy and fit. Increasing spending power in developing countries, large-scale modernization, and highly advanced and cost-effective wireless healthcare technologies are thus fueling growth in the market. As a result, sports, activity, and fitness monitoring technologies are emerging as promising segment of the overall consumer electronics market. Driven by the Quantified Self trend, wearable devices for sports and fitness continue to gain the attention of consumers and enthusiasts alike as wearable fitness devices help users in collecting and measuring data based on the user's physical condition and performance. Wearers are increasingly using these devices for tracking their weight, step count, heart rate, calories burned, balance, breathing rate, explosive strength and the condition of their vital organs, as well as also for setting personal goals. Consumers are increasingly adopting fitness devices as they encourage users in realizing their personal goals including getting a proper amount of sleep and maintaining a healthy weight. These fitness devices also help consumers gain a deep understanding of their body and take necessary steps to improve overall health. Some of the key fitness wearable form factors that are gaining prominence for sports and fitness tracking purposes include smart wristbands, fitness monitors, sports watches, smart garments, and heart rate monitor chest straps. The market for sports, fitness, and wellness devices is expected to witness robust growth in the upcoming years, driven by the increased availability of highly advanced and innovative devices. Wearable sports & fitness devices are simple in function and form, and are designed for amateur and professional athletes, parents of athletes, coaches, and health-conscious consumers.
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 23287. Among this pool, 2096 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 466 unique participations, a total of 211 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
Key Competitors Covered in the Report -
LG Electronics, Inc.
ASUSTeK Computer, Inc.
iHealth Lab, Inc.
Abbott Diabetes Care
Alive Technologies Pty., Ltd.
Segments Covered in the Report -
Product Type (Sports & Fitness, Remote Health Monitoring, Professional Healthcare)
Application (Monitoring, Diagnosis)
Geographies Analyzed in the Report -
Rest of Europe
Rest of Asia-Pacific
Rest of Latin America
For enquiries e-mail us at sales@strategyR.com .
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.