Fitness Tech: Transforming Lives and Industries

Published on December 2, 2019

Fitness industry trends intimately mirror the trends in society. Currently, most of us are bound to engage in sedentary lifestyles with long hours in front of computers and less sleep. World Health Organization (WHO) reports that our current lifestyle is causing 2x more deaths than all other reasons combined. Of the total world population of 7.5 Bn, nearly 1.1 Bn^[2] suffer from hypertension, over 2 Bn^[3] are overweight/obese and over 17 Mn^[1] deaths are caused by heart-related ailments. Another major side effect of the current lifestyle is sleep deprivation which, according to the National Centre For Biotechnology Information (NCBI)^[4], accounts for increased risk of obesity by 7.5 times, diabetes by 2.5 times and heart ailments by 45%.

Changing Face of the Industry:

We are becoming excessively dependent on technology for numerous tasks like work, data management, entertainment, etc. and it is not surprising that technology has encroached people’s fitness routine in forms of apps, wearable gadgets, etc. Apart from the uniqueness and freshness of the innovations, the most lucrative factor of technology is its convenience. Gym-goer or not, nobody is now content with simple information like weight and is curious about their progress in detail. With a few simple taps, one can easily monitor and assess the heartbeat pattern, percentage of body fat, quality of sleep, calorie intake, results of any form of exercise, etc. all thanks to the various fitness tech products now more easily accessible than ever.

The Wellness Ecosystem:

A report by the Global Wellness Institute^[5] pegged the global wellness ecosystem at approximately $4.2 Tn in 2017. The major sub-segments of the sector include Personal Care and Beauty ($1000+ Bn), Nutrition and Weight loss ($700+Bn), Wellness Tourism ($630 + Bn) and Fitness and Mind-Body ($595 Bn).

On the other hand, the Indian wellness ecosystem is valued around INR 800 Bn^[6] which is primarily driven by counter sales of products, followed by beauty and wellness, while fitness and slimming account for over INR 100 Bn^[6].

The Fitness Surge:

More people are now inclined towards fitness and well-being, this is evident from the growing number of fitness app users and gym memberships. Health insurance has contributed significantly to the surge as health insurance is cheaper for healthier people. This surge has also increased the demand for healthy food, a steady shift from junk food to healthy food is now noticeable. Another major contributor to the surge is the advancements in fitness technology, the wearables: a motivating factor for people to get more active, and the availability of streamable exercise classes has made it easier for people to access fitness routines. This fitness surge has also made different forms of exercise and diets very popular. It is more common for people to now stick to particular diets and take regular classes for Yoga, Pilates or Zumba, with the first one being the most popular.

Yoga: Most Ancient yet Adaptive Form of Exercise

Yoga is believed to be one of the most ancient forms of exercise. It has been practiced in India for centuries and has gained significant global popularity in recent years. It surprising how this discipline has evolved so much over the centuries to meet the needs of the modern world. Its acceptability has grown to the level where one of the biggest tech firms recognized yoga as an exercise equivalent to “run” or “cycle” in its list of trackable workouts a few years back. And as quoted by the mystic yogi, Sadhguru J. Vasudev, yoga is a process of wellbeing like nothing else, for both young and old, as all are stressed like never before. It has become a vehicle that can be employed to feel better.

There are nearly 300 Mn^[7] active yoga practitioners across the globe. The Indian yoga industry size is valued at around $7 Bn^[8]. Whereas, Experts have valued the global yoga industry at approximately $80 Bn^[7] with an average monthly spend per person of $41^[7] on yoga classes.

The Fitness App Market^[9]:

The fitness app market has witnessed substantial growth and is poised for double-digit growth in the next 4 years. Experts value the global fitness app market at approximately $2.3 Bn with over 800 Mn users and is expected to cross 900 Mn by 2023. The current revenue generated by each user is approximately $2.8 and is expected to soar to $3.2 by 2023.

The Indian fitness app market is valued at nearly $194 Mn with approximate 127 Mn users which is expected to cross 150 Mn by 2023. The average revenue generated by an Indian fitness app user is approximately $1.5 and is expected to rise to $1.9 by 2023.

Hurdles in the Growth Track:

While the Indian fitness industry is booming and gearing to speed up, few challenges are weighing it down. As aforementioned, there are several options for training, forms, mediums and diets, but what it lacks is a one-stop solution. In today’s fast-moving life, consumers are more interested in finding options that meet their needs in the simplest and fastest ways, but currently, both online and physical centers fail to provide holistic solutions including fitness, consultation, training and diet plan together.

Facing this issue, people have sought to resort to personal trainers and instructors, but that contributes to the second challenge of this industry. Finding capable instructors is difficult and expensive. Most yoga or other fitness instructors on an average charge between INR 3000 to 6000 for 12 sessions. Moreover, the instructors at fitness centers and personal yoga trainers come with fixed and rigid timing with not much flexibility, which is one of the essential sought-after features.

These challenges, however, are manageable and sooner or later one can find a customized solution, but the major challenge in the fitness industry is the habit formation of the users. More often than not, most of us have tried to start new regimes, follow certain diets, achieve certain exercise goals, etc. but we lose track in a few days or weeks. This is all about habit formation. It is a human tendency to expect an incentive in the early habit formation stage. And this, incentive to follow, is one of the most important aspects missing in the current scenario.

Technological innovations in the fitness industry can play a vital role in many health aspects, but as with major overhaul, the new advancements will come with a learning curve. However, it is the right time to venture into this budding industry to find better outcomes for consumers and ultimately financial success.