Deloitte: Global Health and Fitness Industry Tops $90 Billion
There’s no slowing down the pace when it comes to the global fitness industry these days. As competitors in the crowded fitness marketplace strive to outdo each other in providing the best products and services to consumers, the industry itself continues to thrive.
A new report released by Deloitte found that the total impact of the health and wellness market worldwide has now reached $91.22 billion. Despite the challenges and losses brought on by the coronavirus, many gyms and health clubs have rebounded with restrictions loosening in many places around the world. While shutdowns and health concerns took their toll on companies dependent on brick and mortar facilities, it created more opportunity and exposure for others that were not. Working out from home exploded in 2020, which led to a paradigm shift for many exercise enthusiasts around the world.
In 2021, Bloomberg’s Jackie Davalos examined the impact of COVID-19 on the fitness industry, and identified certain changes as indefinite. “While 75% of consumers surveyed said they will eventually return to pre-pandemic routines and the actual gym, many indicated they will retain a virtual component—a phenomenon with broad implications for the sector,” Davalos wrote.
Even prior to the pandemic, the ubiquity of smartphones and wearable technology has created a surge in demand for a wide array of fitness apps. The market is expected to increase by more than $2 billion in the next year, according to ResearchandMarkets.com. The 175-page report released this month also estimates the market will soar all the way to $23.98 billion in 2026, with “workout and exercise, disease and lifestyle management, nutrition and diet, and medication adherence” apps leading the way.