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Global Fitness Equipment Market is reach USD 16.47 Billion with anticipated CAGR of 5.14% for 2022-2027: Bonafide Research



Clifton, New Jersey, May 26, 2023 (GLOBE NEWSWIRE) — The fitness equipment industry is going through an impressive transformation driven by a strong focus on innovation and technological advancements. As people increasingly prioritize their health and wellness, the demand for cutting-edge fitness equipment has reached unprecedented levels. This industry has witnessed rapid changes to meet the growing desire for overall well-being and individuals taking charge of their health. Recognizing this trend, leading companies have invested heavily in research and development, aiming to constantly improve and push the boundaries. The outcome is an incredible range of fitness equipment that seamlessly incorporates advanced features like artificial intelligence, virtual reality, and personalized tracking systems. These technologies not only enhance the workout experience but also help users set and achieve their fitness goals more precisely and efficiently. Additionally, there has been a strong focus on ergonomic design, prioritizing user comfort, safety, and biomechanical efficiency. Equipment now offers adjustable seating positions, optimized range of motion, and careful engineering to support proper posture, reduce the risk of injuries, and maximize the effectiveness of each exercise. Moreover, the use of durable and high-quality materials ensures the equipment’s longevity, allowing both fitness centers and individuals to make long-term investments in their fitness equipment.

The global rise in obesity rates and lifestyle diseases such as diabetes and cardiovascular disorders has prompted individuals to invest in fitness equipment for convenient and regular exercise. Fitness equipment provides a convenient solution for people to engage in physical activity within the comfort of their own homes or at fitness centers. The increasing number of fitness centers and gym memberships globally is driving the demand for fitness equipment. As more individuals prioritize fitness and seek professional guidance, fitness centers invest in a wide range of equipment to cater to the diverse needs of their members, including cardio machines, strength training equipment, and specialized training systems. In addition to that, urbanization has led to sedentary lifestyles characterized by long working hours, limited physical activity, and increased reliance on technology. As a result, individuals are seeking ways to incorporate exercise into their daily routines, leading to a surge in the demand for fitness equipment that allows them to exercise conveniently at home or in fitness facilities. Also, the aging population, particularly in developed countries, has created a demand for fitness equipment that caters to the specific needs of older adults. There is a growing emphasis on active aging and maintaining fitness levels among seniors, driving the demand for specialized equipment that promotes mobility, balance, and overall well-being.

Key Takeaways:

  • North America has been observed as the largest market with a 38.2% share in 2021, being the hub of manufacturing fitness equipment.
  • The strength training equipment segment possesses a robust market presence with an estimated 3.85% CAGR for 2022–2027, owing to more consumers being attracted by the product’s ability to increase muscle mass and flexible joints.
  • The treadmill segment is leading the market with USD 1848 Million in 2021 whereas resistance bands & tubes are growing at 6.17% CAGR by 2022-2027.
  • With the recent technological advancements, such as wearable self-monitoring and virtual group exercises, the residential segment is expected to reach USD 7522 Million by 2028.

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Many organizations are recognizing the importance of employee health and wellness. Corporate wellness programs are becoming more prevalent, offering opportunities for fitness equipment providers to supply gyms and fitness facilities within corporate offices. This includes equipment suitable for office gyms, such as compact treadmills, standing desks, and exercise bikes, promoting physical activity and well-being during work hours. With that, the rise of health and wellness tourism presents an opportunity for fitness equipment providers. Fitness centers and hotels catering to health-conscious travelers often require high-quality fitness equipment to meet the needs of their guests. Collaborating with wellness resorts and fitness retreats can open up new avenues for market expansion and brand exposure. There is a growing demand for eco-friendly and sustainable fitness equipment. Consumers are increasingly conscious of the environmental impact of their purchasing decisions and seek equipment made from recycled materials, energy-efficient designs, and sustainable manufacturing processes. The fitness equipment market is susceptible to counterfeit products and intellectual property infringement. Unauthorized manufacturers are producing imitation products that mimic popular brands, leading to brand dilution, reputational damage, and loss of market share. Protecting intellectual property rights and combating counterfeit products is a significant challenge.

