Smart fitness equipment are used for actual physical workouts which help in managing general weight loss pill commercial (via Beacon Therapeutic), improve actual physical endurance, and also improve muscular strength. These units are used to monitor information like sleep, steps, calories, heart rate, along with other bodily health, which additionally assist in increasing the actual physical fitness of the body.
Rising awareness among individuals associated with health and fitness is on the list of major driving elements for expansion of the global smart health market. The factor attributed to progress of the market is soaring medical issues such as for example obesity, heart attack, diabetics, which further increases need for physical fitness equipment.
As an example, in 2013, in accordance with the Institute for Health Metrics and Evaluation analysis, nearly 30 % of the world population was suffering from morbid obesity or overweight, globally. Moreover, according to the diabetics.org, the total amount of people in the U.S. struggling from diabetics was 7.2 million in 2014, and also in 2015, 1.5 million new cases have been reported which was 6.7 % per 1,000 people. Therefore, increasing awareness among people will proportionally demand for that fitness equipment, which will enable them to track health connected information like heart rate, amount of calories burned and workout time. This’s likely to further assist to enhance their general fitness of the entire body, in turn aiding in development of the worldwide smart fitness industry.
Furthermore, growing federal initiative plans related to health awareness is yet another factor propelling development of the market. For instance, in May 2004, in the 57th World Health Assembly (WHA) endorsed the World Health Organization’s (WHO), Global Strategy on Diet, Exercise, and Health. The objective of this particular approach is promoting as well as protect health and wellbeing by guiding at every individual, national, community, and global level such it may help in reducing disease and death rates related to physical inactivity and unhealthy diet.
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High price of smart fitness equipment is major ingredient that limits growth of the marketplace. This pushed start up gyms & in house people and fitness centres to get second hand equipment. So, high prices of these equipment is a major factor hampering purchase of equipment that is new for commercial purposes. This is expected to negatively impact sales of new wise fitness gear.
Global Smart Fitness Market: Segment Trends
On the foundation of item type, the smart watch segment accounted for the biggest market share in 2017 and it is expected to maintain its role during the forecasted period. This is owing to increased demand for wireless health monitoring devices. As an example, according to the Coherent Market Insights’ studies, the whole device of smart watches product sales in 2016 was US$36 million which improved to US$76 million in 2017, globally. These bright watches handle several capabilities like real time pulse rate monitoring, fitness monitoring, tracking footsteps, tracking number of calories burnt, general rest statistics, tracking exercise instruction, and monitoring of user’s daily routine to give useful insights on the health of theirs. This additional helps health care provider to identify their patient’s overall health remotely. This is likely to aid in development of the segment over the forecast period.
Global Smart Fitness Market: Regional Insights
North America held a dominating position in the global smart health market in 2017, and it is likely to maintain the dominance of its throughout the forecast period (2018-2026). This particular growth is due to increasing number ofhealth problem in connection with obesity for example cardiovascular disorders, type 2 diabetes, and also others, which specifically impacts children, youth, and adults. As an example, according to the National Centre for Health’s studies, in 2017, in the U.S. 40 % of adults and nineteen % of youths have been suffering from obesity. Thus, growing concern among individuals concerning health connected concerns is leading to increasing need for fitness equipment, in order to manage their fitness. Hence, each one of these factors will help in propelling development of the intelligent health market in this kind of region.
Global Smart Fitness Market: Competitive Landscape
Major players operating in the global wise health industry are Apple Inc., Fitbit Inc., Garmin Ltd., Jawbone, LG Electronics, MAD Apparel, Inc., Samsung Electronics Co., Ltd., Sony Mobile Communications Inc., Polar Electro, and OMsignal. Major players in the market such as Apple Inc., Others, Samsung, and Fitbit Inc. are focusing on adopting mergers and acquisitions strategy, to be able to strengthen their foothold in the market. For instance, in February 2018, Fitbit, Inc. acquired the Twine Health. The target of the acquisition is increasing the offerings of theirs in the healthcare industry, which further helped the company to achieve a competitive edge in the market.
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