Global Resistance Bands Market - 2019-2026
The resistance bands are elastic bands used for performing strength training. These are widely used for physical therapy, muscular injuries, and rehabilitation therapy. These are available in different colors including green, yellow and red depending on the resistance level.
These bands are useful for enhancing body strength. Different categories of resistance bands such as light, medium, heavy and extra-heavy are available in the market. The global resistance bands market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The global resistance bands market is driven by the rising usage of resistance bands in physical therapy and rehabilitation of patients for strengthening the muscles. Resistance bands are used for performing several exercises for shoulders, feet, knees, and elbows. The growing adoption of physical activities and regular exercises for improving flexibility, mobility, and body shall have a positive impact on the market.
The market is witnessing the technological advancement regarding the development of resistance bands along with motion sensors and bluetooth transmitters. For instance, in October 2017, Xiaomi had launched a smart elastic band i.e. “Move it band” which comprises of the three sensors useful for detecting the posture, and elastic tension. It is available in different lengths, sizes, and strengths. It can be used as a fitness tool. In October 2016, Les Mills had launched a smart band that includes the nylon webbing that moves smoothly through the spine.
The increase in government initiatives for improving the fitness of citizens shall fuel the market growth. The government has launched several fitness programs for creating awareness regarding physical activity. For instance, the President's Council launched physical activity outreach initiative highlighting the physical and cognitive benefits of regular activity for youth in the United States. Moreover, the Department of Health and Human Services issued the federal government's first-ever Physical Activity Guidelines for Americans to help them to understand the different types and amounts of physical activity essential for a healthy life. The World Health Organization has initiated the global action plan on physical activity. This plan aims at reducing the physical inactivity by 10% by 2025 and 15% by the year 2030.
The market is segmented based on therapy bands, pull up bands and exercise bands. The exercise bands segment accounts for the highest market growth owing to the rising usage of exercise bands for the lower body, upper body, and arms exercises. Exercise bands are available in a tube-shaped and flat surface. Several companies are launching new products for increasing their reach in the market. For instance, in 2015, Performance Health, LLC had launched a latex-free resistance band.
The therapy bands segment is expected to have a positive market growth due to the rising demand for therapy resistance bands by physical therapists. Physical therapists prefer therapy bands for patients’ exercises. Therapy bands are beneficial for patients with illness or injury that results in problems with functional mobility.
The global resistance bands market is segmented based on applications as individual health and sports clubs. The health and sports clubs segment contributes to the highest market share due to increased usage of resistance bands in gyms, health clubs, and sports clubs. Moreover, the physiotherapists, sports trainers, orthopedists, rehabilitation physicians are adopting the use of exercise bands for improving the body’s metabolism, treating physical injuries including shoulder dislocation, tennis elbow, runner's knee, hip bursitis, sprains, and others.
Further, the market is also classified based on the distribution channel as offline and online. The offline segment accounts for the highest market share due to the presence of a large number of retailers such as Wal-Mart Stores Inc. and Decathlon S.A. Moreover, new retailers are expected to be launched over the forecasted period in developing countries such as India, China, Vietnam, Bangladesh, and other countries.
The online segment is expected to have significant market growth owing to the growing adoption of e-commerce and online platforms because of the convenience associated with those platforms.
By region, the global resistance bands market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa. North America dominates the market due to a large number of fitness programs, health cub or studios being launched in the region. According to International Health, Racquet and Sportsclub Association (IHRSA), approximately 1 out of 5 people belong to at least one United States health club or studio. The total number of health club facilities was 39,570 in 2018 and is expected to increase over the forecasted period due to growing awareness regarding health. A large number of people are enrolled in the fitness program. More than 71.5 million consumers utilized U.S. health clubs in 2018 and this number is further expected to increase over the forecast period.
The United States accounts for the highest market share of XX% in 2019 in North America. The increasing prevalent cases of cardiovascular disorders along with the rising aging population shall have a positive impact on the market. Cardiovascular disorders are the leading cause of death in the United States. According to Centres of Disease Control and Prevention, approximately 647,000 Americans die from heart disease i.e. 1 in every 4 deaths. One person dies every 37 seconds in the United States from cardiovascular disease. It is further expected that the North American region would maintain its dominant position over the forecast period.
The Asia-Pacific region accounts for a significant market share due to the rising demand for resistance bands because of the changing lifestyle. People are adopting a healthy lifestyle. The government has taken various programs for creating awareness regarding the importance of fitness. The government has launched the “Hum Fit Toh India Fit” campaign under which celebrities and political persons share videos of their exercise regimes to encourage Indians to make time for fitness and highlight the importance of a healthy and fit lifestyle. In 2018, the government has reduced the Goods and Services Tax (GST) on gym and fitness studio memberships in India. This tax reduction on the membership of the gym or fitness studio shall have a positive impact on the market. Growing urbanization, rising disposable income, and growing purchasing power of the people are the factors increasing the demand for resistance bands in developing countries such as India and China.
The global resistance bands market is fragmented with the presence of several local and international players. Companies are using advanced raw materials and technology for manufacturing the resistance bands. Several new market players are entering the market due to the presence of low entering barriers and low production costs. New product launches, the cost-effectiveness of resistance bands and product diversification intensify the competition among the market players.
Performance Health LLC, Wacces, Black Mountain Products Inc, Prosource, ZAJ FIT, Xtreme Bands, Bodylastics International Inc., and Fitness Anywhere LLC are the leading market players with significant market size. Performance Health is a leading designer, manufacturer, and marketer of branded rehabilitation and wellness products including the resistance band.
Companies are focusing on new product launch, market expansion, product diversification, cost-effective strategies for holding their position in the market. For instance, In January 2015, Performance Health Introduces TheraBand CLX Consecutive Loop. It is an all in one product which includes band, loops, tubing with handles, door anchor. It is available in bulk rolls and individual packs in seven color-coded resistance levels. It comprises the integrated app which engages patients and practitioners.
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