Fitness equipment can be expensive, especially high-end and advanced models. Also, the high initial cost of purchasing fitness equipment is acting as a restraint for some consumers, particularly those with limited financial resources or budget constraints. This cost barrier is limiting the market reach and adoption of fitness equipment, especially in price-sensitive markets. Fitness equipment, particularly larger and bulkier machines, require ample space for installation and use. Limited space in homes, apartments, or commercial fitness facilities can be a restraint, preventing individuals or fitness centers from investing in certain types of equipment. Storage constraints also pose challenges, especially for home users who may not have dedicated workout areas. Fitness equipment requires regular maintenance and occasional repairs to ensure optimal performance and longevity. These maintenance and repair costs add up over time, particularly for commercial fitness facilities with a large inventory of equipment. While fitness equipment offers a range of features and settings, it still has limitations in terms of customization and personalization. Each individual has unique fitness goals, body types, and preferences, and not all equipment can cater to these specific requirements. This lack of customization also impacts the user experience and limits the effectiveness of the equipment for some individuals.

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Historically fitness equipment was only limited to weight training and some cardio equipment which are mostly used in health clubs and gyms. With the passage of time, a number of changes have been observed in the fitness habit of consumers at a global level. This change in fitness habits has led to the creation of a wide range of fitness equipment. The fitness equipment market has been getting broader verities of innovative equipment being manufactured by the existing players as well as the new players coming into the market. The trend toward home fitness has gained momentum, especially in the wake of the COVID-19 pandemic. There is a growing demand for compact, versatile, and user-friendly fitness equipment that individuals can use in the comfort of their homes. Additionally, there is an opportunity to provide personalized fitness solutions, such as connected equipment that offers customized workout programs and tracking features tailored to individual needs. With health awareness and fitness getting into the list of consumers’ habit, their attitude towards bringing change in daily routine have been experienced. There are scenarios when due to hectic schedules and busy work life; many people are unable to make it to the gym every day. Things are getting changes with the advancement of technologies; also it is affecting the fitness industry. Also, fitness equipment is incorporating advanced biometric sensors and health monitoring capabilities. These sensors can track heart rate, calories burned, sleep patterns, and other health metrics, providing users with comprehensive data insights and personalized recommendations.

One such technology that is making its way into the fitness industry is virtual reality in fitness. With VR in fitness, people are not only getting attracted to it, but it is also letting them fight out the boredom associated with daily exercise. Working out in front of the television with loud music on till now was considered to be a joyful workout. Now, technology has removed the geographical barrier to fitness, now people can exercise in an entirely different world. The new form of workout in the form of virtual reality and augmented reality is viewed as the future of fitness. Many gyms and health clubs in developed countries are already implementing it to make workout fun for members and also increase their profits. The inclusion of wearable fitness devices like Fitbit and the Apple Watch has allured the attention of fitness freak consumers. From being luxurious items it has now become a fashion statement, these wearable are now accessible and widely used. The excitement of performing exercises in gyms to get more intensified with advancements in the wearable tech market resulting in improved fitness experiences. Gyms can now monitor users’ activities, and by using the resulting data,  give exercisers quantifiable results to let them know if they are on the right track or not.

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Individuals are becoming more aware of the importance of cardiovascular fitness in maintaining overall well-being. Cardiovascular exercise helps improve heart health, strengthen the cardiovascular system, and manage weight. This awareness has led to an increased interest in cardiovascular fitness equipment. As the global population ages, there is a growing focus on maintaining cardiovascular health to support healthy aging. Older adults are increasingly adopting regular cardiovascular exercise as part of their lifestyle, leading to increased demand for age-friendly and low-impact cardiovascular fitness equipment. Regular cardiovascular exercise is seen as a preventive measure to reduce the risk of chronic conditions such as heart disease, obesity, and diabetes. This increased focus on preventive healthcare has boosted the demand for cardiovascular fitness equipment. Treadmills are one of the most popular cardiovascular equipment types. They simulate walking or running, offering adjustable speed and incline settings to provide a customizable workout experience. Further, stationary bikes come in different variations, including upright bikes, recumbent bikes, and spin bikes. They simulate the experience of outdoor cycling and provide cardiovascular benefits while targeting the lower body muscles. Other Cardiovascular Equipment category includes a range of other cardiovascular equipment types such as arc trainers, ski machines, step mills, and versa climbers. These machines offer unique cardiovascular workouts and are often found in specialized fitness facilities or as part of a diverse cardio equipment selection in commercial gyms.

