Will Asia be Fitbit's magic bullet in regaining market dominance?

October 29, 2019 | Case Study

Once an eponymous name for digital health, Fitbit has seen a massive slump in fiscal health. Its stock plunged more than 90% from a peak of $51 in August 2015 to below $5 in February 2018. This dismal performance has been attributed to its insistence on remaining a wellness player despite a climate of blurring lines between general wellness and clinical care. Competitors like Apple and Samsung that got into the wearables space much later have leapfrogged and dominated market share, leaving Fitbit with around 6% of global market share today. Fitbit has made a few strategic moves of late, primarily in Asia, in an attempt to regain market dominance.