Rising number of health-conscious people globally
NEW YORK, NY, UNITED STATES, November 24, 2021 /EINPresswire.com/ — The global fitness app market is expected to reach USD 18.08 Billion in 2028 and register a steady revenue CAGR of 23.5% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth include rapidly growing e-Commerce sector, increasing use of smartphones and tablets, changing lifestyles, and rising number of lifestyle-associated diseases.
People across the globe are suffering from anxiety, depression and stress, and diseases such as cancer, diabetes, cancer, and obesity due to increasing adoption of hectic lifestyles and busy schedules. In order to maintain good health, people are focusing on staying fit and inculcating good eating habits. This is resulting in increasing use of various fitness apps that can help to track health and daily vital information and activities as it is easily affordable as compared to gym and fitness center memberships. These fitness apps are specially designed for guiding users to keep a track and maintain health using various types of physical workouts, training, health tracking, nutrition, and diet, among others. Key factors driving global market revenue growth are increasing per capita income, increasing investments in home workout instruments, and growing inclination towards online training sessions. In addition, increasing focus of healthcare professionals and companies on developing technologically enhanced fitness apps, government initiatives to promote use of fitness apps in order to improve and maintain health of people, and rising demand for various wearable devices such as smartwatches and smart bands are factors expected to boost market growth going ahead.
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However, high initial investment for developing fitness apps, high subscription charges of certain workout and health apps, and rising concerns regarding data security are some key factors that could hamper revenue growth of the fitness app market to some extent over the forecast period.
Top Companies operating in the market and profiled in the report include:
Adidas AG, Fitbit, Inc., Appster, Azumio, Inc., MyFitnessPal Inc., Applico, FitnessKeeper, Aaptiv, Nike, Inc., Noom, Under Armour, Inc., Appinventiv, Grand Fitness, Curefit Healthcare Private Limited, Google LLC, Wahoo Fitness, Grand Apps, Asics Corporation, TomTom International BV, Lenovo Group Limited, and Samsung Electronics Co. Ltd., are major companies profiled in the global market report.
The pharmaceutical and healthcare industry has undergone tremendous change over the recent years, especially with the emergence of the COVID-19 pandemic. Increasing accessibility of advanced healthcare systems and low-cost technologies coupled with growing demand for over-the-counter medications has further changed the dynamics of the industry. Integration of robust technologies such as AI and blockchain have helped pharmaceutical companies reduce capital expenditure and strengthen the global supply chain. Increasing application of biosimilars, shifting focus to in-silico testing of pharmaceutical products, and rising number of product approvals from regulatory authorities are some key factors driving revenue growth of the market.
Increasing expenditure on R&D, growing focus on implementing robust cybersecurity solutions to ensure better medical device connectivity, and development of advanced telehealth software by key companies operating in the field has further added traction to the revenue growth of the market. The global Fitness App market report discusses the current market scenario with respect to the competitive landscape and offers key insights into the company profiles, product portfolio, production and manufacturing capacity, revenue contribution, and position in the global market. It also provides details on recent mergers & acquisitions, joint ventures, collaboration, and product launches, among others.
Some key highlights of the report:
• Among the types, the workout & exercise apps segment is expected to account for largest revenue share between 2021 and 2028 owing to increasing number of health-conscious individuals globally, high prevalence of various chronic diseases and disorders such as obesity and diabetes, and rising awareness about healthy lifestyle. In addition, shifting preference for home workouts, availability of various fitness plans, increasing penetration of Internet and advent of 5G, and rising adoption of smartphones and laptops.
• Based on application, the iOS segment is expected to register significantly fast revenue growth rate over the forecast period. This growth is attributed to increasing number of iOS users in various countries including the US, the UK, Germany, and Japan, availability of various fitness and health applications, and increasing research & development of enhanced applications for iOS devices.
• Among the platform segments, the wearable segment is expected to register rapid growth over the forecast period. Increasing prevalence of cardiovascular diseases, diabetes, obesity, coupled with rapid advancements in wearable tracker technology, rising disposable income, and increasing focus on maintaining good health are some key factors boosting revenue growth of the segment.
• North America is expected to account for largest revenue share in the global market between 2021 and 2028 owing to factors such as rising number of health-conscious people, increasing awareness about various fitness applications, high penetration of Internet, rapidly increasing number of smartphones users and wearable trackers, presence of key players. In addition, rising investments to develop new applications with enhanced features is expected to fuel North America market growth in the coming years.
• Asia Pacific is expected to register rapid revenue CAGR during the forecast period owing to factors such as increasing health awareness, increasing Internet penetration, rising occurrence of lifestyle-associated diseases, high adoption of smartphones and wearable devices, and increasing investments for developing enhanced connected health devices.
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For the purpose of this report, Reports and Data has segmented the global fitness app market based on type, platform, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
• Lifestyle Management
• Workout & Exercise Apps
• Nutrition & Diet
• Disease Management
• Medication Adherence
o Brain Training Apps
Platform Outlook (Revenue, USD Billion; 2018-2028)
• Wearable Devices
Application Outlook (Revenue, USD Billion; 2018-2028)
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The report provides a comprehensive analysis of the market scope, supply chains, distribution channels, trends and demands in each region, revenue generation, market size, and presence of prominent companies in each region. It studies the revenue growth of the market in each region and their key countries based on several factor such as macro- and micro-economic growth factors, regulatory framework and policies, investment and funding opportunities, R&D and technological advancements, and growth prospects.
Key Regions Assessed in the Report:
• North America (U.S., Canada, Mexico)
• Europe (U.K., Germany, Italy, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report further segments the global Fitness App market on the basis of product types and applications and offers details about key factors that are expected to drive revenue growth of each segment and sub-segment.
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Source: EIN Presswire