However, fitness centers and commercial gyms play a significant role in driving the demand for strength fitness equipment. These establishments invest in a wide range of strength training equipment to cater to their members’ needs. The increasing number of fitness centers and the growing popularity of gym memberships have contributed to the growth of the strength fitness equipment market. The trend of strength training has transformed over the years from just being weight oriented to a number of innovative training with the inclusion of free weight and endurance training. For instance, dumbbells are incredibly versatile strength training tools. They can be used for a wide range of exercises, targeting different muscle groups. From basic movements like bicep curls and shoulder presses to compound exercises like lunges and bench presses, dumbbells provide numerous options for varying the intensity and targeting specific areas of the body. Their versatility appeals to individuals of all fitness levels and goals. Dumbbells also align with the trend of functional training, which focuses on movements that mimic real-life activities. Functional training emphasizes the development of strength, stability, and coordination for everyday tasks and sports performance.

Strength equipment is also used in sports training facilities for athletic performance enhancement. These facilities focus on strength and conditioning training programs tailored to specific sports and athletes. Strength equipment in sports training facilities is designed to improve power, agility, and overall athletic performance. Educational institutions such as colleges, universities, and schools may have strength equipment as part of their fitness facilities. These facilities cater to students, faculty, and staff, providing access to strength training for general fitness and wellness purposes. With the increasing popularity of home fitness, there is a growing market for strength equipment among home users. Home users include individuals who prefer to work out in the comfort and convenience of their own homes. Home strength equipment allows users to set up their personal workout spaces, providing access to strength training without the need to visit a gym.

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The rising prevalence of obesity and associated heart diseases across the North American region has undoubtedly, enunciated the need for fitness equipment thus supporting the expansion of the North American fitness equipment market. Speaking of the rising obesity rate, the Centers for Disease Control put forth obesity statistics for the United States. It was observed that the prevalence of obesity in U.S. adults was somewhere around 42 percent, which has opened gates for umpteen heart diseases, high blood pressure, type 2 diabetes, and depression. To cut on the rising count and incidences of such diseases, users in North America are incorporating strength training and cardiovascular workouts in their daily routine, escalating the demand for fitness equipment. Also, strength training has always been a priority for people who have been looking forward to losing extra inches while also attaining immunity. The demand for robust strength training equipment for enhancing joint flexibility and bone health will, to a much larger extent, support the prolific growth of the fitness equipment market across North America. In fact, the American Heart Association has been laying immense focus on practicing strength training at least twice a week.

European countries have the trend of larger gyms, more members, and lower prices have been the factor experienced in the growth of the fitness equipment segment in the region. Health and fitness clubs the major revenue generator have been very attractive to investors. Developing commercial fitness centers and the trends of boutique gyms have led fitness equipment manufacturers to make the market competitive. Some of the major fitness equipment manufacturers in the European market are Core Health & Fitness, Johnson Health Tech, Tunturi’s new fitness BV, Body Solid Europe, Exigo, Torque Fitness LLC, etc. In addition, increased awareness about fitness and its related health benefits drives the adoption of fitness equipment, especially through gym memberships and in-home equipment sales. Initiatives, such as corporate wellness programs, contribute to the growth of the fitness equipment market. Further, the number of fitness centers at super specialty hospitals has increased due to the supportive government measures to promote health awareness, thereby further supplementing the demand for fitness equipment.

Asia-Pacific has emerged as one of the most promising markets for fitness equipment in the last couple of years. The region currently is standing at the third position in the overall fitness equipment market. People in the region have a higher attraction towards athletic & resistance training with the trend of getting a lean fit body. The market has emerged with several growing fitness equipment manufacturing companies some of the prominent companies in the list are SportsArt Fitness, BFT Fitness, Stingray Fitness, Shuhua Fitness, Amer Sports Corporation, etc. The fitness equipment market in the Asia-Pacific region has posed an increasing trend towards the in-home fitness routine which has boosted the residential sale of the equipment. Installation in the form of a home gym or training sections at housing societies has been a factor in the growth of the segments. Countries like India, Australia, and others have observed a surge in the adaption of gym fitness. Equipment like dumbbells, treadmills, stationary bikes, rowers, and other free weights, etc. are attracting consumers in the residential segment.

