Smart Ring Market Size, Share & Industry Analysis, By Operating System (Android and iOS), By Technology (Bluetooth and NFC), By End-user (Corporate, Individuals/Professionals, Healthcare, and Others (Government & Defense, Insurance, Etc.) and Regional Forecast, 2025 – 2032

The global smart ring market size was valued at USD 340.9 million in 2024. The market is projected to grow from USD 416.9 million in 2025 to USD 2,525.5 million by 2032, exhibiting a CAGR of 29.3% during the forecast period.

Smart rings are small, lightweight gadgets featuring smart sensors that allow users to monitor several health indicators, including heart rate, sleep quality, activity intensity, and blood oxygen levels. A major factor driving the increasing popularity of smart technology is its capacity to offer instant health information conveniently. Compared to larger wearable gadgets, these rings are made for constant wear, allowing for ongoing data collection and monitoring without interruption. This makes them attractive, especially for those seeking a smooth method to oversee their health and wellness.

Additionally, this technology is increasingly being linked to mobile applications, allowing users to retrieve and review health information from anywhere. This link improves health management by enabling users to exchange their information with healthcare providers, fostering enhanced patient care and customized treatment plans.

Market players such as Oura Ring, Ultrahuman, Samsung, and Noise are focusing on investment opportunities and acquisition of other players in order to expand their market dominance. For instance, Oura Ring has acquired 3 companies in last 2 years i.e Sparta Science, Veri, and Proxy.

IMPACT OF AI

Implementation of AI Capabilities to Fuel Market Growth

The integration of Artificial Intelligence (AI) into the smart ring is revolutionizing wearable tech by enhancing capabilities and user satisfaction. AI-driven algorithms enable intelligent health monitoring, providing immediate evaluations of heart rate, sleep patterns, and activity metrics and offering personalized insights and recommendations. Additionally, AI enhances data accuracy and predictive capabilities, making rings more reliable for health and fitness applications.

• In December 2024, Oura raised USD 200 million at a valuation of USD 5 billion to invest in the development of AI-powered wearables.

MARKET DYNAMICS

Smart Ring Market Trends

Rising Use of NFC Technology to be a Key Market Trend

The integration of NFC (Near Field Communication) technology into smart rings is transforming how consumers engage with their environment, providing effortless and contactless payments, access management, and transportation options.

NFC-equipped rings such as Mclear, Ringpay, and Token Ring enable users to execute payments, open doors, and utilize public transport with a simple tap, eliminating the necessity for cards, keys, or mobile phones. For instance,

• In July 2024, Vezopay launched Africa’s first smart ring for seamless contactless payments.  It enables fast contactless payments in just 1 second, connecting hand to any terminal.

This gadget merges convenience, security, and style, making them more than simple wearable—they represent the future of seamless living.

Market Drivers

Growing Emphasis on Health and Fitness to Enhance Market Progress

The growing worldwide emphasis on health, wellness, and preventive care is a major factor propelling the market growth. Lately, consumers have become more proactive in managing their health, driven by an awareness of lifestyle-related diseases, the importance of mental well-being, and the need for continuous health tracking. The World Health Organization (WHO) mentions that Non-Communicable Diseases (NCDs), such as cardiovascular diseases, diabetes, and respiratory disorders, account for 71% of global deaths, highlighting the necessity for health initiatives.

Compact and modern design rings are increasingly favored by individuals who prioritize their health. These gadgets provide enhanced tracking features, such as heart rate monitoring, sleep quality assessment, activity monitoring, blood oxygen saturation (SpO2) tracking, and even stress level evaluation. For instance,

• A survey by industry experts found that 75% of consumers consider health and fitness tracking as a key feature when purchasing wearable devices. This underscores the importance of health metrics in driving wearable technology adoption.

• According to the World Health Organization (WHO), stress-related health issues are on the rise, with 1 in 4 people globally experiencing mental health problems. Smart rings that offer stress monitoring features are increasingly sought after as tools for managing mental well-being.

Market Restraints

Competition from Smartwatches and Fitness Bands can Hamper Market Growth

A major challenge for the market is the tough competition from established wearable technology, especially smartwatches and fitness trackers. These devices dominate the global wearable technology market, offering various features at affordable prices, making it difficult for this technology to capture a significant share. For instance,

• As per industry experts, smartwatches represented 29.1% of the worldwide wearable device market share in 2024, establishing them as the largest segment in the sector.

Smartwatches, such as the Apple Watch and Samsung Galaxy Watch, are very popular due to their flexibility. They monitor health indicators such as heart rate, sleep, and activity while also featuring extras such as GPS, mobile alerts, app connections, and even contactless payment options.

Market Opportunities

Integration of Smart Ring with Healthcare Systems Create Lucrative Market Opportunities

Smart rings are increasingly being recognized for their potential to integrate with Electronic Health Records (EHRs) and telemedicine platforms, creating significant opportunities in the healthcare sector. This technology can transform remote patient monitoring, chronic disease management, and preventive care by allowing healthcare providers to access real-time patient data.

A highly promising application of this technology is observed in Remote Patient Monitoring (RPM). These devices can continually track vital health indicators such as heart rate, blood oxygen saturation (Spo2), sleep patterns, and activity levels, providing healthcare professionals with crucial insights into a patient’s condition without the need for frequent in-person visits. For instance,

• Throughout the COVID-19 pandemic, Oura Ring was utilized in clinical trials to observe patients from a distance and identify early indicators of sickness.

