Increasing Popularity for Fitness Services among the Youth, Supportive Measures by the Government and Rising Adoption of Fitness Services among Women driving the growth of Fitness Services in the Kingdom of Saudi Arabia: Ken Research

There has been a strong growth in the women fitness segment in the Saudi Arabia Fitness Services industry during the past few years. The increase can be attributed to the opening of female specific fitness centres in regions such as Riyadh, Jeddah and Dammam.

As the Covid-19 situation in the Kingdom keeps gyms empty, many unorganized and independent gym centres are closing down due to low financial viability. Established gym brands are rethinking their expansion strategies and are now focusing on consolidation of services and following a conservative approach.

Fitness Time, the largest fitness services brand in the Kingdom, launched 10 new centres over the last 12 months, taking its overall fitness centre count in the country to 128, out of which 30 are Women only gyms.

Rising Awareness about Importance of Fitness: Saudi Arabia has 70% of its population under the age of 40 years. This segment of the population is the major target segment, leading the demand for fitness services in the Kingdom. Heightened concerns about beauty, fitness and societal concerns are pushing the young segment of the population to enroll in fitness centers and take part of physical activities. Moreover, regular initiatives by the government towards spreading awareness about the importance of maintaining physical health are also encouraging the population to enroll in fitness activities in the Kingdom.

Regional Expansion in Fitness Centers: Major cities such as Riyadh, Jeddah, Dammam, Al Khobar have emerged as fitness service hotspots, with major brands either currently operating or looking to operate branches in these regions. Highly populated ones, these areas are commercial hubs, industrial centers and the most non-Saudi resident vibrant cities out of all Saudi regions. Gyms are located in malls, commercial centers, residential complexes and other traffic heavy regions in cities, to be able to attract more number of fitness customers in that particular region.

Inclusion of Sports Activities in Fitness Centers: Diversification of fitness center services, by including sports such as swimming, badminton, football, billiards, table tennis, squash and basketball along with regular gym and fitness services is a common trend amongst fitness service operators. While licensing constraints and floor area constraints limit the spread of sport area constructions in gyms, these services are certainly something that gym members are identified to be widely interested in. Brands such as Fitness Time, Body Masters, Glamour Fitness, and Fitness First provide dedicated areas of their centers towards such sporting activities and thus offer a wide range of physical and recreational activity options to their members to choose from.

Analysts at Ken Research in their latest publication "Saudi Arabia Fitness Services Market Outlook to 2025- By Market Structure (Organized and Unorganized), By Revenue Stream (Membership, Personal Trainer and Supplementary Services), By Regions (Riyadh, Jeddah, Dammam, Al Khobar, Makkah and Madinah and others), By Subscription (3 months, 6 months, 1 year and others), By Gender (Male and Female), By Age (Below 18 years, 19 to 30 years, 31 to 60 years and above 60 years) and By Income Group (Below SAR 38,000, SAR 38,000 to SAR 94,000, SAR 94,000 to SAR 150,000 and above SAR 150,000)" observed that the a rising awareness towards the importance of maintaining fitness, governmental initiatives supporting the opening of women fitness centers and fitness services portfolio expansion by service operators were witnessed to stimulate strong growth in the fitness services industry in Saudi Arabia. The Saudi Arabian Fitness Services industry revenues grew at a CAGR of ~14.0%, number of centers in the industry at ~11.4% and number of fitness centre members in the industry at ~11.5% during the period 2014-2019.

Key Segments Covered:-

By Market Structure

Organized

Unorganized

By Revenue Stream

Membership

Personal Training

Supplementary Services

By Regions

Riyadh

Jeddah

Dammam

Al Khobar

Makkah and Madinah

Others

By Subscription

3 Months

6 Months

1 Year

Others

By Gender

Male

Female

By Age

Below 18 years

19 to 30 years

31 to 60 years

Above 60 years

By Income Group

Below SAR 38,000

SAR 38,000 to SAR 94,000

SAR 94,000 to SAR 150,000

Above SAR 150,000

Key Target Audience:-

Fitness Service Providers

Fitness Service Equipment Manufacturers

Ministry of Sports

Industry Associations

Investors/VC’s

Time Period Captured in the Report:-

Historical Period: 2014-2019

Forecast Period: 2019-2025

Fitness Brands Covered:-

Fitness Time

Body Masters

NuYu

Golds Gym

9 Round

Interval Plus Crossfit

Fitness First

Arena MMA Fitness

The Power Gym

Active Time

Lava Fitness

Spectrum Wellness for Women

Kore

Glow Fit

Studio 55

Pulse Studio

Kinetico

World Gym

Tytans Fitness

Curves

Glamour Fitness

Fit Zone

Fitness Maker

Muscles Factory

Other Players include G-Fit, B-Well Center, Fitness Inn, Areka, Iron Hill Crossfit, Fitness World, Marom Club, Rio Gym and Wazen Gym