South America is considered an untapped but potential market for the fitness equipment industry to thrive. The commercialization in its fitness industry is still in the nascent phase, which has led to lower penetration of modernized ranges of fitness equipment in the region. Gym training is still the most preferred form of fitness training process adopted in South America. In addition to that, the region has observed an emergence of new business models and continues to have multipurpose and family-oriented clubs. However, the surge in demand for commercial fitness equipment has boosted the growth of the region’s cardiovascular and strength equipment segment. The development of women-centric gyms also the trend of home gyms majorly in Middle-Eastern countries have fueled the overall region’s market growth. This has led to higher attraction toward the utilization of cardiovascular fitness equipment. The fitness sector has witnessed tremendous growth in the past few years, leading to the rise in permits for women’s fitness clubs in Saudi Arabia. Along with this, the government has approved the staging of the World Boxing Series, which has added significantly to the fitness industry’s growth.

Considered in the Report

  • Geography: Global
  • Historic Year: 2016
  • Base year: 2021
  • Estimated year: 2022
  • Forecast year: 2027

Table of Contents

1.    Executive Summary
2.    Report Methodology
3.    Market Structure
3.1.  Market Considerate
3.2.  Market Definition
4.    Economic /Demographic Snapshot
5.    Global Fitness Equipment Market Outlook
5.1.  Market Size By Value
5.2.  Market Share
5.2.1.    By Region
5.2.2.    By Country
5.2.3.    By Company
5.2.4.    By Type
5.2.5.    By End User
6.    Global Cardiovascular Equipment Market Outlook
6.1.  Market Size By Value
6.1.1.    By Region
6.1.2.    By Type
7.    Global Strength Equipment Market Outlook
7.1.  Market Size By Value
7.1.1.    By Region
7.1.2.    By Type
8.    North America Fitness Equipment Market Outlook
8.1.  Market Size
8.1.1.    By Value
8.1.2.    By Cardiovascular Equipment Market
8.1.3.    By Strength Equipment Market
8.2.  Market Share
8.2.1.    By Country
8.2.2.    By Type
8.2.3.    By End User
8.2.4.    By Cardiovascular Type
8.2.5.    By Strength Type
8.3.  US Fitness Equipment Market Outlook
8.3.1.    Market Size By Value
8.3.2.    Market Share        By Cardiovascular Type        By Strength Type        By End User

To be Continued….TOC Continued

Market Segmentation Details
By Type
  • Cardiovascular
  • Strength
By Cardiovascular fitness equipment
  • Treadmill
  • Stationary bike
  • Elliptical trainer
  • Rowing machine
  • Cross Country ski
  • Stair stepper
By Strength fitness equipment          
  • Dumbbells
  • Weight plates
  • Hydraulic equipment
  • Resistance bands & tubes
By End-User
  • Commercial
  • Residential
By Region
By Country
Company profiles
  • Icon Health & Fitness Inc
  • Life Fitness
  • Johnson Health Tech Co. Ltd
  • Nautilus INC
  • True Fitness INC
  • Technogym S.P.A
  • Amer Sports Corporation
  • Torque Fitness LLC
  • Hoist Fitness Systems
  • Core Health & Fitness LLC
  • Precor Incorporated
  • Tuntari New Fitness B.V
  • Exigo
  • Body Solid Europe
  • Iron Grip Barbell Company
  • Tuffstuff Fitness International INC
  • Impulse (QingDao) Health Tech CO., LTD
  • Shuhua Sports Co Ltd
  • Rough Fitness
  • SportsArt Fitness, Inc.
  • BFT Fitness
  • Acme Fitness
  • Dubai Sports LLC
Other Market Details
  • Key Drivers & Key Challenges,
  • Market Trends and Developments,
  • Strategic Recommendations

