Wellness and fitness trackers have been around for years and have reached promising levels of market penetration. The global fitness tracker market is projected to grow from $36.34 billion in 2020 to $114.36 billion in 2028 at a CAGR of 15.4% in forecast period 2021-2028. These devices are used to track and monitor wellness and fitness level through the tracking of sleep quality, calories intakes, sleep quality, steps taken and breathing. These devices connect to a smart phone and through their sensors systematize data collection to provide wellness and lifestyle analytics and coaching. In the US, 2 in 5 American used a fitness smart device regularly in 2021.
One segment of the smart wearable that is receiving significant investors interest is the smart rings, and we are starting to see good momentum around their adoption. This is happening because the technology is becoming more mature, their analytics more reliable and rings are perceived as more fashionable options that their competitors. The segment of wearable we cover today is the merger of wearable meet jewelry, which in our view is going to become the leading segment of wellness wearables over the next five years. Having been an early adopter of the Oura Ring 3, I must say that this wearable is very good particularly if this is the first time you are exposed to a fitness and wellness tracker. The Oura Ring distinguishes itself from others as it focuses on tracking your sleep trends. What in our opinion it does best, is measuring both your body temperature and heart rate variability, while also providing qualitative analysis on your sleep through assessment of movement, breathing frequency, and depth of sleep.
The trend-setters
A few stylish smart ring are coming to market promising to change the fitness and the wellness market. Unsurprisingly, none of these early trend-setters come from the large corporations such as Apple, Google and Amazon, but rather they come from start up from the US and the EU who are re-imagining the way we collect data to improve our wellness awareness. Among these a few we are analyzing include the following: a) https://movano.com/ which focuses on women and which should launch in late 2022 with a fashionable inexpensive device marketed at $50; b) https://www.circular.xyz which aims to improve your life’s quality starting from your sleep with support from an AI imbedded coach; and c) https://arcx.fit which is dedicated to the fitness enthusiast that aim to improve their physical performance. What all of these devices have in common, is that they help give you better awareness of your general health and fitness status building a baseline reference that can help you improve your performance and wellness indicators.
As we start moving away from screen dependent devices, due to the digital fatigue which increased since Covid 19 emergency in 2020, startup have taken the lead to bring to market new devices that can help people improve their wellness, fitness, and longevity. Expect these trackers to become the norm and to eventually help improve our relations with doctors and health insurance.
This is wellness not healthcare
It is important to note none of these ring trackers are medical devices and they are meant to cure, treat, or prevent diseases. What they do instead is aim to raise your awareness as it relates to your life-style, and health which could improve your relation with your doctor. These devices should never be seen as the replacement of professional medical advice, but rather as coaching support that could enhance you understanding of your lifestyle.