For More Information on the research report, refer to below link:-

Saudi Arabia Fitness Services Market

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Vietnam Fitness Services Market Outlook to 2023 - By Subscription Period, By Organized and Unorganized, By Revenue Streams (Membership Fee and Personal Trainer Fee)

Oman Fitness Services Market Outlook to 2022 - By Gym Membership and Personal Training, by Region (Al Batinah North, Al Batinah South, Ad Dakhiliyah, Dhofar and Muscat) , by Gender and by Membership Subscription (Annual, 6 months, 3 months, 1 month)

UAE Fitness Services Market Outlook to 2022 - By Market Structure (Organized and Unorganized), By Subscription Period (1month, 3months, 6months and 1year), By Region (Dubai, Abu Dhabi, Sharjah and others), By Revenue Stream (Membership Fee and Personal Trainer Fee)

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

Ankur@kenresearch.com

+91-9015378249

Boost In Online Training And Growing Technical Skill Gap To Influence The Corporate Training Demand In USA: Ken Research

The market for the corporate training has observed the positive technological advances which had progressively altered the training methodology around the corporations. The e-learning has convenience the conduction of the training programs for internationally diversified team. The training curriculums have developed from being just a tool for the employee skill upgradation to a medium for the advancing strategic initiatives to streamline the business objectives. The worldwide enlargement of the business and confrontation of the domestic as well as worldwide competition has been the foremost growth driver for the market.

In addition, the corporate training have also been an imperative mechanism for the employee preservation which has lent a constructive push for the expansion of market in US. For instance, the stumpy employee maintenance, increasing skill gap, low college matriculation, and the accumulative cost of unproductive training were some of the imperative pain points of companies that lead to the summary of the corporate training industry. The USA Corporate training industry is at presently positioned to be at a late growth stage. However, there is an effective growth in trend in the usage of the micro-learning modules, experimental training, and the advancement of customized and detailed training solutions.

The significant growth in the prominence of the cyber-security with the growing usage of the digital banking technologies involving the digital banking, Blockchain, and several others has to lead to the growing requirement for the training in the BFSI industry. The Data Science & Analytics and Big Data Programs have transfigured the IT and telecom Industry leading to speedy outdating of assistances amongst its employees. In the healthcare industry, the training requirement is propelled throughout the requirement for the syndrome the anticipation training such as training to deal with extremely infectious syndromes such as Coronavirus, Ebola, SARS, etc. Summary of the electric & automated vehicles and advancement in the 3D Printing technology is influencing the requirement in the automotive and manufacturing industries correspondingly.

In addition, the requirement is still registered by the classroom training methodology owing to the inertia caused by outmoded mind-set. The Blended training is growing obtaining the pace as it has found to deliver marginally greater ROIs for worldwide setups as associated to the only classroom or only online modules. The Channing work style and growing the requirement for the flexibility will ultimately lead to a replacement of offline to online training.

The effective growth in the requirement for the skill-based training for which possessions are obtainable within the office properties to boost the requirement for the on-site training. Great and mid-size enterprises look for accomplished training services (multi-year contracts) which include the several training programs to be accompanied within their offices.

Furthermore, the requirement is predicted to be propelled by an increasing the interconnected society owing to the advent of AI, Blockchain, IoT, 3D Printing, and others. E-learning is progressively taking over owing to the low cost modules and springiness in learning. The modification to schedule the workstyle and increasing government assistance will further boost the requirement in the industry. Therefore, in the coming years, it is anticipated that the market of US Corporate Training will increase around the globe in the forthcoming future.

