The global digital fitness and well-being devices market size was valued at USD 23.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.8% from 2021 to 2028. The market is significantly driven by the rising health consciousness around the world. Smartwatches and fitness/activity tracking wrist wear offer an array of health benefits, including tracking heart rate and oxygen levels, sleep monitoring, and stress tracking, for all generations. Furthermore, the aging population in the world is rising at a rapid rate and according to the World Health Organization, by 2030, 1 in 6 people will be aged 60 years or over. This is also anticipated to increase the demand for fitness devices in the market to track and monitor health and fitness.
The Covid-19 pandemic is reshaping the digital health market, accelerating the demand for digital fitness and well-being devices in the global market. Worldwide consumer perception towards fitness, regular workout, and preventive care measures is changing, catapulted by the Covid-19 pandemic. More and more individuals from developed and developing countries are actively tracking health and fitness, thereby driving market demand.
The market for digital fitness and well-being devices is mainly restrained by the high cost of the devices. Though consumers are getting health conscious and interested in fitness trackers more than ever, the price remains the deciding factor influencing the purchase. Often a good quality smartwatch or fitness tracking device costs US$ 150 and above, which is an expensive price for a large portion of the population and thus, acts as a barrier.
The online segment held the largest revenue share of over 55.0% in 2020. Most of the key players in the global market use direct web sales as their primary distribution channel. Moreover, customers nowadays are adopting online shopping channels due to higher convenience and ease of shopping.
The offline segment is expected to register a CAGR of 19.5% from 2021 to 2028. Consumers prefer shopping through traditional channels for high-end and luxury products in the market. In addition, the expansion of the organized retail channels, such as department stores and shopping malls, is likely to contribute to the segment growth.
The smartwatches segment held the largest revenue share of over 55.0% in 2020. The popularity of the smartwatch is higher compared to the other segments as it allows the traditional purpose of showing time, along with health and fitness tracking. At the same time, smartwatches also have entertainment facilities such as listening to music, audiobooks, and podcasts. Additionally, key players including Apple Inc.; Xiaomi Corporation; Fitbit Inc. are continuously investing in product innovation and product launches in the smartwatch segment.
The fitness/activity tracking wrist wear segment is anticipated to register the highest CAGR of 20.3% from 2021 to 2028.The segment is majorly driven by the adoption of the devices in developing nations. Key players in the market are introducing low-cost products in these nations to attract middle-income class consumers, which, in turn, will drive the segment. In addition, joint ventures between key players and regional retailers are likely to boost the sales of the products. Fitness/activity tracking wrist wear is targeted mostly towards athletes, sportsmen, and outdoor activity enthusiasts.
North America held the largest revenue share of over 35.0% in 2020. The market growth is credited to the strong presence of the key players in the region. Additionally, factors such as higher consumer spending, per capita disposable income, and GDP are expected to result in escalating product demand. North American lifestyle is alarmingly sedentary and according to the CDC study, in the U.S.,8.3% of the deaths of non-disabled at and above age 25 years is due to physical inactivity. The higher and rising awareness regarding the health effects of the sedentary lifestyle is expected to fuel the regional market growth.
Asia Pacific is projected to expand at the fastest CAGR of 21.6% from 2021 to 2028.The market growth is attributed to the growth in the Chinese and Indian markets due to the increasing product launches. Furthermore, companies strategically offer discounts on the products during the festive season to attract a large consumer base. The market growth is also accelerated by the health consciousness created by the Covid-19 pandemic.
Key players operating in the global market are focusing particularly on product innovation and product launches in order to provide smart, fashionable, and accurate devices. Key strategies opted by the industry players involve mergers and acquisitions and joint ventures. In 2018, Fitbit Inc. acquired Twine Health and in 2019, Fitbit Inc. announced a merger agreement with Google. Xiaomi Corporation launched Mi Watch Lite in 2020 in the wearable devices category. Fitbit Inc. had a number of product launches in the smartwatches and activity tracker category in 2019 including Fitbit Versa 2, Fitbit Versa Lite edition, Fitbit Inspire, and Fitbit Ace 2. Some prominent players in the global digital fitness and well-being devices market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 28.1 billion |
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Revenue forecast in 2028 |
USD 99.8 billion |
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Growth Rate |
CAGR of 19.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, distribution channel, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa |
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Key companies profiled |
Apple Inc.; Garmin Ltd.; Fitbit Inc.; Xiaomi Corporation; Samsung Electronics Co. Ltd.; Huawei Technologies; Nokia Corporation; Bryton Inc.; Anker Innovation Limited; Zepp Health Corporation |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global digital fitness and well-being devices market report on the basis of type, distribution channel, and region:
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