Westford, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that fitness tracker market size will attain the value of USD 67.85 Billion by 2031, with a CAGR of 6.60% during the forecast period (2024-2031). Increasing prevalence of chronic diseases such as obesity, diabetes and cardiovascular diseases is one of the major factors driving the market growth. The incidence of lifestyle-related diseases such as hypertension and diabetes are anticipated to increase, emphasizing the importance of continuous monitoring of the physiological parameters with the rise of sedentary lifestyles.
Browse in-depth TOC on "Fitness Tracker Market"
- Pages – 172
- Tables - 88
- Figures – 71
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Fitness Tracker Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 40.69 Billion |
| Estimated Value by 2031 | USD 67.85 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, Age Group, Distribution Channel, Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Government Initiatives for Health and Fitness |
| Key Market Opportunities | Integration of AI and IoT for Personalized Fitness Solutions |
| Key Market Drivers | Growing Health Awareness and Lifestyle Changes |
Smartwatches Segment to Dominate Due to Advanced Health Monitoring Features
As per the global fitness tracker market outlook, smartwatches earned the largest share and continue to dominate. Examples of new features that attract health-oriented users and sport enthusiasts include improved heart rate sensors, GPS tracking systems and advanced analytics. Their competitive edge lies in being multifunctional with instant access to data. Smartwatches are taking over the fitness tracker market because of their advanced health monitoring features, seamless connection, and interaction with the larger ecosystems.
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Glucose Monitoring Segment is Growing Due to Rising Awareness of Preventive Measures for Diabetes
As per the global fitness tracker market analysis, the glucose monitoring segment is anticipated to witness at the fastest CAGR over the forecast period. Market growth is driven by rising awareness of preventive measures for diabetes and the introduction of new products. Diabetes, a widespread and growing global concern, is characterized by the pancreas' inability to produce insulin, leading to elevated blood glucose levels efficiently.
North America is Growing Due to Rising Consumer Demand
As per the global fitness tracker market analysis, North America is experiencing the most rapid growth owing to strong consumer demand for modern health and wellbeing technologies. Also, these devices have found quick acceptance in this region because of its great infrastructure which has placed emphasis on fitness trends, personal health and technological advancements. This is further facilitated by high income per capita and a clustering of top IT firms that favor development-driven goods and services.
Fitness Tracker Market Insights
Drivers
- Growing Health Awareness and Lifestyle Changes
- Technological Advancements in Wearable Devices
- Rising Adoption of Fitness Trackers in Corporate Wellness Programs
Restraints
- High Cost of Advanced Fitness Trackers
- Privacy and Data Security Concerns
- Limited Battery Life of Wearable Devices
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Prominent Players in Fitness Tracker Market
- Nike (US)
- Garmin (US)
- Google (US)
- Suunto (US)
- Ambiotex GmbH (Germany)
- Huawei Technologies Co. Ltd. (China)
- Apple Inc. (US)
- Fossil Group, Inc. (US)
- Samsung (South Korea)
- Nokia (Finland)
Key Questions Answered in Fitness Tracker Market Report
- Who are the key players in the market?
- Which is the dominating region in the market?
- What are the key drivers of the market?
- Which is the growing region in the market?
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This report provides the following insights:
Analysis of key drivers (growing health awareness and lifestyle changes), restraints (high cost of advanced fitness trackers), opportunities (integration of AI and IoT for personalized fitness solutions), challenges (intense market competition among key players) influencing the growth of Fitness Tracker Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Fitness Tracker Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Fitness Tracker Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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