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Increasing Health Risks Awareness amongst the population along with Evolving Business Model of Fitness Centers to drive market growth: Ken Research
Opening of additional five star properties and expansion of star hotels such as Radisson and Hyatt will positively affect the market. In 2021, 12 extra hotels will open their doors and add 1,810 rooms and another 11 projects have been lined up for completion in 2023 and beyond, thereby increasing the establishments of fitness centers.
Fitness brands are actively optimizing their business models, integrating behavioral science into health and fitness through personal and group sessions encouraging clients to focus on their fitness goals. Offering pay per class model to provide flexibility and convenience and encourage participation in all age groups will intensify the number of subscribers.
The report titled by Ken Research suggested that the fitness market is further expected to grow in the near future owing to increasing health risks awareness amongst the population, evolving business model of fitness centers along with growth of fitness enthusiast population and female only fitness centers in Morocco . The market is expected to register a positive five year CAGR of 18.5% in terms of revenue during the forecast period 2020-2025F.
Philippines Health Tech Market had a slow growth initially. The slow growth corresponded to poor internet penetration and lack of technology awareness. Unorganized health tech infrastructure and a less tech-savvy population led to the accumulation of unharmonized healthcare data. The government faced a major difficulty when the healthcare challenges kept on increasing with the growing population. Increasing need and high government interest positively drove the Philippines health tech industry.
Indonesia Health Tech market grew at a very high growth rate over the review period 2017-2020 and was further supported by an increase in health awareness among the younger population, the advancement of technology in the market, introduction of new platforms in the market. The entry of domestic players with international investments has also contributed to the same. Strong growth was observed in Indonesia's health tech industry majorly due to high-end user demand.
The India Consumer Wearable industry has grown at a CAGR of 32.0% on the basis of revenue over the period 2015-2020. The young demographics and high disposable income in the country is one of the largest growth drivers of the industry. Continuous investment in research & development and marketing activities by the wearables manufacturers is positively impacting the industry's growth.
Israel is a leading fitness and wellness destination with abundance of wellness retreats, spa breaks, and boot camps offering in a fitness centers with state of the art equipment. Growing awareness regarding balanced lifestyle, access to low cost budget fitness centers and growth of well equipped gyms with state-of the art equipment are fueling the market growth. Opening up of ladies dedicated gyms such as Fitwell Ladies Fitness Centers with female professional trainers to guide woman's pursuing exercises has created new segment and increased the female memberships in the country.
Ken Research
Ankur Gupta , Head Marketing & Communications
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