Pune, India, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The global fitness tracker market size is expected to reach USD 114.36 billion by 2028, exhibiting a CAGR of 15.4% during the forecast period. The rising adoption of wearable devices among the young population will significantly bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Fitness Tracker Market, 2021-2028.” the market size stood at USD 36.34 billion in 2020.
Significant Development:
October 2019: Fitbit collaborated with the Bristol-Myers Squibb-Pfizer alliance to address atrial fibrillation detection gaps to accelerate diagnosis.
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Preference for Fitness During Pandemic to Positively Sway Market
The occurrence of COVID-19 has caused disturbance to the business of the fitness tracker industry. The interruption triggered in manufacturing, production, shipment, and sales of these products have massively affected the market. However, OEMs' constant development of technologically advanced products will cater to the demand for fitness amid the coronavirus epidemic. For Instance, Fitbit announced the launch of an innovative tracker, Fitbit Charge 4. The new device will assist and offer support to customers at home during this time.
Moreover, Fitbit also provides a free 90-day trial and access to premium content, thus leading to more premium subscribers. Similarly, the growing demand for fitness products during COVID-19 will improve fitness trackers' sales through online mediums, hence boosting the market. Besides, major brands' enormous research and development activities to incorporate technologies in devices that can identify and track infectious diseases such as COVID-19 will further enhance market potential.
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Fitness Bands are Expected to Hold the Highest Share
Based on device type, the market is divided into smartwatches, fitness bands, smart glasses, smart clothing, and others. Fitness bands held the dominant fitness tracker market share in 2020 owing to their user-friendliness and convenience.
Based on the application, the market is divided into heart rate tracking, sleep measurement, glucose measurement, sports, running, and cycling tracks. Running segment is expected to hold the maximum share during the forecast period.
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Surging Obese Population to Aid Expansion in Europe
The market size in North America stood at USD 17.36 billion in 2020 and is expected to account for the largest share during the forecast period. The region's growth is attributed to the growing health issues such as chronic diseases among the general population. Europe is expected to witness a substantial growth rate during the forecast period due to the increasing obesity in the region.
The market in Asia Pacific is expected to rise tremendously in the foreseeable future due to the growing adoption of tracking devices among the young population in countries such as Japan, China, and India. India accounts for 60% of the young people in Asia Pacific.
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