Fitbit Inc (NYSE:FIT) wearable such as the Fitbit and Apple Watches that are mostly won by runners are becoming the common on-the-job gear. These devices give employers new techniques to measure the employees’ productivity and safety and allow the insurers to keep track of the workers’ health indicators and behaviors. Today, more than half of the companies are considering the available subsidies for fitness wearable.
According to the survey conducted by National Business Group on Health and Fidelity Investments, about 30% of companies have already set up a program and 23% of them are still considering the subsidies or discount on fitness wearables policy for their employees. This policy is still not common at workplace compared to other corporate wellness programs offered by the employers such as the no smoking or weight management initiatives.
Many companies expect that the fitness programs will improve their employees’ overall health thus reducing the costs incurred in the health insurance schemes. However, some studies show that there is no relative evidence that shows the relationship between the fitness wearables and the health of workers. But still, the Fitbit Inc (NYSE:FIT) and other companies that manufacture the fitness products contest the studies claiming there are huge positive results evident in the users of these products.
About 12-15 million people use the fitness wearables to improve their health. This trend has continued to rise as the companies that produce the fitness wearable products increase their sales. A study by International Data Corporation found that the sales of fitness wearables will increase this year by about $57 million up from the last year results of around 49.5 million.
The growth in smartwatches, fitness trackers, and other portable technology gained popularity and this is impacting negatively on the traditional watch market. According to the survey by Euromonitor, the traditional watch sales has fallen drastically by about 4% from 2015-2016 and this is expected to be worse in the near future. The fitness wearables will continue to increase as many investors enter the market with new innovative products and other new developments in the sector.
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