A Summary of our latest report —Feeling Good: Powering the Next Generation of Fitness and Medtech.
Today’s consumer is spending less on acquiring things and more on doing things, and this trend is making its way into the fitness and medical industries.
Research shows that when consumers feel good about their fitness regimen, they are more likely to continue the program. In short, the outcome consumers are looking for is not just looking good; but also feeling good.
So what do consumers want from their fitness routines? And what do they want from their gym experience?
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This report examines the top technology trends in the health, fitness, and medical industries. Download the complete report here.
Trend 1: Wearing your heart on your sleeve
You will see wearable fitness devices on professional marathon runners, casual gym-goers, and even those attempting to become more active.
The simple steps tracker has evolved into our trusted health advisor, dietician, and fitness trainer.
It is no wonder, then, that worldwide shipments of wearable devices from 2020-2021 showed an increase of 27.2 percent.
The increased use of the Internet, 5G technologies, and constant innovations have made North America the dominant market, with a 38.6 percent market share. The Asia Pacific is the fastest-growing market.
Consumers are taking charge of their well-being with wearable technology.
Rising health awareness, a sedentary and hectic lifestyle, increasing healthcare costs, the growing prevalence of chronic diseases like diabetes and obesity, and the increasing popularity of the Internet of Things (IoT) are driving the market. As health and fitness took center stage during the pandemic, it accelerated the adoption of wearable fitness trackers.
Trend 2: The growing application of wearable technology in the medical device industry
The healthcare industry has seen the growing popularity of wearables significantly impacting the prevention and treatment of many chronic diseases.
The pandemic has changed our relationship with sleep and its therapeutic benefits. Consumers are more aware of the health benefits of quality sleep and are using sleep-tracking technology to understand their sleep patterns better.
Download the complete report to discover Oura ring’s foray into Health and Medtech
The Future of Holistic Healthcare: Smart Wearable Devices
Wearables have many life-altering benefits that make them invaluable in the medical field.
Download our complete report to learn the various use cases of wearable devices in diagnosing, monitoring, and treating chronic diseases.
Initially, North America led the world with the highest share of wearable device sales; however, the Asia Pacific region has recently grown leaps and bounds, becoming the fastest-growing region.
Download our complete report to learn more about the leading countries in the sector.
Trend 3: Taking the gym home
The trend of bringing home the gym with smart home equipment took off during the lockdown as gyms had to shut down worldwide.
Also, read an in-depth analysis of why 1.4 million users are paying a premium for the Peloton bike.
Trend 4: Fitness apps and AI-powered trainers
The lockdown forced people to shift from physical gyms and fitness studios to virtual fitness classes, which led to a considerable number of apps being downloaded, giving an impetus to the fitness app market.
The increased prevalence of chronic diseases or diseases that prevail over the long term, like diabetes and obstructive pulmonary disease, is driving the growth of fitness and nutrition apps.
Trend 5: Mental health goes digital
In 2020, we saw an uptick in downloads of mental wellness apps, as the pandemic and its repercussions propelled this growth. Developers of apps are delivering on market demand, as 20,000 mental apps are available for download today.
Many of these apps emphasize mindfulness and meditation and go beyond providing support from a traditional therapist. Mental health apps also offer professional online therapy sessions on the go.
While the number of app downloads is a good metric, returning users is the fundamental metric for an app’s success.
Trend 6: Entering the fitness metaverse
Companies are creating immersive fitness experiences by partnering with premium gaming and fitness brands.
This is bringing about a trend in fitness gamification, a new generation of immersive exercises and workouts using music, visuals, wearables, and instructors to offer users an exciting, immersive experience.
Putting our bodies (and data) out there
Data security risks are one of the biggest challenges we face as we move mountains in the fitness tech industry. These trackers can allow hackers to intercept personal data, and if the data is not adequately protected, it can make us vulnerable to unauthorized users accessing our information.
}The future of wearable technologies is in the health and medical sectors. Although some companies, like Apple, have tight privacy controls for users, there is not enough research on wearable tech for digital health technologies’ security, data rights, and ethics.
The ubiquitous use of the Internet and smartphones and the shifting tendency toward healthier lifestyles and increased wellbeing have sparked significant growth in the global fitness and medical device technologies market.
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