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Wireless Health and Fitness Devices - Global Market Trajectory & Analytics

  • ID: 2769237
  • Report
  • October 2020
  • Region: Global
  • 401 Pages
  • Global Industry Analysts, Inc
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Wireless Health & Fitness Devices Market Escapes the Ravages of the Virus Induced Economic Recession. Market to Reach 624.2 Million Units

The global market for Wireless Health & Fitness Devices is projected to reach 624.2 million units by the year 2027, trailing a post COVID-19 CAGR of 12.1% over the analysis period 2020 through 2027. 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. Worries related to finances, childcare, elderly parents, job security, disruption to routine life are all triggers to stress in the current pandemic scenario. 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. Exercise holds a profound effect on functioning of the immune system and improves immune response to vaccination, supports immune markers linked with various medical conditions, and reduces low-grade inflammation.

The rapidly increasing cases of COVID-19 globally have brought exercise in the spotlight owing to its beneficial role in improving immune health. Stress and inactivity inhibit the ability of T-cells to grow in numbers in response to the infectious agent. In addition, lymphocytes, a component of the immune system, are unable to identify and kill cells infected with pathogens like virus or that have turned cancerous. Every bout of physical exercise immediately unleashes billions of human immune cells, mainly those associated with identification and destruction of virus-infected cells. These mobilized cells move into the blood stream and eventually trafficked to secondary tissues and lymphoid organs, especially the gut and lungs that require enhanced immune defense, like in case of COVID-19. Exercise may also alleviate the risk of developing acute respiratory distress syndrome (ARSD), a major complication and primary cause of mortalities related to COVID-19. Against this backdrop, consumers are increasingly opting for wearable wireless sports, fitness and wellness devices with the intention of keeping themselves healthy and safe. 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. 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 fitness goals.

The traditional patient-doctor model is currently undergoing significant changes under the influence of medical wearables. Wearable devices facilitate remote delivery of care through timely intervention by healthcare professionals via telemedicine. With an aging population and a rise in chronic diseases, the need for newer models for healthcare delivery is being felt more than ever. Telemedicine in combination with technologies like wearables and AI can help bridge the gap, make healthcare more accessible, provide timely interventions and help keep patients out of the hospital while ensuring the quality of healthcare delivery. The use of telemedicine can save time, reduce costs, and improve care coordination. When fitness devices integrate with EHRs, providers will have greater options to remotely monitor their patients. By leveraging big data analytics, payers and providers will be able to communicate and administer care much more proactively, leading to fewer hospital admissions. Healthcare systems in high-income countries strive to care for patients with chronic conditions within overburdened practices and consultations, restricted to short visits. Using telemedicine for hosting follow-up appointments and treating patients remotely is a resource-efficient strategy. Healthcare practitioners can cater to a greater number of patients while bringing down the costs associated with healthcare delivery. The COVID-19 outbreak placed unprecedented demands on healthcare system in various countries. The healthcare industry is at the forefront battling the coronavirus pandemic with challenges of increasing demand on health facilities and health care workers and supply chain disruptions. The seemingly accelerating pace at which the novel coronavirus spreads around the world has increased diversion of resources to coronavirus treatment and widespread disruption to routine healthcare services across the globe. Hospitals have also been urged to postpone or limit elective surgeries and other non-necessary treatments, which would keep beds free for COVID-19 infected patients. This in turn has led to hospitals and clinics shutting down their outpatient resources, which poses a major challenge in delivering non-urgent consultations. Against this backdrop, telemedicine is witnessing increased acceptance, particularly in monitoring chronic conditions or postoperative patients. Wearable technology can enable seamless remote patient monitoring through telemedicine during COVID-19.

