One of the key factors responsible for the surge in the demand for wearable fitness trackers is the rising adoption of smartphone-based fitness tracking apps across the world. These apps,
owing to their ability to provide a wide array of useful features, functions, and designs that help the consumers in their fitness journey, are witnessing a ballooning demand. Furthermore, the support granted to these apps by all the major smartphone operating systems, such as Android, Apple, and Blackberry, is resulting in their easier accessibility, thereby leading to their high utilization.
The global wearable fitness trackers market is expected to register massive growth during the forecast period (2018–2023), with a CAGR of 16.5%. The mushrooming sales of wearable fitness trackers, as a result of their escalating global demand, are expected to result in $48.2 billion revenue by 2023. In simple terms, a fitness or activity tracker monitors how well people are working on their fitness, by measuring the distance traveled, calories burnt, and also the heart rate. Many of the modern-day activity trackers are synced to a smartphone, which is why the increasing downloads of fitness apps is significant.
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Since the last few years, there has been a massive surge in the demand for wireless and continuous-health-monitoring systems and devices, primarily due to the quick growth of the geriatric population and the diseases and ailments associated with age that require continuous monitoring. In addition to this, the rising adoption of unfavorable reimbursement policies by healthcare payers and insurance firms is making modern medical devices unaffordable for a large chunk of the population, which is, in turn, propelling the popularity of wearable fitness trackers.
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An increasing number of product launches and cross compatibility and integration of personal assistance and personal health apps are being observed in the wearable fitness trackers market. The prominent companies manufacturing such devices are frequently launching new and innovative products, primarily to achieve their aim of expanding their global presence and product portfolio. For instance, Garmin International Inc., owned by Garmin Ltd., launched the Approach X10, a golf band variant of its wearable devices, in January 2018, which is compatible with the company’s golf app.
