Global Medical Smart Rings Market - 2024-2031

Global Medical Smart Rings Market - 2024-2031

The global Medical Smart Rings market reached US$ 270.4 million in 2023 and is expected to reach US$ 1331.0 million by 2031, growing at a CAGR of 22.25% during the forecast period 2024-2031.

Smart rings represent a cutting-edge advancement in wearable technology, providing users with a convenient way to monitor various aspects of their health and lifestyle. These compact devices combine the functionalities typically found in larger wearables, such as smartwatches and fitness bands, including health tracking, notifications, and activity monitoring, all within a stylish and discreet form factor. These smart rings are gaining popularity due to their convenience and the growing demand for non-intrusive, always-on devices that blend into daily life.

Many smart rings are equipped to track vital health metrics such as heart rate, body temperature, and blood oxygen levels. They also monitor sleep patterns, offering detailed insights into sleep quality and duration. Similar to fitness bands, smart rings can record physical activity, including steps taken and workout intensity.

Additionally, some models feature vibration alerts or LED notifications for incoming calls, texts, and app alerts, allowing users to stay connected without needing to check their phones or smartwatches.

Market Dynamics: Drivers & Restraints

Increasing awareness and focus on health and wellness

The medical smart rings market is experiencing remarkable growth, fueled by an increasing awareness and emphasis on health and wellness among consumers. As individuals become more health-conscious, there is a rising demand for wearable devices that provide real-time health tracking and actionable insights. Smart rings, with their sleek and compact design, offer unparalleled convenience and the ability to monitor a variety of vital health metrics, making them an increasingly appealing choice for proactive health management.

These innovative devices empower users to prioritize preventive healthcare by enabling early detection of potential health issues before they escalate into serious conditions. For instance, many smart rings are equipped to monitor irregular heart rhythms, which can serve as critical indicators of cardiovascular problems, allowing for timely intervention. For instance, in October 2024, Samsung launched its Galaxy Ring in India. Integrated with the Samsung Health app, the device provides users with personalized recommendations, sleep analysis, and wellness tips. Samsung’s sleep analysis is paired with new metrics like movement during sleep, heart and respiratory rate, and snoring analysis, offering a comprehensive sleep report.

Consumer Awareness and Acceptance

Consumer awareness and acceptance are major obstacles that currently hinder the growth of the medical smart rings market. While there is a rising interest in health and wellness technologies, many potential users remain largely uninformed about the capabilities and advantages these innovative devices offer. This lack of understanding may raise questions regarding their effectiveness and reliability, ultimately preventing consumers from embracing smart rings for health monitoring.

Furthermore, medical smart rings are often perceived as niche products rather than essential health tools, which can limit their appeal to a broader audience. Many individuals may not fully grasp how these devices can enhance their health management or seamlessly integrate into their daily routines. Consequently, the market may struggle to reach diverse demographics, particularly among those who are unfamiliar with wearable technology. Thus, the above factors are expected to hinder the market growth.

Segment Analysis

The global medical smart rings market is segmented based on type, size end-user, and region.

Product Type:

Bluetooth-enabled Smart Rings segment is expected to dominate the global medical smart rings market share

Bluetooth-enabled smart rings segment is expected to dominate the global medical smart rings market. Bluetooth technology provides extensive compatibility with a diverse array of devices, such as smartphones, tablets, and laptops. This wide-ranging integration enables Bluetooth-enabled smart rings to connect effortlessly with multiple consumer electronics, enhancing their versatility compared to NFC-enabled alternatives.

Bluetooth-enabled smart rings typically offer a wider range of functionalities that extend beyond just payment processing and access control. These devices are capable of tracking various health metrics, including heart rate, sleep quality, and physical activity levels, while also delivering real-time notifications for incoming calls and messages. This combination of health monitoring and connectivity features makes them particularly attractive to consumers seeking all-in-one solutions for their health and communication needs.

Companies are developing a wide range of Bluetooth-enabled medical smart rings which is additionally contributing the segment’s growth. For instance, in July 2024, Samsung launched its first smart ring, dubbed the Samsung Galaxy Ring, in India. It was announced alongside the Samsung Galaxy Z Fold 6 and the Samsung Galaxy Z Flip 6 smartphones at the Galaxy Unpacked event in July this year and now the smart ring is finally available for purchase in the country. The Galaxy Ring comes with a host of sensors including an accelerometer, optical heart rate sensor, and a temperature sensor. It runs on Zephyr RTOS and has Bluetooth 5.5 for connectivity.

Also, in October 2024, the Oura Ring 4 was officially introduced in select global markets, featuring a sleek titanium design and offering improved health and activity tracking capabilities. It is compatible with the Oura App and utilizes Bluetooth Low Energy (LE) connectivity.

Geographical Analysis

North America is expected to hold a significant position in the global medical smart rings market share

North America is expected to hold a dominant position in the global smart rings market. This is due to the rising technological advancements, and increasing adoption of smart gadgets by individuals in the region, increasing

Key players in the region are seamlessly expanding their businesses by increasing their production capacities and by innovating new advanced smart rings. For instance, in May 2024, Ultrahuman announced the inauguration of UltraFactory, a cutting-edge manufacturing facility in Indiana. Backed by a recent $35 million investment, the company aims to fortify its position as a frontrunner in the smart ring market, targeting market leadership within the next 12 to 15 months. The UltraFactory is poised to augment production capacity significantly, with projections of 200,000 smart rings annually, presenting an additional revenue opportunity of $100 million.

Additionally, the favorable regulatory framework is also expected to contribute to the market growth. With the increasing approvals of innovative solutions, the region’s market is expected to expand. For instance, Happy Health has received approval from the US Food and Drug Administration (FDA) for its Happy Ring, a clinical-grade wearable smart ring and comprehensive digital health platform. The Happy Ring is described as the first wearable medical device that offers medical accuracy with the convenience of all-day wearability. It is designed to monitor vital health metrics including blood oxygen, sleep, heart rate, temperature, and brain activity, while maintaining a comfortable fit on the user’s finger.

Asia-Pacific is expected to be at the fastest growing pace in the global medical smart rings market share

Asia-Pacific is at the fastest growing pace in the medical smart rings market. This is due to the growing advancements in the region with the presence of a large number of advanced companies focussed on developing smart solutions for patients. Companies in the region are focussing on developing innovative smart ring solutions to meet new areas of applications. For instance, in August 2024, RingConn launched the RingConn Gen 2 Smart Ring on Kickstarter. It is the world’s first smart ring with integrated sleep apnea monitoring. This innovative device also boasts a 10-12 day battery life, compact hardware, and comprehensive health monitoring capabilities.

Competitive Landscape

The major global players in the medical smart rings market include Oura Health Oy, Motiv Inc., Wellue, Bodimetrics, Circular, Pi Ring, SLEEPON, Linktop, Sky Labs Inc., and VitalityWatches among others.

Why Purchase the Report?
• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Medical Smart Rings market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023
• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.