The global market for Wireless Health and Fitness Devices is projected to exceed 370 million units by 2024, driven by the growing prominence of self-care with rising focus on health and fitness as a vital component of contemporary wellness-related lifestyles, and steady launch of advanced devices integrating intelligent programs and smart sensors for real-time communication of vital metrics.
The concept of wireless health revolves around the incorporation of wireless technology into the medical space for monitoring, diagnosing and treating medical conditions. Widely used to improve personal health, wireless health and fitness devices allow users to monitor their vitals and learn about their overall health and wellbeing. These wearable networking devices feature real-time feedback, wireless data transmission, alerting mechanisms and timely and easy sensing abilities. Wireless health and fitness devices with embedded biometric sensors, software, and connectivity are providing improved efficiency, accuracy, and numerous other benefits. Few of the many such devices include blood pressure monitors, continuous glucose monitoring, defibrillators, drug delivery products, ECG monitors, hearing aids, insulin pumps, smart glasses, patches, personal emergency response systems (PERS), pulse oximetry, activity monitors, fitness & heart rate monitors, foot pods & pedometers, head-up displays, sleep sensors, smart glasses, and smart watches, among others. Rising healthcare needs of the world's aging population, increasing incidence of lifestyle related diseases such as CVD, diabetes, and hypertension, and the growing need for continuous monitoring to provide better quality healthcare while reducing operating costs represent the primary factor driving growth in the market.
Future growth in the market will be driven by transformation of the global healthcare industry from the traditional episodic, reactive or paternalistic nature to the modern passive, continuous and more importantly, convenient monitoring of human bodies. At the heart of the transformation is the data explosion created by the many connected devices, especially those that are designed to track body health vitals such as smartphones, smart glasses and smart watches. Increasing awareness of the health and fitness benefits offered by wireless devices and growing proliferation of digital technologies such as Healthcare IoT (Internet of Things), Artificial Intelligence (AI), and Big Data Analytics in the healthcare industry are expected to stimulate market growth. Emphasis on patient safety and shortage of medical personnel are also driving focus on the adoption of wireless health technologies and devices. Rapid penetration of smartphones and tablets and development of a wide range of mobile and fitness devices and apps are also benefiting market prospects.
Advancements in wireless technologies and the increasing availability of affordable wireless devices are poised to provide significant growth opportunities in the long run. Adoption is also being driven by the steady launch of smart wearable gadgets for health and fitness monitoring including smart wristbands, smart wireless fitness trackers compatible with the IoT, smart clothing, smart health monitors, smart scales, smart contact lenses, smart earbuds, smart skin patches, smart fluid management solutions, smart earpieces, smart finger ring, smart ear thermometer, smart scarf, smart shoes, smart vest, smart running socks, smart shirt, smart sleeping masks, smart bra capable of tracking breast health, and smart textiles for sports and fitness clothing pre-integrated with heart rate monitors.
The United States represents the largest market worldwide. Rise in the number of overweight and obese individuals, aging population and their vulnerability to various health issues are providing strong growth opportunities in the country. Future growth in the market will be driven by developing markets of Asia-Pacific and Latin America owing to the huge potential offered by these unpenetrated and underpenetrated developing markets. Asia-Pacific is poised to grow at the fastest compounded annual rate of 20.6% over the analysis period.
Major players in the market include 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., Motorola Mobility LLC, LG Electronics Inc., LifeWatch AG, Medtronic plc, Misfit, Inc., Nike, Inc., Nokia Corporation, Withings SA, NUUBO Smart Solutions Technologies, SL, Omron Healthcare Co., Ltd., Philips Healthcare, Polar Electro Oy, Samsung Electronics Co., Ltd., Under Armour, Inc., and Xiaomi Inc., among others.