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Digital Fitness & Well-Being - Sri Lanka

Sri Lanka
  • The Digital Fitness & Well-Being market in Sri Lanka is expected to experience significant growth in the coming years.
  • It is projected that the revenue in this market will reach US$32.11m by 2024.
  • Furthermore, it is estimated that the market will continue to expand at a compound annual growth rate (CAGR) of 2.15% from 2024 to 2029, resulting in a projected market volume of US$35.71m by 2029.
  • In terms of user penetration, it is anticipated that 10.35% of the population will be engaged in digital fitness and well-being activities in 2024.
  • This figure is expected to increase to 14.14% by 2029, indicating a growing interest in this market among the Sri Lankan population.
  • The average revenue per user (ARPU) in the Digital Fitness & Well-Being market is projected to be US$14.13.
  • This metric provides insights into the average spending of users in this market.
  • When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Digital Fitness & Well-Being market, with an estimated revenue of US$14.82bn in 2024.
  • This indicates the significant market potential and popularity of digital fitness and well-being activities United States.
  • In Sri Lanka, the digital fitness and well-being market is rapidly growing, with an increasing number of individuals using mobile apps and online platforms to track their health and fitness goals.

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.

In-Scope

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

Out-Of-Scope

  • 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
Digital Fitness & Well-Being: market data & analysis - Cover

Market Insights report

Digital Fitness & Well-Being: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Jul 2024

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Analyst Opinion

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

    Customer preferences:
    In Sri Lanka, consumers are increasingly turning to digital fitness and well-being solutions due to the convenience and accessibility they offer. With busy lifestyles and limited access to traditional healthcare services in certain areas, individuals are opting for online doctor consultations and digital treatment options to manage their health and well-being. Moreover, the younger demographic in the country, which is more tech-savvy, is driving the demand for digital solutions in the fitness and healthcare sectors.

    Trends in the market:
    One of the key trends in the Digital Fitness & Well-Being market in Sri Lanka is the rising popularity of health and fitness apps that provide personalized workout routines, nutrition plans, and wellness tips. These apps cater to the growing interest in preventive healthcare among consumers in the country. Additionally, online doctor consultation platforms are gaining traction as they offer a convenient way to seek medical advice without the need to visit a physical clinic. The increasing adoption of telemedicine services is also reshaping the healthcare landscape in Sri Lanka, making healthcare more accessible to underserved populations.

    Local special circumstances:
    Sri Lanka's healthcare system faces challenges such as limited healthcare infrastructure in rural areas and a shortage of healthcare professionals. As a result, digital fitness and well-being solutions are bridging the gap by providing remote access to healthcare services. The government's initiatives to promote e-health and telemedicine services are further boosting the adoption of digital healthcare solutions in the country. Additionally, the growing awareness about the importance of mental health and well-being is driving the demand for digital mental health platforms and online counseling services in Sri Lanka.

    Underlying macroeconomic factors:
    The growing penetration of smartphones and internet connectivity in Sri Lanka is a key macroeconomic factor fueling the growth of the Digital Fitness & Well-Being market. As more individuals gain access to digital devices, the potential customer base for digital health solutions expands. Moreover, the rising disposable income levels in the country are enabling consumers to invest in their health and well-being, driving the demand for digital fitness and healthcare services. Overall, the favorable macroeconomic environment in Sri Lanka is creating opportunities for the growth of the Digital Fitness & Well-Being market in the country.

    Users

    Most recent update: Jun 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Jun 2024

    Source: Statista Market Insights

    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.

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    Digital Fitness & Well-Being: market data & analysis - BackgroundDigital Fitness & Well-Being: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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