Global Fitness Equipment Market to grow at 3% CAGR from 2017 to 2024: Global Market Insights Inc.
Fitness Equipment Market size was estimated at over USD 10 billion in 2016 and to exceed USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc. Furthermore, there is an increase in health awareness among the global geriatric population, predominately in the Asia Pacific and Europe regions, causing the baby boomer generation to enroll in specialized gyms and health clubs. The natural aging process can lead to a decrease in agility, muscle mass deterioration, and, consequently, an increase in medical expenditure. Rising disposable income of the middle-class population is a major factor propelling the growth of the Asia Pacific fitness equipment market. Additionally, an increasing number of organizations are identifying the benefits of providing corporate wellness programs to their employee base. Government initiatives to improve the health of the citizens is creating growth opportunities for the industry.
Rising health initiatives and programs to combat the increasing instances of weightrelated diseases is a major factor driving the fitness equipment market growth. The Australian government, for instance, promotes healthy eating habits and provides free gym memberships to the general population to combat diabetes and heart related diseases. Approximately 38% of the adult population in the U.S suffers from obesity and the instances of childhood obesity is rapidly increasing. The disease can lead to an increased chance of cancer, cardiovascular illnesses, childbirth problems, and asthma. The cardiovascular equipment market is anticipated to dominate globally with approximately 5% CAGR from 2017 to 2024. Modern cardiovascular devices are equipped with body vital trackers and software apps that can be connected to the consumers’ smartphones or handheld devices. Furthermore, the high emphasis on weight-loss and leaner body figure is escalating the fitness equipment market demand.
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