Digital Fitness & Well-Being - Sri Lanka

Sri Lanka

The Digital Fitness & Well-Being market in Sri Lanka is expected to experience significant growth in the coming years.
It is projected that the revenue in this market will reach US$120.00m by 2024.
Furthermore, it is estimated that the market will continue to expand at a compound annual growth rate (CAGR) of 7.64% from 2024 to 2028, resulting in a projected market volume of US$161.10m by 2028.
In terms of user penetration, it is anticipated that 4.30% of the population will be engaged in digital fitness and well-being activities in 2024.
This figure is expected to increase to 5.01% by 2028, indicating a growing interest in this market segment among the Sri Lankan population.
The average revenue per user (ARPU) in the Digital Fitness & Well-Being market is projected to be US$128.50.
This metric provides insights into the average spending of users in this market segment.
When compared globally, it is worth noting that in China is expected to generate the highest revenue in the Digital Fitness & Well-Being market, with an estimated revenue of US$28,360.00m in 2024.
This indicates the significant market potential and popularity of digital fitness and well-being activities in China.
In Sri Lanka, the digital fitness and well-being market is rapidly growing, with an increasing number of individuals using mobile apps and online platforms to track their health and fitness goals.

Key regions: France, Asia, Japan, Germany, Italy

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Analyst Opinion

The Digital Fitness & Well-Being market in Sri Lanka is experiencing significant growth and development, driven by various factors shaping consumer behavior and market dynamics in the country.

Customer preferences: In Sri Lanka, consumers are increasingly turning to digital fitness and well-being solutions due to the convenience and accessibility they offer. With busy lifestyles and limited access to traditional healthcare services in certain areas, individuals are opting for online doctor consultations and digital treatment options to manage their health and well-being. Moreover, the younger demographic in the country, which is more tech-savvy, is driving the demand for digital solutions in the fitness and healthcare sectors.

Trends in the market: One of the key trends in the Digital Fitness & Well-Being market in Sri Lanka is the rising popularity of health and fitness apps that provide personalized workout routines, nutrition plans, and wellness tips. These apps cater to the growing interest in preventive healthcare among consumers in the country. Additionally, online doctor consultation platforms are gaining traction as they offer a convenient way to seek medical advice without the need to visit a physical clinic. The increasing adoption of telemedicine services is also reshaping the healthcare landscape in Sri Lanka, making healthcare more accessible to underserved populations.

Local special circumstances: Sri Lanka's healthcare system faces challenges such as limited healthcare infrastructure in rural areas and a shortage of healthcare professionals. As a result, digital fitness and well-being solutions are bridging the gap by providing remote access to healthcare services. The government's initiatives to promote e-health and telemedicine services are further boosting the adoption of digital healthcare solutions in the country. Additionally, the growing awareness about the importance of mental health and well-being is driving the demand for digital mental health platforms and online counseling services in Sri Lanka.

Underlying macroeconomic factors: The growing penetration of smartphones and internet connectivity in Sri Lanka is a key macroeconomic factor fueling the growth of the Digital Fitness & Well-Being market. As more individuals gain access to digital devices, the potential customer base for digital health solutions expands. Moreover, the rising disposable income levels in the country are enabling consumers to invest in their health and well-being, driving the demand for digital fitness and healthcare services. Overall, the favorable macroeconomic environment in Sri Lanka is creating opportunities for the growth of the Digital Fitness & Well-Being market in the country.

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.