Digital Fitness & Well-Being - Finland

The Digital Fitness & Well-Being market in Finland is expected to reach a revenue of US$170.30m in 2024.
With an annual growth rate (CAGR 2024-2029) of 6.83%, the market is projected to expand and reach a volume of US$236.90m by 2029.
The user penetration rate is predicted to be 64.38% in 2024, and it is expected to increase to 80.12% by 2029.
The average revenue per user (ARPU) is estimated to be US$47.65.
In comparison to other countries, United States is anticipated to generate the highest revenue, amounting to US$14.82bn in 2024.
Finland leads the way in digital fitness and well-being, with a strong emphasis on utilizing technology to promote a healthy lifestyle.

Definition:

The Digital Fitness & Well-Being market includes the Fitness Trackers and Health & Wellness Coaching markets. The Fitness Trackers market covers devices that are explicitly intended for fitness and motion tracking. The Health & Wellness Coaching market includes fitness apps for detecting/tracking/analyzing and sharing vitality and fitness achievements. It also covers nutrition and diet apps, which help users analyze their nutrition behaviors and keep a record of their eating patterns with the purpose of improving their health.

Structure:

The Digital Fitness & Well-Being market consists of two product categories: fitness trackers, such as smartwatches, smart scales, and activity trackers; and health and wellness coaching, which includes fitness apps for detecting/tracking/analyzing and sharing vitality and fitness achievements, as well as nutrition and diet apps.

Additional Information:

The market data comprises revenue, average revenue per user, users, and user penetration rates.

The data only reflects B2C revenues; B2B and C2C revenues are not covered.

Smartwatches
Fitness/activity tracking wristwear
Smart scales
Fitness apps that track fitness achievements
Nutrition apps (e.g., calorie counters)
Meditation apps
Mindfulness apps

Smart clothing
Smart shoes
Smart eyewear
Health tracking apps
Parameter-specific biosensors that measure blood pressure, temperature, blood glucose, etc.
Apps that focus on specific physical diseases

The Digital Fitness & Well-Being market in Finland is experiencing significant growth and evolution, driven by various factors shaping consumer behavior and market dynamics in the country.

Customer preferences: Finland has a tech-savvy population that values convenience and efficiency in their daily lives. As a result, there is a growing preference for digital solutions in the health and wellness sector. Consumers are increasingly turning to online platforms for fitness guidance, virtual doctor consultations, and digital treatment options.

Trends in the market: One prominent trend in the Finnish market is the increasing popularity of digital fitness and well-being apps. These apps offer personalized workout plans, nutrition tracking, and mindfulness exercises, catering to the diverse needs of users. Moreover, the demand for online doctor consultations is on the rise, providing individuals with quick access to healthcare professionals from the comfort of their homes. Additionally, digital treatment and care services are gaining traction, offering remote monitoring and management of chronic conditions.

Local special circumstances: Finland's geographical landscape, characterized by long winters and sparsely populated areas, presents unique challenges for accessing traditional healthcare services. This has propelled the adoption of digital solutions that bridge the gap between healthcare providers and patients across the country. Furthermore, Finland's strong focus on innovation and technology integration in various sectors has created a conducive environment for the growth of the Digital Fitness & Well-Being market.

Underlying macroeconomic factors: The increasing healthcare costs and limited resources in Finland have prompted the government and private sector to explore cost-effective and efficient healthcare solutions. Digital fitness and well-being technologies offer a promising avenue to enhance preventive care and optimize healthcare delivery. Additionally, the emphasis on promoting overall well-being and healthy lifestyles in the country aligns with the offerings of digital platforms catering to fitness, wellness, and healthcare needs.

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.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.