Market Insights Digital Digital Health Digital Fitness & Well-Being

Fitness Trackers - Sweden

Sweden

The Fitness-Tracker market in Sweden is forecasted to generate a revenue of US$127.10m in 2024.
This market is expected to experience a steady annual growth rate (CAGR 2024-2028) of 1.37%, resulting in a projected market volume of US$134.20m by 2028.
The user penetration rate is estimated to be 11.34% in 2024 and is predicted to reach 11.48% by 2028.
Furthermore, the average revenue per user (ARPU) is expected to be US$128.70.
In a global context, in China is projected to generate the highest revenue in the Fitness-Tracker market, with an estimated value of US$26,110.00m in 2024.
In Sweden, the demand for fitness trackers in the digital health market is driven by the country's strong emphasis on health and wellness.

Key regions: Canada, Asia, United Kingdom, Italy, Japan

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Analyst Opinion

The Fitness Trackers market in Sweden is experiencing significant growth and development.

Customer preferences: Swedish consumers are increasingly prioritizing their health and well-being, leading to a growing demand for digital fitness and well-being solutions. The convenience and accessibility of fitness trackers appeal to tech-savvy individuals looking to monitor their physical activity and overall health more effectively.

Trends in the market: One prominent trend in the Fitness Trackers market in Sweden is the integration of online doctor consultation services into fitness tracker platforms. This trend aligns with the overall digitalization of healthcare services in the country, offering users a comprehensive health monitoring experience. Additionally, the incorporation of digital treatment and care features in fitness trackers is gaining traction, allowing users to receive personalized health recommendations and guidance.

Local special circumstances: Sweden's strong focus on innovation and technology adoption plays a crucial role in driving the growth of the Fitness Trackers market. The country's advanced digital infrastructure and high internet penetration rates create a conducive environment for the adoption of digital health solutions. Furthermore, the Swedish healthcare system's emphasis on preventive care and self-management aligns with the functionalities offered by fitness trackers, making them particularly appealing to the local population.

Underlying macroeconomic factors: The steady economic growth in Sweden supports the increasing consumer willingness to invest in health and wellness products, including fitness trackers. As disposable incomes rise, individuals are more inclined to spend on products and services that contribute to their overall well-being. Additionally, the government's initiatives to promote a healthy lifestyle and preventive healthcare further drive the demand for fitness trackers in the market.

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.