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The Global Yoga Accessories Market was valued at around USD 17 Billion which is anticipated to reach around twice the revenue by the end of the forecast period. Further, the overall market is projected to expand with more than 12.5% CAGR for 2022-2027. With the new invention of newer forms of yoga, certain poses are beneficial only with the use of props. Also, it is proved that they make progression a little less intimidating. With the increase in the popularity of yoga, there has been an upspring in many modern practice forms like beer yoga, goat yoga, Broga, hot yoga, etc. to name a few. While the types continue to diversify, the need for accessories is to keep growing. Even though the forms of yoga changed, what remained unchanged is the use of a mat. With the increasing popularity of yoga, the mats have become more solid and textured. People are now more concerned about the quality of the mat as they now understand how important it is in maintaining balance and the right posture. Even though the yoga mat segment rules the market, it accounted for around 90% of the market share along with the yoga clothing segment. In North America, the United States and Canada have a well-established yoga culture, with a large number of yoga studios, fitness centers, and dedicated practitioners. In Europe, the demand for high-quality yoga accessories is strong. In addition to that, the demand for yoga accessories is increasing as more people embrace yoga as part of their fitness routine. Yoga has its origins in India, and the practice is deeply rooted in many Asian countries. Countries like India, China, Japan, and Australia have a significant market for yoga accessories due to the popularity of yoga and the presence of a large number of yoga practitioners. The interest in yoga and wellness practices is growing in South America and Middle East & Africa. The yoga accessories market is emerging in these regions as more people adopt yoga as a part of their lifestyle.

The Global Lateral Fitness Equipment Market is projected to grow at a compound annual growth rate (CAGR) of 10.96% during the forecast period 2021-2027. The commonly used lateral fitness equipment are treadmills, stationary bicycles, stair climbers, and weight-lifting machines. Moreover, the surge in cases of diabetes and obesity has led to a revolution in the global fitness industry. According to World Health Organization (WHO), 13% of adults aged above 18 years were obese and 39 % of adults were overweight. This has majorly made way for an increase in the growth of clubs and gym memberships in the country, which has also resulted in the lateral fitness equipment market growth. Globally, there is an increase in the gym culture as more people are joining the gym movement for great health. Moreover, a huge number of people living in metro and Tier-2 cities are rapidly becoming health-conscious and have started hitting gyms, which also results in fueling the growth of the lateral fitness equipment market. Furthermore, the increase in advanced technology has changed the pattern of fitness activities. Now people are using technological devices such as GPS, pedometers, heart rate monitors, and smartphone apps to monitor their workout efforts in gyms. The increase in the trend of being thin and slim for women and slender and muscular for men is becoming sociocultural and also influencing people to engage in fitness to have an ideal body image.

The Global Online/Virtual Fitness Market is projected to grow at a compound annual growth rate (CAGR) of 26.7% during the forecast period 2021-2027. The online/virtual fitness market encompasses a wide range of services and platforms, including fitness apps, on-demand workout videos, virtual personal training, live-streaming fitness classes, and virtual reality (VR) fitness experiences. These platforms offer convenience, flexibility, and access to a variety of workouts and training programs from the comfort of one’s own home. The demand for online fitness solutions has been on the rise due to factors such as busy lifestyles, the need for convenience, and the ability to personalize workouts according to individual preferences. Advancements in technology have made it easier to access online fitness platforms through smartphones, tablets, smart TVs, and wearable devices. This has enhanced the overall user experience and made virtual workouts more engaging. Traditional fitness centers and gyms have recognized the potential of online fitness and have started offering virtual classes and training sessions to cater to a broader customer base. Additionally, new startups have emerged, focusing exclusively on online fitness services. Increasing awareness about the importance of fitness and overall health has fueled the demand for online fitness platforms. People are becoming more proactive about their well-being and are actively seeking ways to stay fit and active.

The Global Home Fitness Equipment Market will reach $14.12 Billion by 2031, growing by 3.4% annually over 2021-2031, driven by the increased product innovations, high customization of fitness devices, and the rising investments and homecare spending amid the COVID-19 pandemic. As the number of people suffering from obesity rises, the demand for the product is expected to increase as it is a vital tool for them to lose weight. Furthermore, increased knowledge of the lack of physical exercise has resulted in many health difficulties such as heart disease, diabetes, cancer, and others, which has increased demand for these products. Furthermore, increasing inclination toward digital technology is aiding the market growth. The increasing popularity of fitness applications in smart devices for enhancing and maintaining personal fitness has played a significant role in the market growth. Additionally, governments in both developed and developing countries are launching several public health efforts to enhance public awareness of wellness, which will help implement this equipment, particularly among young people. The North American market has witnessed significant growth, due to the rising health awareness among consumers with the growing adoption of exercises related to physical well-being, weight management, improving body stamina, and muscular strength driving the market growth in the country. The demand for fitness equipment has increased in European countries, such as the U.K., Germany, and France, owing to the increase in health awareness among the obese population. However, rapid urbanization, rising disposable income, and increasing youth population are the key propellants of the Asia-Pacific Home Fitness Equipment Market growth in various Asia-Pacific countries, as the population is actively getting involved in fitness activities.

