When you think of wearable medical devices, what comes to mind? My guess is either Fitbit, Apple Watch, or both. And you’d be right. These fall into a sub-category of the wearable medical devices: fitness wearables. And with the advancements of some pretty cool technology, the fitness wearables market is developing into something far more intriguing.
Positioned at the intersection of a medical device and a lifestyle statement, fitness wearables range from simple step trackers to a data driven interconnected ecosystem that sits on your wrist (or ring, or arm, etc.). They work to optimize the three main areas of health and fitness: staying active, eating well and proper recovery. Ultimately, the goal of fitness wearables is to help safeguard users against potential health challenges by allowing us to be proactive in creating a healthier lifestyle.
The fitness wearable segment has experienced a massive boom over the last decade, and it doesn’t seem to be slowing down. The reason for the evolution is simple. New advancements in technology and new industry leaders mean that more innovative ideas are penetrating the market.
While Fitbit is one of the most well-known fitness wearables, there are, in fact, wearables of all kinds, and they are all becoming more and more sophisticated. Wearables are now available in the forms of:
- Smart Watches
- Smart Glasses
- Smart Earphones
- Smart Clothing
Fitness Wearables Market Trends and Projections
- In the wearable medical devices market, the health and fitness segment is projected to grow almost 30% annually through 2023, when it should reach $11.8 billion.
- North America dominated the wearable health and fitness market in 2017 with revenue of $1.1 billion. The North American market should see a CAGR of 28.9% through 2023, when it is expected to reach $5.3 billion. This growth is due to growing fitness trends; increasing obesity rates and health awareness; and the growing affordability of fitness bands, smartwatches and activity trackers.
- The high cost of fitness/health devices is restraining growth of the market in developing countries, where many consumers do not see the real need for consumer wearable devices or feel that the costs of these devices are not justified given their lifestyle.
- The Asia-Pacific region is predicted to have the highest potential for growth at 33.3% annually due to the growing population; increased adoption on wearable technology in Japan; and rising disposable income.
The health and fitness tracking market has grown by leaps and bounds despite some challenges and headwinds. As preventative and personalized care gain popularity, wearable technologies that support behavioral changes in patients and influence positive lifestyle changes—like health and fitness trackers—will be in high demand.
For additional intel into the global market for medical devices and fitness wearables, download a free overview of our report, Wearable Medical Devices: Technologies and Global Markets.