Expected Increase in Revenue in 2019 Driven by Fitness and Sports Wearables

The recent craze on wearables is undeniable. And proof to that is that more and more people are dying to get their hands on Google Glass which is just newly made available to the US Market. However, sports and fitness activity monitoring gadgets are still on top of the list of most health conscious consumers.

According to IHS Technology, one of the leaders in technology research and analysis, shows that revenue from sales of these equipments will increase by approximately $1 billion dollars from $1.9 billion in 2013 to $2.8 billion in 2019. They forecast an increase of 22 percent for this year alone raising sales to $2.2 billion, and the total base for fitness wearables will swell from 83 million units to 120 million in 2019. Of course, IHS attributes the growth to several factors. Aside from growing awareness amongst consumers on health conscious options and the drive to stay fit, the healthcare sector, particularly the healthcare providers may have played a part in this expansion.

"Beyond consumer demand, sales of activity monitors will be stimulated over the long term by corporate wellness programs, and from healthcare providers who may use the devices as part of a prescription for their patients." Shane Walker, senior manager for medical devices and healthcare IT research at IHS said. The health and fitness industry saw an increase in revenue in 2013 for nearly $78 billion, and the growth is said to be at almost 12.5 percent from 2010 to 2013. This only shows the markets flexibility despite economic setbacks.

Most consumers would like to get the value of devices that they already have and as much as possible would prefer to avoid having to purchase new sports or fitness equipments. As an alternative, consumers choose from a variety of common devices, such as heart-rate monitors and pedometers, which are priced relatively cheaper. The increase on the usage of Smartphone applications that are tied up with these fitness wearables is a manifestation of this current trend, as consumers find means of restraining from spending. Another aspect that most possibly had promoted the increase in demand of these fitness monitors is its form factor. These devices are designed to be suited for outdoor activities such as cycling, climbing, hiking, swimming or any activity where weather can change abruptly without notice. And as more and more new companies begin to venture in this industry, it will certainly drive manufacturing costs down making the product more affordable.