It is difficult to find a fitness enthusiast that does not own a fitness tracker or a smartwatch. Even casual exercisers enjoy tracking their daily steps and fitness goals, and often the investment in a fitness device can encourage positive changes in daily habits leading to better health. According to CTA, smartwatches are the leading revenue generator in the health and fitness sector now.
Smartwatch revenues are predicted to reach over $7 billion by the end of 2024, up from $5.5 billion in 2020. Although they face competition from smartwatches, fitness trackers will see annual shipments remaining above 15 million for the extent of CTA’s forecast.
The health tech industry is also poised to help those with hearing loss this year, as manufacturers await the Federal Drug Administration’s final word on regulations addressing over-the-counter (OTC) hearing aids. According to the National Institute on Deafness and Other Communication Disorders, 15% of American adults report some trouble hearing. OTC hearing aids will offer more affordable options to millions of Americans that have difficulties hearing. At the end of 2020, CTA estimated that almost 1.9 million OTC hearing aids and other personal sound amplification products would ship; and over 6.5 million will ship annually by end of 2024, a 245% increase from 2020.
The health and fitness sector has a promising road ahead as manufacturers develop new applications and finetune software platforms. With the pandemic bringing health and well-being into focus, this sector will benefit from growing consumer awareness in the years to come.
CES 2021 conference sessions will cover updates and opportunities in the digital health arena.
I3, the flagship magazine from the Consumer Technology Association (CTA)®, focuses on innovation in technology, policy and business as well as the entrepreneurs, industry leaders and startups that grow the consumer technology industry. Subscriptions to i3 are available free to qualified participants in the consumer electronics industry.