Competitors identified in this market include, among others:
  • Abbott Diabetes Care Inc.
  • adidas AG
  • Alive Technologies Pty. Ltd.
  • Apple Inc.
  • ASUSTeK Computer Inc.
  • Beurer GmbH
  • Fitbit Inc.
  • Garmin Ltd.
  • GE Healthcare
  • Google Inc.
  • iHealth Labs Inc.
  • LG Electronics
  • LifeWatch AG
  • Medtronic plc
  • Misfit Inc.
  • Motorola Mobility LLC
  • Nike Inc.
  • Nokia Corporation
  • Nuubo
  • Omron Healthcare Co., Ltd.
  • Philips Healthcare
  • Polar Electro Oy
  • Samsung Electronics Co., Ltd.
  • Under Armour Inc.
  • Withings SA
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • COVID-19 Catalyzes Consumer Engagement With Health & Wellbeing Technologies
  • Wireless Health & Fitness Devices Market Escapes the Ravages of the Virus Induced Economic Recession
  • A Synopsized Review of the State of the Battered Global Economy
  • EXHIBIT 1: COVID-19 Leaves the World in Shambles: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Unemployment Rates at Historical Highs Destroys a Multitude of Industries Dependent on Discretionary Income
  • EXHIBIT 2: Unemployment in the U.S. (In Million)
  • Budgeting for Health! Spending on Health is No Longer Discretionary. COVID-19 Underlines the Importance of Immunity in Today's World
  • EXHIBIT 3: Fitness Routine Changes of People as A Result of COVID-19
  • EXHIBIT 4: An Opportunity in Crisis! Global Market for Physical Fitness Equipment for Years 2019, 2020 & 2021 (In US$ Million)
  • A Key Part of This At-Home Fitness Trend is Self-Management of Active Lifestyle Where Wearables Play a Major Role
  • Wireless Health & Fitness Devices: Scope & Definition
  • Recent Market Activity
  • Innovations
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • COVID-19 Accelerates Digital Transformation of Healthcare
  • EXHIBIT 5: Leading Digital Health Categories by Funding: 1H2020
  • Ready for Disruption! Among the Digital Technologies, Benefiting Are Health & Fitness Wearables
  • EXHIBIT 6: Global Wearable Technology Market by Application: 2019
  • Market Outlook: A Recapitulation
  • Hospitals Wake Up to the Benefits of Wireless Health Devices
  • Rising Healthcare Costs Drives Focus on Wearables for Their Ability to Reduce Cost of Healthcare
  • EXHIBIT 7: World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • EXHIBIT 8: Healthcare Costs as a % of GDP by Country for the Years 2020 & 2023
  • Equity in Healthcare is a Burning Global Issue. Wireless Health and Fitness Devices Storm Into the Spotlight For Their Ability to Democratize Healthcare
  • As Smart Homes Evolve Into Portals for Healthcare Delivery, Home Health Hubs Emerge Into a Major Growth Driving Force
  • EXHIBIT 9: As Smart Homes Become Self-Care Hubs of the Future, Adoption of Smart Wearables Will Receive a Boost: Global Number of Smart Homes (In Million)
  • Integration of Wearables into Telemedicine Explodes Into a Major Trend
  • COVID-19 Pandemic Accelerates Telemedicine Adoption
  • EXHIBIT 10: Telehealth Visits in the U.S (In Million) for the Year 2020
  • Role of Wearables in Telemedicine
  • Role of AI in Wearables Gets Bigger
  • Increasing Incidence of Chronic Diseases Requiring Health Risk Assessment & Continuous Monitoring Benefits Market Growth
  • EXHIBIT 11: Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
  • Rising Cardiovascular Disease Burden Drives Demand for Wireless Devices for CVD Management
  • EXHIBIT 12: Global Annual Medical Cost of CVD in US$ Billion (2020-2030)
  • Epidemic Global Diabetes Prevalence Spurs Opportunities for Wireless Devices for Blood Glucose Monitoring
  • COVID-19 Sharpens Focus on Self-Monitoring of Blood Glucose (SMBG)
  • EXHIBIT 13: Global Prevalence of Diabetes: Number of Adults (20-79 Years) Diagnosed with Diabetes (in Million) by Gender for 2019, 2030 and 2045
  • EXHIBIT 14: Global Continuous Glucose Monitoring Systems Market by End-Use (in %) for 2020
  • Rising Global Hypertension Prevalence Drives Opportunities for Wireless Devices for Blood Pressure Monitoring
  • EXHIBIT 15: Hypertension Prevalence (%) Worldwide by Region in Male and Females Aged 25+ Years
  • Rapidly Aging World Population & COVID-19 Induced Re-Focus on Aging-In-Place to Drive Demand for Remote Patient Monitoring
  • EXHIBIT 16: World 65+ Population (In Million)
  • Wearables Emerge to be a Major Enabler of Remote Health Monitoring
  • Emerging From the Growing Trend Towards Aging-in-Place is the Rising Popularity of PERS
  • EXHIBIT 17: Global Market for PERS (In US$ Million) by Geographic Region/Country for Years 2020, 2020, 2024 & 2027
  • Smartwatches: the Poster Child of Fitness Wearables
  • Increasing Obesity Levels Underpins Strong Potential for Pedometers & Heart Rate Monitors
  • EXHIBIT 18: Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Wellness Becomes a Bigger Priority for Companies Amid the Pandemic, Wireless Devices for Corporate Wellness Programs Offer Huge Opportunities for Growth
  • EXHIBIT 19: Global Corporate Wellness Market (In US$ Million) for Years 2019, 2020, 2022, 2024 & 2027
  • With Rapid Adoption of Wearables Comes the Big Question of How to Manage “Big Data of Wearables”
  • Bluetooth: An Important Enabling Technology for Wireless Wearable Devices
  • Battery Power Being Vital for Wearable Technology is a Major Area Identified for Innovation & R&D
  • Privacy & Data Issues Continue to Plague the Market
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • 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
IV. COMPETITION
  • Total Companies Profiled: 118
Note: Product cover images may vary from those shown
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