Market Insights Digital Digital Health Digital Fitness & Well-Being

Fitness Trackers - Canada

Canada

In the year 2024, the projected revenue in the Fitness-Tracker market in Canada is expected to reach US$705.80m.
Looking ahead, the market is anticipated to exhibit a compound annual growth rate (CAGR 2024-2028) of 4.58%, resulting in a projected market volume of US$844.20m by 2028.
When it comes to user penetration, it is estimated to be 14.49% in 2024 and is expected to increase to 14.45% by 2028.
The average revenue per user (ARPU) is projected to be US$151.70.
In comparison to other countries, in China is anticipated to generate the highest revenue in the Fitness-Tracker market, amounting to US$26,110.00m in 2024.
Canada's fitness tracker market is booming, with a growing demand for wearable devices to track health and fitness activities.

Key regions: Canada, Asia, United Kingdom, Italy, Japan

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Analyst Opinion

The Fitness Trackers market in Canada is experiencing significant growth and evolution, driven by changing consumer preferences and technological advancements.

Customer preferences: Consumers in Canada are increasingly prioritizing their health and well-being, leading to a growing demand for digital fitness and well-being solutions. The convenience and accessibility of fitness trackers appeal to individuals looking to monitor their physical activity, sleep patterns, and overall health in real-time.

Trends in the market: In Canada, there is a noticeable shift towards online doctor consultations and digital treatment and care through fitness trackers. This trend is fueled by the need for remote healthcare services, especially in rural or underserved areas. The integration of health monitoring features in fitness trackers allows users to track vital signs and share data with healthcare providers for virtual consultations and personalized treatment plans.

Local special circumstances: The Canadian market for fitness trackers is influenced by the country's vast geography and diverse population. With a significant portion of the population residing in remote areas, access to traditional healthcare services can be challenging. Fitness trackers equipped with telehealth capabilities bridge this gap by offering remote monitoring and consultation services, making healthcare more accessible to all Canadians.

Underlying macroeconomic factors: The increasing adoption of fitness trackers in Canada is also supported by favorable macroeconomic conditions. The country's strong economy and high disposable income levels enable consumers to invest in health and wellness products. Additionally, government initiatives promoting digital health technologies and telemedicine further drive the growth of the Fitness Trackers market in Canada.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.