Market Trends of Hi-Tech Medical Devices Industry
Fitness Bands are Expected to Witness Significant Growth During the Forecast Period
Fitness bands, also known as fitness trackers or activity trackers, are wearable devices designed to monitor and track various aspects of physical activity, health, and fitness. The fitness band segment is expected to grow during the forecast period owing to market players' rising adoption of fitness trackers and launches.
In 2024, the NCD Risk Factor Collaboration (NCD-RisC) released findings estimating that approximately 880 million adults and 159 million children and adolescents aged 5-19, collectively exceeding one billion individuals worldwide, are grappling with obesity. Owing to such a rising obese population and concerns about obesity-related risks, there has been a significant rise in the adoption of various forms of physical activity. Additionally, using fitness bands is associated with a considerable increase in the user's physical activity. For instance, according to a January 2023 study published in the Journal of Medical Internet Research, activity adequacy mindsets (AAMs), whether prompted by trackers or consciously adopted, can significantly impact behavior and health. This influence remains potent even when decoupled from the actual physical activity levels. In essence, wearable fitness trackers can mold perceptions regarding the sufficiency and health outcomes of one's physical activities. Similarly, according to another study published in the International Journal of Environmental Research and Public Health in November 2022, a four-month interventional study conducted in Slovenia between June 2021 and February 2022 stated that fitness bands or trackers were observed to be effective in promoting physical activity in older adults. Such research studies show that positive outcomes boost the adoption of fitness bands among the population, which is projected to expedite the segment's growth.
The rising partnerships, launches, and technological advancements by market players are expected to propel the segment’s growth during the forecast period. For instance, in February 2024, Samsung introduced the Galaxy Fit 3, its latest fitness tracker, to the Indian market. The aim was to enable advanced health-monitoring technology to be more accessible in the affordable wearable segment and enhance workout and wellness data visibility through the larger screen of the new product. In June 2022, Xiaomi launched its global Xiaomi Band 7 fitness tracking device. This tracker is water-resistant and features over 100 sports modes. Therefore, the rising launches and technological advancements in fitness bands are expected to propel the segments’ growth during the forecast period.
Therefore, owing to the advantages of fitness trackers and the rising launch by market players, the segment is expected to grow during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant market share owing to factors such as the rising incidence of cardiovascular diseases and obesity, the high adoption of fitness trackers, product launches, and the high concentration of market players.
The region’s high adoption of smartphones and hi-tech devices for personal health and well-being is a crucial driver for the market’s growth. For instance, according to a research study published in NPJ Digital Medicine in April 2022, 21% of Americans use smartwatches or wearable fitness trackers. Owing to such technology adoption trends and higher utilization of wearable fitness trackers, the market is anticipated to grow quickly during the forecast period.
Also, the large number of obesity cases in the region is expected to propel the utilization of hi-tech medical devices during the forecast period. Obesity is a significant health concern, and individuals are increasingly seeking effective ways to manage their weight. For instance, according to the Trust for America’s Health’s (TFAH) report published in October 2023, 22 states have adult obesity rates above 35%, up from 19 states in 2022 and 16 states in 2021. Wearable fitness technology, such as fitness trackers and smartwatches, plays a crucial role in this context. These devices allow users to track their physical activity levels, monitor calorie expenditure, and set fitness goals. By providing real-time data and encouraging active lifestyles, wearables contribute to weight loss and overall well-being. Hence, the substantial prevalence of obesity is projected to enhance weight-loss efforts. This is because wearable fitness technology continuously monitors daily physical activity, driving market growth during the forecast period.
In addition, the launches of advanced hi-tech medical devices and partnerships between market players are expected to propel the market growth. For instance, in October 2023, Google-owned Fitbit unveiled its latest fitness tracker, the Charge 6, in the United States and Canada, opening it up for pre-orders. The company also bundled a complimentary six-month Fitbit Premium membership with the Charge 6, granting users access to detailed metrics, including the coveted Daily Readiness Score. Similarly, in November 2022, Planet Fitness collaborated with Amazon Halo to provide people with the tools and resources to achieve their fitness goals inside the gym and beyond. It offered a PF Black Card, a complimentary Amazon Halo View wellness tracker, and one year of full access to an Amazon Halo membership for new Planet Fitness members in North America. Considering the high rate of technology adoption in the region, such initiatives and enhanced benefits are expected to promote the adoption of hi-tech devices further, accelerating market growth.
Therefore, owing to the above-mentioned factors, such as the high burden of obesity, the rising adoption of fitness trackers, and product launches by market players, the market's growth is anticipated in North America.