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Artificial Intelligence

AI in Healthcare: Unveiling the Future with a 42.20% CAGR Through 2029




USA News Group Commentary
VANCOUVER, BC, April 25, 2024 /PRNewswire/ — Across several sectors the use of artificial intelligence (AI) is making a huge impact, with healthcare emerging as possibly receiving the largest boost. According to a new research report from analysts at Mordor Intelligence, the market for artificial intelligence in health care is set to explode at a CAGR of 42.20% through 2029. As the tech sector races to provide the market with solutions, several companies are emerging as leaders in aiding the healthcare sector, including Avant Technologies Inc. (OTC:AVAI), Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT), Health Catalyst, Inc. (NASDAQ:HCAT), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), and Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX).

Recently, Avant Technologies Inc. (OTC:AVAI) strengthened its AI-powered healthcare offerings by acquiring Wired-4-Health, a company specializing in healthcare technology and data services. This addition supports Avant’s goal to create the first supercomputing network in the country. This network will offer big data and AI software companies a quicker, more potent, and more affordable computing infrastructure.
“Our strategy behind this acquisition was to enable Avant to deliver best-in-class data and system interoperability support services to the healthcare and life sciences sectors powered by AvantAI® and our high-density compute capabilities,” said Tim Lantz, CEO of Avant Technologies. “At the same time, this exciting combination significantly strengthens our financial profile, offers massive commercial growth opportunities in one of Avant’s largest target markets, and bolsters our internal customer support and R&D capabilities.”
The goal of this deal is to bring together Avant Technologies and Wired-4-Health to improve how healthcare data is shared and used. By joining forces, they can use advanced AI and powerful computing to help healthcare and life sciences organizations deal with data and system challenges more easily and effectively.
This partnership improves the way transactions are processed, analyzes health outcomes, and ensures compliance, leading to better performance, more reliable data, and a more affordable, scalable system for customers.
“In the near term, if the healthcare industry expects to succeed in lowering costs while improving quality, the deployment of advanced AI, combined with more powerful, cost- effective compute capabilities will be critical to that success,” said Angela Harris, Avant’s Chief Operating Officer. “The addition of Wired-4-Health will position Avant as a key contributor in helping healthcare organizations solve complex problems at the intersection of cost, quality, compliance and technology.”
Tech giant Microsoft Corporation (NASDAQ:MSFT) (NEO:MSFT) has also been aiding the healthcare sector, most notably with its Azure AI Health Bot, which helps create copilot experiences with healthcare safeguards. Microsoft is enhancing its Azure AI Health Bot services by adding new healthcare-specific safeguards and features, including integration with Microsoft Copilot Studio.
These upgrades allow healthcare organizations to create their own copilot experiences, with pre-built capabilities, templates, and connectors tailored to healthcare needs, supporting protocol-based workflows alongside AI-based answers, and ensuring compliance with industry standards and guidelines. Now the platform is already being put into use by big players, including by German pharma giant Roche.
“By leveraging Azure AI Health Bot to build copilot experiences for doctors, we are developing an intuitive, conversational interface that lets clinicians access and explore Roche’s clinical documentations in a more natural way and to cope with the complexity and flood of information,” said Dr. Georg Isbary of Roche Pharma Germany. “The pilot for this new user experience, powered by generative AI features and compliant with the necessary security standards, has been integrated into our systems and will be further tailored to regional market needs.”
Long-time developer in the AI and machine learning (ML) space for healthcare, Health Catalyst, Inc. (NASDAQ:HCAT) signed a multi-year partnership with SacValley MedShare, one of California’s largest and most established qualified health information organization, earlier this year. As per the deal, Health Catalyst will support SacValley’s important mission through a broad set of technology solutions, including KPI Ninja by Health Catalyst, Healthcare.AI – a Health Catalyst Data Operating System (DOSTM) Platform module, and several other application solutions and Professional Services.
“We are honored to partner with SacValley MedShare on their continued journey to advance healthcare and are confident our technology, combined with our dedicated, skilled team members, will deliver the improved efficiency and support SacValley MedShare needs to achieve its healthcare transformation goals,” said Dan Burton, CEO of Health Catalyst.
By choosing Health Catalyst’s advanced data and analytics services, SacValley will enhance its ability to share and use information. This will lead to better service for those paying for healthcare, by making it easier to share important health details. This helps in delivering top-notch reports and care for patients.
“Transforming data from movable to usable is the alchemy of insights, turning raw potential into the gold of informed decision-making, ultimately forging a path towards health equity and improved outcomes,” said John Helvey, Executive Director of SacValley MedShare. “This is the primary reason SVMS chose Health Catalyst as a transforming partner.”
Another AI player is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), which is making it easier and cheaper for other biopharma companies to produce important biological materials and organisms by using artificial intelligence (AI). Back in February 2024, Ginkgo announced the acquisition of key assets of Reverie Labs, which has built and used AI/ML tools to accelerate drug discovery. The acquisition of Reverie’s infrastructure and software serves to help train large-scale AI foundation models, while four of Reverie’s key AI team members will also be joining Ginkgo.
Gingko followed this up through a collaboration with UK-based biotech company Prozomix, to build out the production of next generation enzyme plates for active pharmaceutical ingredient (API) manufacturing. The agreement aims to leverage Gingko’s Enzyme Services and industry-leading AI/ML models along with Prozomix’s existing enzyme libraries and deep experience manufacturing enzyme plates.
“API manufacturing is poised to greatly benefit from the latest in enzyme engineering and AI/ML enzyme models,” said Cindy Chang, Senior Director, Business Development at Ginkgo Bioworks. “We are so excited to partner with Prozomix to get enzymes into as many API routes as possible and help partners meet both their COGs savings and sustainability goals.”
Another developer helping to lead the way in AI-powered healthcare is Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), which uses AI to pick out which treatments should be tested in clinical trials, while also letting biopharma companies to use their AI tools to do so also.
Last year, Recursion lined up a $50-million collaboration with AI chipmaking giant Nvidia for AI drug discovery. Then at the beginning of 2024, Recursion presented a demonstration of LOWE (Large Language Model-Orchestrated Workflow Engine), a new software designed to perform complex drug discovery tasks using a natural language interface. The platform is powered by Recursion’s proprietary biological and chemical data, and can orchestrate experiments using Recursion’s automated wet laboratories, unleashing the power of the Recursion Operating System in an easy-to-use tool.
“For the first time, we’ve taught Large Language Models to use many of Recursion’s tools and data in the same way an expert scientist would, but much more simply and in a more scalable way,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “LOWE provides an exciting glimpse into what we believe the future of drug discovery will look like – a first step towards the development of autonomous ‘AI scientists’ for therapeutic discovery.”
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Artificial Intelligence

