Fitness Trackers - Ghana

Ghana

Highlights

The Fitness-Tracker market in Ghana is expected to generate a revenue of US$51.59m in 2024.
This revenue is projected to grow at an annual growth rate of 7.56% (CAGR 2024-2029), resulting in a market volume of US$74.25m by 2029.
In terms of user penetration, it is estimated to be 7.52% in 2024 and is expected to increase to 10.81% by 2029.
The average revenue per user (ARPU) is expected to be US$19.72.
When compared globally, United States is anticipated to generate the highest revenue in the Fitness-Tracker market, reaching US$10.99bn in 2024.
Ghana's fitness tracker market is experiencing a surge in demand as more Ghanaians prioritize their health and fitness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Fitness Trackers market in Ghana is witnessing a surge in demand and innovation across digital fitness and well-being, online doctor consultation, and digital treatment and care sub-markets.

Customer preferences: Ghanaians are increasingly prioritizing their health and well-being, leading to a growing interest in digital fitness solutions. The convenience and accessibility of online doctor consultations are also appealing to customers seeking efficient healthcare services. Moreover, the digital treatment and care segment is gaining traction as individuals look for personalized and convenient healthcare options.

Trends in the market: In Ghana, there is a noticeable trend towards the adoption of fitness trackers and digital health platforms to monitor physical activity, sleep patterns, and overall health metrics. The integration of advanced technology such as AI and machine learning in these devices is enhancing their capabilities and accuracy. Additionally, the rise of telemedicine services is revolutionizing the healthcare landscape by providing remote access to medical professionals and specialists.

Local special circumstances: Ghana's healthcare infrastructure faces challenges such as limited access to healthcare facilities, especially in rural areas. This has propelled the adoption of digital health solutions as a means to bridge the gap and provide essential healthcare services to underserved populations. The government's efforts to promote telehealth initiatives and digital innovation in healthcare are further driving the growth of the Fitness Trackers market in the country.

Underlying macroeconomic factors: The increasing penetration of smartphones and internet connectivity in Ghana is a key driver of the Fitness Trackers market. As more individuals gain access to digital devices, the potential customer base for fitness trackers and online health services expands. Additionally, the rising middle-class population with disposable income is willing to invest in health and wellness products, further fueling the demand for digital fitness solutions and telemedicine services in the country.

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.