Digital Health

Digital Health Market Profile—Fitbit

Fitbit is Losing Steps as the Wearable Market Matures
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Published: 25 Oct 2017

Digital health brings a diverse range of growth opportunities for vendors across the value chain. As the space has evolved, it has experienced a multitude of small successes and stellar failures, yet funding continues to flood in. Major entries into the industry continue from the broader vendor environment, underlining the importance of health in everyone’s lives and in the strategic interests of the C-Suite across the ecosystem. Over the past 10 years, Fitbit has become a household name in the wearable market synonymous with fitness wearables and activity tracking. The company went public in 2015 and reported revenue growth that surpassed the $2 billion mark in 2016. However, the 4th quarter of 2016 was disappointing and was followed by a revenue guidance for 2016 of a decline to $1.5 billion to $1.7 billion. The wearable market overall has reached maturity and a shift in market conversation from its height of hype in the middle of the decade. This has brought challenging times for many companies as they seek to continue to uncover growth opportunities through activities such as portfolio changes and acquisitions in light of once major brands dissipating including Jawbone, Basis, and Nike. This report examines Fitbit's current situation, which includes both opportunities to rebound and threats of continued declines. It reviews the industry dynamics that Fitbit must overcome to encourage customers, partners and investors to remain confident. Fitbit must increase its competitiveness in the smartwatch market against the likes of Apple, Samsung, and Fossil. Although it has made key acquisitions that have added smartwatch intellectual property and executive talent, its future is far from certain. Key questions this study will answer: - What are the strengths, weaknesses, opportunities, and threats facing Fitbit? - What factors will Fitbit need to manage strategically in order to regain its momentum in the market?


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