Anushruti Singh
Nowadays, the synergy between technology and fitness has sparked a revolution in how we approach health. The fitness landscape is rapidly transforming in India, and the innovations in this field are setting new standards of excellence by bringing a personalised touch to fitness routines.
Due to this, the fitness industry is witnessing exponential growth. According to Statista, the digital fitness and well-being segment’s revenue is projected to reach US$10.12 billion in 2023. The market size is growing at 21.59 per cent, resulting in a projected market volume of US$22.12 billion by 2027. This is a huge opportunity given the increasingly large number of people getting conscious about their fitness these days.
However, there is still a vacuum, feels Pratik Saraogi, Founder of Actofit, a wearable health tech start-up.
Saraogi’s start-up has recently patented their home-grown technology, that is meant for posture correction during workouts. He discussed his company’s innovation with SME Futures.
Innovation defines fitness
Gone are the days of manual notetaking and guesswork when it comes to monitoring workouts.
Mumbai based Actofit has developed a motion-tracking technology, Vitalform.io based on AI.
Imagine having a fitness companion that meticulously guides you through each movement, ensuring that your form is on point and your efforts are maximally effective. Vitalform.io does just that. Whether you’re a seasoned fitness enthusiast striving for perfection or a newcomer trying to master the basics, this technology caters to your needs and goals.
It utilises advanced algorithms and computer vision technology to accurately track workout activities, analyse exercise form, and provide real-time feedback to users for posture correction.
“So, using computer vision as an AI tool, the phone camera or laptop camera allows your posture to be mapped across 32 different body joints. While you move, throughout any workout, track, range of motion, speed, as well as posture or angles, it will correct you and tell you what you’re doing wrong. To utilise this tech, the users have to record themselves while exercising. And it gives results in real time,” Saraogi says.
The product is already out in the market and is doing well in terms of business. “Vitalform is Actofit’s first ever patent that we got two months back. We filed it in 2017. This is a major milestone for me and my co-inventors, Tushar Patil and Kalpesh Patil as we continue to work on new inventions around health and fitness,” he adds.
Idea behind Vitalform
The reason behind developing, Vitalform.io was more of a necessity than an idea, says Saraogi.
“You see, we live urban modern lifestyles. We don’t often find the time to exercise or workout. Also, a lot of people don’t have enough money to hire personal trainers. So, we end up doing it ourselves, which is often not effective. It might go wrong, or we might end up injuring ourselves. So, I wanted to concentrate on developing a solution that would aid people remotely on a digital level, and correct their posture and form,” he asserts.
“I used to see people working out incorrectly and injuring themselves. When I tried to help them out to correct their posture, they would follow suit. But sometimes, that did not go down well with their trainers or coaches. They would tell me to stop taking away their clients or to stop interfering with their training,” he reminisces.
“It was then that I realised that this could be converted into a business. And that’s how Actofit and later Vitalform were developed,” he adds.
The software comes embedded in the application with Actofit’s fitness tracker. Users can explore it with a free test available on the website. For those who want a long-term solution, pricing options are available for them. “It’s around Rs 99 a month,” he says.
A niche market to be explored
With the fitness industry witnessing exponential growth and an increasing focus on proper form and injury prevention, the market potential for patented workout posture correction software like Vitalform is substantial.
“It addresses a critical need and has the potential to captivate fitness enthusiasts, professionals, and individuals who prioritise safe and effective workouts,” says Saraogi.
According to a report by Grand View Research, the global posture correction market is expected to reach $2.4 billion by 2032.
The growing investment in healthcare facilities, the expanding popularity of natural posture improvement techniques, and the increasing frequency of spine and back problems are some of the primary drivers of this market expansion. However, the high cost associated with R&D proficiencies, limited infrastructural facilities, the perception about posture correctors being medical aid for patients rather than an everyday application are some of the market’s challenges.
An unusual use case
Interestingly, the insurance sector is way ahead in utilising the posture correction solution for their benefit.
“The posture correction solution we developed helps in reducing hospitalisation costs. That directly saves money for the insurance companies,” Saraogi contends.
Saraogi’s company has recently raised funds from the JB Boda Group, one of Asia’s largest reinsurance brokers. This partnership allows the distribution and deployment of Actofit’s technologies in all insurance wellness apps which are already in relation with JB Boda Group, for example, ICICI, Kotak, etc.
“They will bundle our technology along with their solution and deliver it to the user. Which means that we are taking care of their health via workout supervision, diet monitoring, blood sugar testing, lifestyle management and more. This will eventually make users visit hospitals less and they may not consume their insurance. This is how the insurance companies end up saving money,” he explains.
Saraogi claims that with their innovative solutions, they are reducing hospitalisation costs by 30 per cent. Their internal studies show that 140 people have been cured of diabetes.
“Our vision is to reduce lifestyle diseases in India. Our go-to market strategy is to go via corporates and insurance companies. We are not spending money on marketing, as that could make our product more expensive. Rather we are bundling it with insurance providers at an affordable price. Users can also buy our solutions directly as fitness solutions,” he contends.
Currently, Actofit is focused on innovating its solutions and on expanding its collaboration with insurance companies. Saraogi claims that there are a couple of partnerships in the pipeline. They are also looking to hit a revenue target of Rs 50 crores this year.