Key Segments Covered: –

By End User Industry

BFSI

IT and Telecom

Healthcare

Automotive

Manufacturing

By Training Services

Technical

Leadership

Managerial

Sales

Customer Support

By Delivery Mode

Classroom Training

Blended Training

Virtual Training

Online Training (No Instructor)

By Organizational Size

Large Companies (+1000 Employees)

Medium Companies (500-1000 Employees)

Small Companies (0-500 Employees)

By Designation

Managerial

Non-Managerial

Integrated

By Deployment

On-Site

Off-Site

By Training Type

Customized

Open

Companies Covered:

GP Strategies

Franklin Covey

NIIT

Learning Tree International

Global Knowledge

Pluralsight

Centre for Creative Leadership

Skillsoft

Udemy

Udacity

Coursera

Simplilearn

Key Target Audience

Corporate Training Companies

Education Platforms

Corporate Training Aggregators

Corporate Organizations

Management Consultants

Corporate Trainers

MHRD

Education Associations

Time Period Captured in the Report: –

Historical Period: 2014–2019

Forecast Period: 2020-2025

Key Topics Covered in the Report: –

US Online Corporate Training Market

US Corporate Training Industry Research Report

US Managerial Corporate Training Market

Top Blended Service Providers in USA

Employee Training in Automotive Industry US

US Corporate Training in Telecom Industry

US Employee Training Industry

US Ed-Tech Market Growth

US Corporate E-Learning Industry

Training industry in the U.S

Corporate Training Companies in U.S

Education Platforms in the USA

Managed Employee Training Services US

Corporate Training in America

US Corporate Training Market Major Players

For More Information on the Research Report, refer to below links: –

USA Corporate Training Market

Related Reports by Ken Research: –

India Corporate Training Market Outlook to 2025 driven by Introduction of Experimental Training, Greater Use of Artificial Intelligence and Increase in Government Initiatives to Boost Training

India Ed-Tech Driven Career Programs Market Outlook to 2025 – Increasing Technological Capabilities of Ed-Tech Companies to Increase Program Enrolments and Spend in Future

Australia Executive Education Market Outlook to 2024 –Driven by Rising Popularity of Online Education and Launch of Innovative Programs

Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Diagnostic Laboratory Market in India - From Preventive Testing to a Wellness Approach: Ken Research

A gradual shift of consumer behavior from preventive testing to a wellness approach has changed the diagnostics sector drastically. A number of government initiatives such as Ayushman Bharat hopes to penetrate within rural India, in order to bridge the gap between the rural and urban areas.

In conversation with Mr. Indranil Roy Choudhury, Chief Operating Officer at Diagno Labs Pvt Ltd, we attempted to seek his opinion and understand his side of story to ‘India Diagnostic Laboratory Market’. He suggested that the diagnostics market of the country has a great potential. Regulations in the future can help channelize the growth of the sector.

Here are some excerpts of the interview:

1. How long have you been associated with this industry? Has there been any major trend shift witnessed in the market?

If we speak about the diagnostic industry specifically I’ve been associated for 5.5 years and in the healthcare sector for around 25 years.

Firstly, in the past, diagnostic landscape in our country was mainly pertaining to the ill patients. However, now the wellness is gaining focus as preventive health check-ups are gaining popularity. Initially it was only Thyrocare focusing on wellness however now all the major players are focusing on it.

The second shift, even though it’s happening extremely slowly, is related to organizations and doctors. Initially organizations were dependent on doctors’ endorsement to drive their business. Their marketing strategies were highly dependent on the doctors involved. While all that continues now with the help of increasing awareness among the population, the patient/consumer has started making an informed choice with regard to the labs and the testing done. This is mainly prevalent in metros & tier 1 cities.

Thirdly there is a major shift towards molecular and genetic testing, which will continue to grow in future.

2. If we divide the Indian diagnostic market into pathology and radiology, we found out that majority of the revenue (~60%) comes from the pathology department. What would be your views on the same?

Be it radiology or pathology, in India none of the segments / revenues from them are tracked by any government body or agency so it is difficult to quote an exact percentage but majority would be from pathology, roughly about 55-60%. Within the country, there are no entry barriers for pathology which continues to be highly decomposed and fragmented and region specific. In radiology, the initial investment is much higher than pathology, where many instruments are available from the global vendors on reagent rental. Along with this, limited number of qualified radiologist across the country is also a limitation. This has resulted in comparatively more number of pathology labs all over the country as compared to truly high end complete radiology facility. Basic radiology is still in abundance.

3. Currently the regulations pertaining to the industry are not up to standards. How do you think, this has affected the diagnostics market?

