Wearable Tech Trend and Rise in Health Consciousness Driving Surge in Fitness Tracker Market, says Market.us
It is a gadget designed to monitor and record the body’s fitness-related activities like steps taken, distance walks and heartbeat monitoring, sleep duration, and many more. The devices are linked to computers and smartphones through wireless connectivity devices.
The rise of the health trackers industry is fueled by an increasing trend towards wearable technology among young people. Furthermore, the use of devices like these by the elderly populace has increased due to the growing healthy retirement age.
According to research by Market.us, “The Global Fitness Tracker Market was valued at USD 49.09 billion in 2022. It is expected to grow at an 18.9% CAGR and reach USD 277.21 billion between 2023 and 2032.”
Gaurav Yadav, a senior research analyst at Market.us, said, “The rise in sales is attributable to growing health and fitness awareness, increasing penetration of smartphones and the internet, and the rise in consumer disposable income. The interest in fitness and health is rising particularly among younger adults and the working class who are the prime consumers who purchase fitness tracking devices.”
Additionally, the Covid-19 epidemic has dramatically raised awareness of the devices. The growing demand has resulted in an increase in the development of devices and advancement as market players rush to meet the increasing demand and gain a larger market share.
The growing awareness of staying fit and healthy and monitoring fitness levels is predicting the development of this market. These products for tracking have made a significant leap from being simple pedometers, and now are more sophisticated devices with a colorful display that records the patterns of sleep, monitors your heartbeat, monitors activity, and many other.
Although it is still in its early stages in India, fitness-related businesses are expected to see an increasing amount of acceptance, particularly among younger generations. There is a growing trend of people turning to join gyms and health clubs to minimize the adverse consequences of a busy life.
The information gathered by fitness monitors is mostly personal and includes details about the user’s personal information. This includes birth date, weight photos, GPS coordinates, social data, heart rate, number of steps, and background data that the device uses.
Apart from the extremely personal information that is collected, the main problem is the theft of data. The person is vulnerable to privacy breaches which could cause harm.
Although, those who use fitness trackers are probably unaware of the privacy implications of the way in which their data can be misused over time when it is collected or linked to other data.
A growing interest in staying fit and healthy across different segments of the population is the primary driving force for growth in the fitness tracker market worldwide.
In addition, the growing number of health-related illnesses, such as obesity, can be a factor in the development of the overall fitness tracker market over the next few years.
The advancements in fitness tracker models, like the incorporation of new technology, are expected to also drive growth in the fitness tracker market worldwide over the next few years.
A new technology, wearable fitness trackers are becoming more popular. Numerous players are making high-end fitness trackers designed to be the top of the line. Alongside IoT and artificial intelligence along with wireless connection, companies have incorporated sophisticated features into their products.
Fitness tracker wearables are well-known for their ability to increase the importance of health monitoring among people. Alongside monitoring heart rate and sleep, as well as steps as well as pulses, they offer a variety of health benefits.
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