Indian healthcare wearable fitness tracker market set to explode

//Indian healthcare wearable fitness tracker market set to explode

Indian healthcare wearable fitness tracker market set to explode

Wearable fitness device adoption in India is on the rise. I have used some of them in the past including the Jawbone Up 24 and the Get Active Slim. Both lasted a year and a half before the devices had issues and I stopped using them. Now I use the Google Fit app on Android and it helps me to keep track of my steps and helps me with fitness goals.

But the wearable market is set to explode in India, with growth in the range of 40 %. Most of the market share is held by two firms. GOQii with almost 16 % market share and Xiomi with 10 % market share. GOQii is leading on the low end wearable health trackers with most of its share coming from the commercial (Corporate) segment.

Indians in the cities are getting very health concoius hence the rise in the market for fitness trackers #Healthcareindia #wearable Click to tweet

 

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The Menlo Park California, based GOQii is founded by Vishal Gondal who formerly found, ran and sold Indiagames to Disney for $100 Million. The company has been beta testing the fitness band with 1000 users in India in early 2014 and finally commercially launched the band in August 2014. Today GOQii is available in India, with plans to expand to US, Singapore and Middle East.

The thing that seems to be working for GOQii is the connection with personal trainers, each user can share data with a trainer and receive feedback on usage and coaching on how to achieve their goals more effectively. Also there is a leader board for completing certain goals and user can share data on social media. Another interesting feature are the Karma points, after completing certain goals the users earn Karma points that they can donate to charities of their choice. Corporates would match the donation for the same amount. GOQii has tied up with Oxfam for the same.

The gamified approach, coupled with the fitness trainers has made GOQii a hit with the commercial segment, which remains their largest source of sales. There is a good deal on at Amazon for GOQii, you may want to check it out here.

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Following close behind are Chinese firm Xiomi. I believe the MI Band 2 is ready for release around Diwali. Number 3 is Fitbit with 6.7 % and have made exponential growth this year. Garmin at 1.4 % share comes in 4th while Huawei comes in at 5th. The market is still highly fragmented with almost 70% market share with numerous firms and the largest among them is Intex.

 

There are some interesting characteristics of this market in India

  1. Most of the wearable devices have been used for gifting, either corporate gifting or individual. So the Diwali season is going to see a rise in the device sales
  2. Most of the commerce on this segment is online, with 80% of the transactions happening through the digital channel
  3. The high growth segment is the Rs 700- Rs 3000, there is a big resistance to go above Rs 10,000

I think there are still challenges with many of these devices. Battery life, sync issues, inability to run third party applications among others. But I think this is an exciting market to be in and we should soon see some big guns coming in as well. I know for example Tom Tom working with influencers like a good friend of mine who runs marathons and has been given a Tom Tom to keep track of her running data and getting the analytics on it.

More on this later, as always suggestions are welcome.

(Data Source: IDC , Wikipedia)

By |2016-09-09T07:20:52+00:00September 9th, 2016|Healthcare Technology|0 Comments

About the Author:

Dr. Vikram Venkateswaran, Post Graduate Diploma in Clinical Research, B.D.S in Dental Surgery, & MBA in Strategy. An author and speaker at business forums. A business leader and digital evangelist. He is the founder of Healthcare India, a social movement for better health. Visit Dr. Vikram Venkateswaran's profile, for further details.

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