Health And Fitness Services Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Gender (Male, Female), By Age Group (5-17 Years, 18-64 Years, Above 65 Years) And By Geography - Forecasts From 2022 To 2027
- Published : Aug 2022
- Report Code : KSI061613453
- Pages : 118
The health and fitness services market is projected to grow at a CAGR of 11.85%, from US$67.130 billion in 2020 to US$146.980 billion in 2027.
The health and fitness services market is primarily driven by the growing concern over a healthy lifestyle across the population throughout the globe. Increasing health awareness regarding the benefits of exercise and fitness services is anticipating the demand for these services and adding to the market growth over the coming years. Additionally, it is projected that the market's growth prospects would soar during the forecast period as a result of increased disposable income, changing lifestyles, and a shift in consumer attitudes toward choosing fitness over money. Furthermore, the growth of the fashion industry is boosting the modelling agency business due to which the requirements for fit models are also increasing. This, in turn, is projected to augment the health and fitness services market growth during the forecast period and beyond.
Additionally, the growing sports industry is also positively impacting the market growth in many countries around the globe.
The rising sports industry is encouraging the adoption of fitness as a daily routine part for people to stay fit and healthy. Furthermore, rising competition in the market is leading the market players to offer various distinguished services to meet the competition, attract more consumers, and gain a competitive edge in the health and fitness services market during the coming years. For instance, Golds Gym offers various medical plans to its members and gives them opportunities to enrol in term life insurance plans that provide coverage starting at US$10,000. Moreover, the growing trend of fitness competitions at the international level is also projected to propel the growth opportunities for the market to surge throughout the forecast period and beyond.
The rising adoption of health and fitness services, especially in developed economies, as people are taking proactive measures to mitigate the risk of serious health problems including heart disease, obesity, and diabetes, among others, as for chronic diseases, physical activities, and fitness trends to reduce and manage the complications of these diseases. The expansion of new fitness service-providing chains in numerous developing economies such as India, coupled with the growing acceptance of fitness as a sport around the globe and the growing importance of bodybuilding competitions, will also support the health and fitness services market during the next five years.
Shifting preference of people toward a healthy lifestyle
The major factor driving the health and fitness services market is the shifting preference of people toward living a healthy lifestyle due to the risks associated with unhealthy living. The rising consumption of unhealthy foods and fast foods is one of the leading causes of obesity throughout the globe. This further increases the risk of heart disease, blood pressure problems, and diabetes. The increasing proportion of the obese population, combined with changing consumer preferences for healthy living, is significantly increasing the adoption of health and fitness services and contributing to market growth in the coming years. According to the WHO, more than 1.9 billion adults were overweight during the year 2016, and more than 600 million were obese. Furthermore, according to the U.S. Department of Health and Human Services, the prevalence of obesity increased by 11.9% between the periods 1999-2017. Similarly, the prevalence of severe obesity increased to 9.2% from 4.7% during the same period. All these factors are collectively contributing to boosting the health and fitness services market growth during the next five years.
The female segment shows robust growth
By gender, the global health and fitness services market has been segmented into males and females. The male segment is anticipated to hold a noteworthy share of the market because the preference of males for availing of these services is considerably higher than females. However, the female segment is projected to show robust growth over the next five years as the growing adoption of these services by females is expected to be higher, which is projected to support the growth of this segment. Furthermore, the growing popularity of female sports tournaments such as women's football and cricket, among others, is also considered to be one of the prime factors supporting the growth of this segment during the forecast period and beyond.
The 18-64 age group held a notable share
By age group, the health and fitness services market has been segmented into 5-17 years, 18-64 years, and over 65 years. The 18-64 age group is projected to hold a noteworthy share in the market because the majority of the population availing of these services lies under this age group. Furthermore, the growing enthusiasm of youngsters toward fitness is also supplementing the growth of this segment over the coming years.
North America to dominate the global market
The global health and fitness services market has been divided into five regions: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is projected to hold a noteworthy share in the market owing to the high adoption rate of health and fitness services coupled with the high focus of its people on a healthy lifestyle. The Asia Pacific region is anticipated to show decent growth over the forecast period as there is rising penetration of international service providers in countries like India, Malaysia, and Indonesia. Furthermore, growing health awareness among the population coupled with the growing prevalence of diseases throughout the region supports the market growth in the APAC region in the coming years.
Key Developments in the Market
- In March 2022, Saudi's Sports for all federation teamed up with the Saudi Universities of Sports Federation to launch a new initiative to promote physical activity in tertiary universities across the nation. Through this initiative, the duo strives to establish 120 sports groups while supporting 80 currently established community organizations during the first phase. The institutions involved in this development are Eastern Province's Prince Mohammad bin Fahd University, Riyadh College of Technology, Jeddah College of Technology, King Saud University, Taif University, Princess Nourah bint Abdul Rahman University, Ibn Sina National College for Medical Studies, and the University of Hail. Through this initiative, the duo aims to attain the 2030 objective of raising the physical activity levels in the nation by 40 percent.
- In August 2021, Inalsa, an Indian home, and kitchen appliances products provider, forayed into a health and fitness brand with the launch of its fitness brand, FITTYFY. The products of this line are available on both popular e-commerce platforms, Amazon and Flipkart. The newly launched products include FITTYFY FFTM High-Performance Treadmill Series, FITTYFY FFAB Professional Air Bike Series, and FITTYFY FFFM Foot Massager Series. With the affordable and unique fitness brand, Inalsa aims to make fitness accessible at home across India.
- In April 2021, HealthFitness acquired Midtown Health, a US-based Tennis Corporation's subsidiary. This acquisition is a part of the former's strategy to aid its clients in developing healthy communities and optimizing people's health post-covid.
COVID-19 had a negative impact on the global health and fitness market. The mandated lockdown and social distancing measures had led to the closure of thousands of gyms and fitness centres across the globe, affecting sales. However, with the swift penetration of digital technology, multiple big and small health and wellness firms launched their services online to aid their consumers remotely. Cure Fit's launch of paid online fitness classes with a freemium model in 2020 is the best example of this.
Health and Fitness Services Market Scope:
|Market Size Value in 2020||US$67.130 billion|
|Market Size Value in 2027||US$146.980 billion|
|Growth Rate||CAGR of 11.85% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Gender, Age Group, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Anytime Fitness LLC, Gold's Gym, 24 Hour Fitness USA, Inc, Equinox Holdings, Inc., Planet Fitness Inc., UFC GYM, Crunch Fitness, EXOS, ABC Fitness Solutions, LLC, CultFit Healthcare Pvt. Ltd.|
|Customization Scope||Free report customization with purchase|
- By Gender
- By Age Group
- 5-17 years
- 18-64 years
- Above 65 years
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. HEALTH AND FITNESS SERVICES MARKET ANALYSIS, BY GENDER
6. HEALTH AND FITNESS SERVICES MARKET ANALYSIS, BY AGE GROUP
6.2. 5-17 years
6.3. 18-64 years
6.4. Above 65 years
7. HEALTH AND FITNESS SERVICES MARKET ANALYSIS, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Anytime Fitness LLC
9.2. Gold's Gym
9.3. 24 Hour Fitness USA, Inc
9.4. Equinox Holdings, Inc.
9.5. Planet Fitness Inc.
9.6. UFC GYM
9.7. Crunch Fitness
9.9. ABC Fitness Solutions, LLC
9.10. CultFit Healthcare Pvt. Ltd.
Anytime Fitness LLC
24 Hour Fitness USA, Inc
Planet Fitness Inc.
ABC Fitness Solutions, LLC
CultFit Healthcare Pvt. Ltd.
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