Weight Management Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

Weight Management Devices Market - Growth, Trends, and Forecasts (2023 - 2028)

The weight management devices market is projected to register a CAGR of 6.8% during the forecast period.

The sudden outbreak of the COVID-19 virus had an impact on weight management devices as the demand for the weight management devices such as fitness training equipment and cardiovascular training equipment increased due to the preferences for home workouts because of the strict lockdown regulations during the pandemic. In addition, the demand for weight management devices is expected to remain intact even after the relaxation of the strict lockdown procedures due to the reopening of the physical training centers and the long-term impact of COVID-19 on the cardiovascular system in the people affected with COVID-19, thereby contributing to the growth of the market over the forecast period.

The major factors boosting the overall market are the high prevalence of obesity among the global population and the increasing number of bariatric surgeries across the world. Obesity has significantly increased worldwide, especially over the past few decades. Such lifestyle disorders are found to have a great influence on the patient's body, thereby contributing to the growing demand for weight management devices. For instance, the World Obesity Forum data published in March 2022, stated that one billion people worldwide have obesity, including one in five women and one in seven men. Additionally, according to the OHID update in July 2022, 25.3% of adults aged 18 and over were living with obesity as of November 2021 in England. Such a high prevalence of obesity among the global population is expected to contribute to the growth of the market over the forecast period.

Also, the high volume of bariatric surgeries is expected to contribute to the growing demand for weight management devices. For instance, the data published by the ASMBS in June 2022 mentioned that the total number of bariatric surgeries performed in the United States was 198,651. Additionally, the launch of advanced products is also expected to contribute to the growth of the market. For instance, in November 2022, TUT Fitness Group launched the Second generation TUT trainer 2.0 and TUT Rower 2.0 for fitness training purposes.

However, deceptive marketing prices and the high cost of equipment are expected to impede the growth of the market.

Cardiovascular training equipment includes a wide range of equipment that involve all cardio-related exercises. Cardiovascular exercises not only have positive effects on overall health but also greatly impact memory and learning. Such factors are expected to contribute to the growth of the studied segment over the forecast period.

According to the WHO data in October 2022, a healthy adult must engage in moderate-intensity cardiovascular exercise for around 150 minutes per week. These exercises help strengthen the heart, increase the number of red blood cells, reduce the number of carbohydrates in muscles, and enhance the overall aerobic metabolism process. Such benefits of cardiovascular fitness management are expected to drive the demand for cardiovascular training, thereby contributing to the growth of the studied segment over the forecast period.

The strategic initiatives of the market players, such as product launches, are expected to contribute to the growth of the studied segment over the forecast period. For instance, in October 2021, SOLE and STUDIO launched a smarter cardio experience to deliver a connected fitness membership to its customers. There is also a wide acceptance of treadmills as cardiovascular fitness devices for home exercise and is considered one of the basic home gym equipment globally. Furthermore, the high growth is due to several factors, such as growing accessibility to gyms, continuous technological developments in equipment, and easy availability of equipment.

The market in North America has been growing due to several major factors that have helped increase the weight management devices market. The major factors include the rising prevalence of obesity, increasing sedentary lifestyles, and rising demands for fitness among individuals. For instance, as per the NIH report in June 2021, among adults aged 20 and over, the prevalence of obesity was 41.9%, severe obesity was 9.2%, and diabetes was 14.8% in the United States. The CDC has identified obesity as a leading cause of preventable death in the United States, and it is one of the leading causes of chronic diseases both worldwide and in the United States. Obesity-related disorders, known as comorbidities, include cardiovascular diseases, diabetes, musculoskeletal disorders, and some cancers. The increase in the prevalence of obesity among the population and the high risk of chronic disorders is expected to drive the demand for weight management devices, thereby contributing to the growth of the market.

Similarly, the growing need for weight management devices due to the high incidence of various chronic diseases due to obesity among the Canadian population is expected to contribute to the growth of the market. For instance, as per a BMC article published in April 2021, the prevalence of multimorbidity of chronic diseases was 33% and there was an increase in multimorbidity for those obese or overweight. Therefore, the rising pace of obesity and chronic diseases makes it necessary to advocate weight loss programs and obesity management. The rise in health concerns, high income, and technological advancements are driving the expansion of the market.

Additionally, the establishment of fitness centers in this region is expected to drive the demand for advanced weight management devices, thereby contributing to the growth of the market. For instance, in July 2022, the First Mini Planet Fitness center was launched in Canada. This fitness center was included with the donation of 28 pieces of cardio equipment, including high-end treadmills and others.

The weight management devices market is moderately competitive and consists of several major players. In terms of market share, few major players currently dominate the market. Some of the major market players include Fitness World, Johnson Health Technology Co. Ltd, Life Fitness, Olympus Corporation, Medtronic Plc, and Others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support