Are you on your way towards fitness and health app development?
If yes then please stick with me till the end as in this blog we will uncover critical aspects of fitness and health app development.
You must be curious…. Right?
Look, it’s a natural phenomenon.
The one who sows the seeds expects to reap the fruits which means that people always want positive outcomes for their hard work.
But why are we talking about such stuff, you may ask…. Here we are going to talk about the profitability of fitness and health app development.
If you want to develop a fitness and health app then you must want to know that Is Making A Fitness App Profitable?
We will answer your concerns so, you can expect this blog to be quite informative as well as interesting.
- Insights into fitness app development trends
- Revenue and Statistics
- Example of a successful fitness app
- Profitability of fitness and health app development in 2023
Insights Into Fitness App Development Trends
In the past few years fitness industry has witnessed a substantial revolution with the dawn of technology-driven solutions specifically through fitness apps.
With the increasing popularity of smartphones and wearable devices, the fitness and health app development market has experienced huge growth.
Do you know that health and fitness apps made $4.12 billion in revenue in 2022, which accounted for a total of 15% of total health and fitness technology revenue?
This graph represents the growth of leading fitness and workout mobile app downloads in January 2023.
Can you believe that in January 2023, there were almost 21 million downloads of leading mobile fitness and workout apps worldwide?
Whereas, in January 2020 there were roughly 16.3 million downloads of fitness and workout mobile apps showing a huge 80% increase from the previous year.
In 2024, apps in the eServices fitness market are forecasted to generate revenues of almost 1.8 million U.S. dollars in the United States alone.
Revenue and Statistics
Below are some highlights of health and fitness app statistics from statistica.
- Revenue in the Fitness app market is projected to reach US$5.00bn in 2023.
- Revenue is expected to show an annual growth rate (CAGR 2023-2028) of 14.96%, resulting in a projected market volume of US$10.04bn by 2028.
- User penetration will be 10,848,712.93% in 2023 and is expected to hit 13,080,603.45% by 2028.
- The average revenue per user (ARPU) is expected to amount to US$13.92.
- In global comparison, most revenue will be generated in the United States (US$1,506.00m in 2023).
This statistic presents a forecast of the online revenue in the eServices Fitness market in the United States until the year 2024. According to the Digital Market Outlook, the online revenue of the eServices Fitness segment Apps in the United States is expected to be 1,798.9 million U.S. dollars in 2024.
Example of a Successful Fitness App
Now, let’s move further to see the example of a successful fitness app to understand more deeply how profitable fitness and health app development.
When it comes to the best fitness apps, the name of MyFitnessPal comes at the top of the list.
It has a large library and easy-to-use tools that make it the best of all.
MyFitnessPal is a health and fitness tracking website and smartphone app that helps people monitor their calorie intake, keep an eye on their hydration levels, and follow their workouts.
It is an easy-to-use app for users and was launched in 2005 and was later acquired by Underarmour in 2015 for $475 million.
Till 2021, MyFitnessPal has over 200 million registered users worldwide, it is available in over 20 languages, and is used in 190 countries.
Its success speaks its itself with revenue of $247 million in 2022, its revenue primarily generated through subscriptions to its premium service.
We think that the success story of MyFitnessPal gives us a hint that there is a huge range of growth and success opportunities in health and fitness app development.
The Latest Fitness Apps Market Size Statistics Unveiled
The global fitness app market size is predicted to reach USD 14.7 billion by 2028.
Over 28% of mobile users have installed more than two fitness apps on their devices.
This is not just a number but a clear reflection of the fitness app industry. It stands as an indication of the increasing need for fitness apps, a highly recommended growing market.
This rising market value could in turn drive competition, stimulate innovation, and create more personalized, user-friendly fitness applications.
As per an estimation the net worth of the fitness app industry is expected to reach $14.7 billion by 2026 indicating a profitable future for fitness and health app development.
Statistics from one more research showed that the Global Fitness App market was valued at USD 5.1 billion, with projected growth to $30.52 billion by 2025 with a CAGR of 16.65%. There are enough opportunities for the healthcare and fitness businesses to generate great revenue.
From the above research and statistics, we can conclude that fitness and health app development is profitable as there has been huge progress in the fitness app development market segment since COVID-19.
People are more focused on their fitness and need solutions that can help them stay fit with ease.
We believe that there is no doubt about the future of health and fitness apps.
We can see that there is a constant increase in varying lifestyles, an obese population, and growth of rising health concerns, and this market will continue to grow.
So, what are you waiting for?
Up your fitness and health app development game by choosing the right professional fitness app development company.
What is the expected growth rate for the fitness app market?
The fitness app market is expected to grow at a compound annual growth rate of 21.6% from 2020 to 2027.
What factors are driving the growth of the fitness app market?
Factors driving the growth of the fitness app market include increased health awareness. Moreover, the surge in the prevalence of lifestyle diseases, and the need for an efficient and hassle-free home-based workout regimen. An increase in the number of smartphone users worldwide also contributes to market growth.
How Do Fitness Apps Make Money?
The revenue model is dependent on business requirements. Most fitness apps make money through subscription plans and In-app purchase models. Also, they earn via sponsored content, advertisement, and paid features.
What segments are considered in the fitness app market?
The fitness app market is divided based on type, platform, and revenue model. The types are type workout and exercise apps, nutrition and diet apps, and activity tracking apps. The platforms include Android, iOS, and others. Revenue models include subscription-based, advertisement-based, and one-time download payments.
What are 3 successful examples of healthcare mobile app development?
Apple Health, MyFitnessPal, and Welltory. All 3 apps are very different and we recommend studying them to learn about user experience, key features, and UI/UX design peculiarities of our competitors.