SAN FRANCISCO, July 1, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Wireless Health and Fitness Devices – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: April 2021
Executive Engagements: 23287
Companies: 118 – Players covered include Abbott Diabetes Care, Inc.; adidas AG; Alive Technologies Pty. Ltd.; Apple, Inc.; ASUSTeK Computer, Inc.; Beurer GmbH; Dexcom, Inc.; Entra Health Systems LLC; Fitbit, Inc.; Garmin Ltd.; GE Healthcare; Google Inc.; iHealth Labs, Inc.; Intelesens Ltd.; Isansys Lifecare Ltd.; Motorola Mobility LLC; LG Electronics Inc.; Medtronic plc; Misfit, Inc.; NeuroSky, Inc.; Nike, Inc.; Nonin Medical, Inc.; Nokia Corporation; Withings SA; NUUBO Smart Solutions Technologies, SL; Omron Healthcare Co., Ltd.; Oregon Scientific, Inc.; Philips Healthcare; Polar Electro Oy; Samsung Electronics Co., Ltd.; Sony Corporation; Suunto Oy; Under Armour, Inc.; Vital Connect, Inc.; Winmedical Srl; Xiaomi Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Sports & Fitness, Remote Health Monitoring, Professional Healthcare); Application (Monitoring, Diagnosis)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global Wireless Health and Fitness Devices Market to Reach 573.7 Million Units by 2026
In times of COVID-19, significant focus is being shed on health and fitness. Exercise is one of the indispensable components of the holistic approach to healthy and quality living. Physical activity combined with a well-balanced diet is a perfect recipe for stimulating and strengthening the immune system that safeguards the host from diseases and infections. The pandemic is profoundly influencing the everyday life of consumers around the world. Social, financial, physical, emotional and environmental issues are topping the priority list for consumers. Given that stress can weaken the immune system and compromise overall health and well-being, consumers are beginning to spend additional time, money, and resources on lifestyle changes, fitness routines, and food habits to deal with the pandemic. Amid the COVID-19 crisis, the global market for Wireless Health and Fitness Devices estimated at 280 Million Units in the year 2020, is projected to reach a revised size of 573.7 Million Units by 2026, growing at a CAGR of 12.1% over the analysis period. Sports & Fitness, one of the segments analyzed in the report, is projected to record a 11.2% CAGR and reach 361.4 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Remote Health Monitoring segment is readjusted to a revised 12.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at 136.4 Million Units in 2021, While China is Forecast to Reach 59.9 Million Units by 2026
The Wireless Health and Fitness Devices market in the U.S. is estimated at 136.4 Million Units in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of 59.9 Million Units by the year 2026 trailing a CAGR of 14.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.8% and 11.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 11.2% CAGR.
Health monitors are appearing in all shapes and sizes, ranging from wearables such as wrist bands to smart watches as well as their integration with mobile phones. Moreover, the capabilities of the devices and apps are increasing with new technological advances, making them more accurate and evolve into complete healthcare solutions. Fitness wearables are among the most prevalent technology aids that are helping users to keep track of various aspects of their lifestyles and fitness regimens. Consumers are increasingly opting for wearable wireless sports, fitness and wellness devices with the intention of keeping themselves healthy and safe. With growing health awareness, focus on leading active lifestyle, alarming rise in obesity & related problems, and rising health risks of a sedentary lifestyle, there has been a growing emphasis on staying healthy and fit. Increasing spending power in developing countries, large-scale modernization, and highly advanced and cost-effective wireless healthcare technologies are thus fuelling growth in the market. As a result, sports, activity, and fitness monitoring technologies are emerging as promising segment of the overall consumer electronics market. Driven by the Quantified Self trend, wearable devices for sports and fitness continue to gain the attention of consumers and enthusiasts alike as wearable fitness devices help users in collecting and measuring data based on the user’s physical condition and performance. Wearers are increasingly using these devices for tracking their weight, step count, heart rate, calories burned, balance, breathing rate, explosive strength and the condition of their vital organs, as well as also for setting personal goals. Consumers are increasingly adopting fitness devices as they encourage users in realizing their personal goals including getting a proper amount of sleep and maintaining healthy weight.
Professional Healthcare Segment to Reach 68.3 Million Units by 2026
In the global Professional Healthcare segment, USA, Canada, Japan, China and Europe will drive the 15.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of 23.6 Million Units in the year 2020 will reach a projected size of 65.4 Million Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 5.1 Million Units by the year 2026, while Latin America will expand at a 16.5% CAGR through the analysis period. More
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