Oncolytics Biotech® Announces Upcoming Presentations at the American Society of Clinical Oncology Annual Meeting




SAN DIEGO and CALGARY, AB, April 25, 2024 /PRNewswire/ — Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC), a leading clinical-stage company specializing in immunotherapy for oncology, today announced the acceptance of two abstracts at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting, which is taking place from May 31 – June 4, 2024, in Chicago, Illinois. Details on the abstracts and poster presentation are shown below.

Title: Phase 1/2 randomized, open-label, multicenter, Simon two-stage study of pelareorep combined with modified FOLFIRINOX +/- atezolizumab in patients with metastatic pancreatic ductal adenocarcinoma.
Presentation Type: PosterAbstract Number: TPS4203Session Title: Gastrointestinal Cancer – Gastroesophageal, Pancreatic, and HepatobiliarySession Date and Time: June 1, 2024, 1:30 – 4:30 p.m. CTTitle: Pelareorep driven blood TIL expansion in patients with pancreatic, breast and colon cancer.Presentation Type: Online abstractAbstract Number: e14625
Abstracts will be published on the ASCO Annual Meeting website at 5:00 p.m. ET on May 23, 2024.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype — turning “cold” tumors “hot” — through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid and hematological malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For further information, please visit: or follow the company on social media on LinkedIn and on X @oncolytics.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Timothy McCarthy
LifeSci Advisors
[email protected]

