The rising prevalence of sedentary lifestyle, coupled with dramatically changing diet patterns, particularly in Western countries, has majorly contributed to the growth of obesity. The overweight and obese population report a high prevalence of chronic diseases, including hypertension, diabetes, and orthopedic diseases.
According to WHO (World Health Organization), in 2016, more than 1.9 billion adults, aged 18 years and above, were found to be overweight. Out of those, over 650 million were obese. Overall, about 13% of the world’s adult population (11% of men and 15% of women) was estimated to be obese in 2016. Thus, the growing obese and overweight population is increasing the adoption of weight management devices market, globally.
Furthermore, the overweight and obese populations have witnessed rapid growth in England, Mexico, and the United States for a long time now. Over the past decade, the prevalence rate of overweight and obesity has also increased in Canada, France, Mexico, Switzerland. Hence, the rising global burden of the obese and overweight population is driving the need for preventive care and is increasing the demand for weight loss and management devices.
Key Market Trends
Cardiovascular Training Equipment are Expected to Witness a Healthy Growth
Cardiovascular training equipment includes a wide range of equipment that involves all cardio-related exercises. Cardiovascular exercises not only have positive effects on the overall health but also have a great impact on memory and learning.
According to the cardiovascular fitness guidelines from the American College of Sports Medicine, a healthy adult must engage in a moderate-intensity cardiovascular exercise for around 150 minutes per week. These exercises help in strengthening the heart, increasing the number of red blood cells, reducing the number of carbohydrates in muscles, and enhancing the overall process of aerobic metabolism.
Therefore as the obesity is increasing among the individuals there is increasing number of people going for the cardiovascular training. Thus, the increasing obesity and adoption of cardiovascular training equipments are expected to fuel the market growth.
North America is Expected to Dominate the Weight Management Devices Market
The United States contains one of the highest percentages of obese people in the world. An obese person in America incurs an average of USD 1,429 more in medical expenses, annually. As per CMS (Centers for Medicare and Medicaid Services), approximately USD 147 billion is spent in added medical expenses per year within the United States. This number is suspected to increase approximately to USD 1.24 billion per year, until 2030.
Thus the rising pace of obesity and chronic diseases is making 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. Moreover, people are also inclining toward low-calorie foods and the consumption of supplements, along with exercises. Hence, owing to the rising awareness about health and growing obese population in the United States, the market is witnessing growth.
The weight management devices market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and increasing obese population, few other smaller players are also expected to enter into the market in the coming years.
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