The lack of regulations is definitely not healthy. The government needs to have standardized regulatory norms individualized for both radiology and pathology. There have been speculations in the past in relation to different regulations; however it is yet to become a reality. Its impact surely would be different for the organized and unorganized sectors. The organized sector already maintains a certain level of check & balances for Quality Assurance due to which standardizations will not impact them much. But this isn’t the same for the smaller players. Significant part of their cost cutting is dependent on the lack of regulations leading to compromised Quality and hence the results. With new rules, they would need to undergo regular controls & QA procedures, which would again cost them more, and as a result bring down their profits.

4. Apart from regulations, what would be the other challenges faced by the industry?

There is a lack of knowledge and awareness amongst the people about non-regulated labs. Along with that, the nexus that is present between the pathology labs and the doctors is definitely a concern for the industry. Many doctors are provided incentives by the labs in order to prescribe certain tests.

5. Majority of the market is dominated by the unorganized players. What are your view points on the same?

In my view, the unorganized players definitely hold large majority of the share. When we talk about the organized sector, the main players include Dr. Lal Pathlabs, SRL, Metropolis Healthcare and Thyrocare, all of whom are more than INR 500 Crores basis their annual revenue turnover with Thyrocare reporting the most healthy EBITDA. Even if we include the next group of Chain Pathology Labs like Medall, Neuberg, Vijaya, Ampath, Vimta, Core, Strand and many other players in the organized sector all put together the maximum annual revenue turnover would be around INR 10,000 crore. Whereas, the pathology industry in the country would stand at a minimum of INR 40,000 crore. So according to me the organized sector holds merely a 20-25% share and about 75-80% for the unorganized sector.

6. How do you think the industry performs in Tier 1, Tier 2 and Tier 3 cities?

Majority of the organized chain labs are focused in Metros along with the tier 1 and tier 2 cities. The tier 3 cities mainly are used as collection points and have their own local players (who are actually omnipresent) However, what we must also keep in mind is that with Ayushman Bharat coming up and the government trying to penetrate into the tier 3 cities, there exists a huge growth potential for all in these geographies .

7. If we divide the entire market on the basis of models such as hospital based labs, independent/standalone labs and polyclinics, according to us the hospital based labs have the majority share in the market. Would you agree to it?

The hospital based labs would hold significant share but at the same time the independent/standalone labs are very close simply because their volumes are extremely large. Especially the reference labs have the whole country as their drainage area for the esoteric tests.

8. How do you think insurance is affecting the industry?

Insurance is seen as a blue sky scenario in the diagnostic industry of the country. The test to accession ratio in India is relatively low. This basically refers to the number of tests that can be conducted with a given sample. Currently in India, that ratio stands at approximately 3. The same in USA is about 8 to 9 and in Scandinavian countries it stands at 10. Which means the number of tests performed in those countries with one sample is much more. One of the reasons why it’s so less in our country is due to the cost associated with it. With insurance coming in, the medical fraternity would have a chance to look at the larger picture and get more relevant tests done from the same sample as per the need of the clinician to finalize the treatment protocol. It can be a game changer in the diagnostic industry however we are not sure how & when the government plans to launch the same. A small indicator of how it can impact and propel growth of the industry is the increase in wellness revenue and preventive health checkups recorded in Jan – March period every year as there is a provision of income tax benefits available on the same as introduced by the government.

9. According to you, who are the major players in the industry?

It’s a tough race for the apex position between SRL and Dr. Lal Pathlabs. They definitely take the first two positions. Following them would be Metropolis Healthcare and Thyrocare. The companies which have a potential to grow would include Neuberg Diagnostics, Medall Healthcare, Vijaya, Suburban, Core, and Dr Dang’s Lab. There are a number of new entrants including Reliance, and Pharma majors like Dr. Reddy’s and Lupin Labs all these surely makes this one of the most interesting and attractive space in the healthcare universe.

10. Do you think COVID-19 would have a major impact on the industry?

Our mindset in the last 45 days has changed drastically. We have realized that we can live without a number of activities and expenditures which are not essential. In the post COVID era, people will concentrate more on what they need, especially healthcare. We all would be more careful with respect to how we lead our lives and as a result, would have regular checkups. People will be more conscious with related to lifestyle related disorders such as hypertension, diabetes, dyslipidemia, thyroid and many others which needs regular monitoring.

For any queries or feedback, reach out at namit@kenresearch.com

For More Information, Click on the Link Below:-

India Diagnostic Laboratories Market

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

ankur@kenresearch.com

+91-9015378249