PUBLISHER: Allied Market Research | PRODUCT CODE: 1344391
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344391
According to a new report published by Allied Market Research, titled, "Online/Virtual Fitness Market," The online/virtual fitness market was valued at $14.9 billion in 2022, and is estimated to reach $250.7 billion by 2032, growing at a CAGR of 32.7% from 2023 to 2032.
Increase in need for advanced fitness sessions to achieve physical fitness, growing interest of health insurance providers in online/virtual fitness services to reduce health insurances costs, growing demand of AR or VR based fitness, and increase in demand for healthy foods are some of the major factors that drives the growth of the online or virtual fitness market. Moreover, lack of timings to attend training sessions at fitness clubs further drives market growth. In addition to this, COVID-19 pandemic is disrupted the lives of people and causing fitness centers such as gyms and other fitness clubs to stay closed. This has led to rapid surge in adoption of fitness videos as people have started workouts at their homes which in turn will support the growth of the market. However, interruptions in the flow of the class due to tech glitches along with the lack of real interaction with the instructor may hinder the market growth to some extent. Furthermore, growing popularity of online or virtual fitness programs among older adult age group as their focus on health & fitness is further provides numerous opportunities for the market to grow.
The online or virtual fitness market is segmented on the basis of streaming type, device type, session type, revenue model, end user, and region. On the basis of streaming type, it is categorized into Live and on-demand. On the basis of device type, it is classified into smart TVs, smartphones, laptops desktops and tablets, others. By session type, it is bifurcated into group and solo. Depending on revenue model, it is divided into subscription, advertisement, and hybrid. By age group, the market is classified as professional gyms, sports institutes, defense institutes, educational institutions, corporate institutions, individuals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The company profiles of online or virtual fitness market players included in this report are ClassPass Inc., Fitbit, Inc., FitnessOnDemand, Les Mills International Ltd., Navigate Wellbeing Solutions, Peerfit, Inc., Reh-Fit Centre, Sworkit, Viva Leisure, and Wellbeats, Inc.