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Artificial Intelligence

Internet of Things (IoT) Market to Expand at a Stellar 19.4% CAGR through 2031 | SkyQuest Technology




WESTFORD, Mass., April 25, 2024 /PRNewswire/ — SkyQuest projects that the Internet of Things (IoT) Market will attain a value of USD 1572.37 billion by 2031, with a CAGR of 19.4% over the forecast period (2024-2031). Internet of Things (IoT) refers to the network of connected devices over the internet that are embedded with sensors and software. Growing adoption of automation around the world and advancements in connected device technologies are forecasted to be key factors driving the Internet of Things (IoT) market growth in the future.

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Browse in-depth TOC on “Internet of Things (IoT) Market”
Pages – 197Tables – 69Figures – 75Internet of Things (IoT) Market Overview:
Report Coverage
Market Revenue in 2023
$ 380.6 billion
Estimated Value by 2031
$1572.37 billion
Growth Rate
Poised to grow at a CAGR of 19.4%
Forecast Period
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component Type, Application, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising demand for connected healthcare and growing use of industrial automation solutions
Key Market Drivers
Advancements in connectivity and connected device technologies
Hardware is Estimated to Dominate the Global Market Share Owing to High Use of Hardware Components in IoT
Hardware components such as sensors and actuators are highly vital to the proper functioning of any kind of Internet of Things (IoT) device. Growing adoption of IoT devices in different industry verticals for various applications is promoting market growth via this segment. The development of new hardware solutions also helps this segment maintain its dominance.
Smart Agriculture is the Fastest-growing Segment Owing to Rising Adoption of Precision Agriculture Practice
Rising emphasis on improving agricultural yield and sustainability has resulted in the growing adoption of smart agriculture and precision agriculture practices. IoT devices play a crucial role in monitoring and controlling different elements of a smart agriculture setup that is mostly automated using different smart devices thereby contributing to the IoT market growth as well.
Growing Adoption of 5G Technology Allowing North America to Dominate the Global Internet of Things (IoT) Market
Rapid adoption of 5G technology and high use of cloud-based platforms are key factors allowing North America to lead the demand for Internet of Things (IoT) around the world. Surging investments in the research and development of advanced technologies and the presence of key tech giants such as Amazon, Google, IBM, and Microsoft also helps the dominance of this region. Canada and the United States remain the most lucrative markets for Internet of Things (IoT) companies in North America through 2031.
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Internet of Things (IoT) Market Insights:
Advancements in connectivity and connected device technologies.Growing demand for Industrial IoT (IIoT) solutions.Increasing number of smart cities and development of smart infrastructure.Restraints
Lack of standardization of IoT devices and technologies.Privacy and data security issues.Interoperability challenges and complex integration scenarios.Prominent Players in Internet of Things (IoT) Market
MicrosoftCisco SystemsIntelSiemens (Germany)AWS (US)Oracle (US)Qualcomm (UK)SAP (Germany)IBM (US)Google (US)View report summary and Table of Contents (TOC):
Key Questions Answered in Internet of Things (IoT) Market Report
What are the top drivers for Internet of Things (IoT) market going forward?Who are the leading Internet of Things (IoT) market players?Where will demand for Internet of Things (IoT) be high?Which component accounts for a dominant revenue share of the global Internet of Things (IoT) market?This report provides the following insights:
Analysis of key drivers (advancements in connectivity and connected device technologies, growing demand for industrial IoT (IIoT), development of smart infrastructure for smart cities, growing use of smart devices ), restraints (lack of standardization, complexities in integration, concerns regarding security and privacy of data), and opportunities (rising popularity of connected healthcare, increasing adoption of Industry 4.0, rising use of industrial automation), influencing the growth of Internet of Things (IoT) market.Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Internet of Things (IoT) market.Market Development: Detailed analysis of potential regions where the market has potential to grow.Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.Related Reports:
Global Internet of Things in Retail Market
Global Internet of Things (IoT) in Agriculture Market
Global Internet of Things (IoT) Microcontroller Market
Global IOT In Healthcare Market
Global IOT in Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 
Mr. Jagraj Singh Skyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website:

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