FITNESS TRACKER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Fitness Tracker Market Analysis:

The fitness tracker market is expected to experience a compound annual growth rate (CAGR) of 15.7% during the forecast period from 2022 to 2027.

The COVID-19 pandemic has led to an increased demand for fitness tracker products, as individuals have been utilizing these devices to monitor their heart rate and oxygen levels during this time. This surge in adoption has prompted key players in the market to invest in research and development activities within the fitness tracker segment. Additionally, the demand for these devices has risen due to their ability to detect COVID-19 cases in advance. A study conducted by Stanford University in California in 2021 found that smartwatches from Apple, Gramin, and Fitbit can detect COVID-19 cases among asymptomatic patients before they exhibit symptoms. Furthermore, the pandemic has significantly raised awareness about fitness trackers, leading to increased device development and innovation as more market players strive to meet the growing demand and capture a larger market share. For example, in August 2020, Fitbit Inc. launched Sense, an advanced smartwatch equipped with features such as an ECG monitor, skin temperature sensor, stress management tools, sleep monitor, SpO2 levels monitor, built-in GPS, period tracker, and over 20 exercise modes. Therefore, COVID-19 has had a significant impact on the target market.

Several factors have contributed to the market’s growth, including heightened awareness among individuals regarding health, the increasing prevalence of cardiovascular diseases (CVD) and obesity, and the growing penetration of the internet and smartphones. Many individuals are prioritizing their health and engaging in physical activities such as walking, running, cycling, and other recreational pursuits. Physical activity has been proven to aid in the prevention and management of non-communicable diseases such as heart disease, stroke, diabetes, and various types of cancer.

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