SEGMENTATION ANALYSIS

By Operating System

Increasing Usage of Android Devices to Cater Market Progress

Based on operating system, the market is bifurcated into Android and iOS.

The Android segment holds the highest smart ring market share and is projected to grow with the highest CAGR during the studied period as it operates in the majority of smartphones around the world. This extensive user demographic, along with the low cost and availability of Android-compatible devices, positions Android as the preferred operating system among smart gadget users.

iOS segment is expected to grow with a significant CAGR which is fuelled by the brand loyalty and increased disposable income among Apple consumers. iOS users frequently adopt new technologies early, such as smart ring, and are inclined to spend on premium, top-notch devices that work effortlessly with the Apple ecosystem.

By Technology Analysis

Rising Usage of Bluetooth Devices to Drive Market Growth

Based on technology, the market is bifurcated into Bluetooth and NFC.

Bluetooth holds the highest share of the market due to its widespread application in wireless communication and its ability to facilitate seamless connections between rings and different devices such as smartphones, tablets, and laptops. Bluetooth technology enables instant data synchronization, making it ideal for monitoring health and fitness, getting notifications, and using various smart functionalities.

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The above bar graph represents the shipments of Bluetooth devices, which are increasing year by year.

NFC technology is expected to witness the highest CAGR during the forecast period due to its rising adoption in contactless payments and access control uses. The increasing use of digital wallets and the movement toward cashless payment, especially in advanced regions, are boosting the need for NFC technology.

By End-user Analysis

Rising Adoption of Smart Rings by Individuals/Professionals to Drive Market Growth

Based on end-user, the market is divided into corporate, individuals/professionals, healthcare, and others (government & defense, insurance, etc.).

Individuals/professionals hold the highest share of the market due to the extensive use of technology for personal, athletic, and professional purposes. Technology is favored by individuals for tracking health and fitness, providing functions such as heart rate monitoring, sleep analysis, and activity tracking.

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Athletes, especially, represent an important subset within this group, as the technology offers advanced metrics such as recovery rate, stress levels, and workout efficiency, aiding them in enhancing performance and avoiding injuries. For instance,

• In June 2024, Gareth Southgate and his 26-member England team were given an Oura Ring to wear throughout the Euros. It will serve as a resource for tracking health, recovery, and sleep patterns.

Healthcare is expected to witness the highest Compound Annual Growth Rate (CAGR) during the forecast period. The segment’s growth is fueled by the rising use of this technology for Remote Patient Monitoring (RPM) and managing chronic diseases. For instance,

• In November 2024, Oura collaborated with medical device manufacturer Dexcom to incorporate data from glucose biosensors into the Oura Ring.

SMART RING MARKET REGIONAL OUTLOOK

Geographically, the global market report covers analysis across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

North America

North America holds the highest share of the market due to its advanced technological infrastructure, higher consumer awareness of wearable technology, and a strong focus on health and fitness. The region hosts numerous top tech firms and startups that are advancing innovation in this technology. Furthermore, the rising use of connected health technologies, along with an increasing focus on preventive healthcare, has driven the demand for technology. For instance,

• As per the 2022 IT World Canada study, 33% of Canadians utilize at least one wearable tech device, while 61% intend to boost their usage of wearable technologies and related apps in the upcoming year.

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In North America, the U.S. plays a crucial role in driving the smart ring market growth. The country’s technology-focused population and increasing health consciousness have established it as a significant market for wearable gadgets. For instance,

• As per the 2023 Rock Health Digital Health Consumer Adoption Survey, 44% of Americans possess wearable health monitoring devices, such as smartwatches or rings, which track various health metrics, including sleep and heartbeat patterns.

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South America

The market share is projected to grow with a considerable CAGR across South American countries. Brazil and Argentina are experiencing an increase in demand for wearable technology, which is propelled by citizens seeking convenient methods to track their health and well-being.

Europe

Europe is anticipated to grow with a significant CAGR during the forecast period. The growth is driven by a combination of technological advancements, increasing health awareness, and an emphasis on fitness and wellness. Consumers throughout Europe, notably in Germany, the U.K., and France, are increasingly utilizing wearable devices to monitor their health metrics, such as heart rate, sleep tracking, and exercise intensity. Furthermore, the region’s strong healthcare system and growing focus on preventive care is additionally boosting the demand for smart technology. For instance,

• In 2022, the University of Manchester initiated a pilot program to evaluate wearable devices such as smart rings and watches on individuals who have undergone cancer therapy. The purpose of the trial was to acquire a new understanding of how individuals manage cancer treatment and what measures can be taken to enhance their recovery.

Middle East & Africa

The Middle East is emerging as a significant player in the market, with a remarkable CAGR. The growing use of wearable technology drives it. The UAE and Turkey are at the forefront of this trend, fueled by increasing disposable incomes and expanding interest in fitness and wellness. The region’s push toward digital healthcare is creating opportunities for smart technology, particularly for remote health monitoring. For instance,

• In January 2024, Metabolic, a Dubai-based startup, partnered with Oura Ring to help combat the Middle East region’s metabolic diseases crisis. The aim is to stop the loss of billions in healthcare systems treating illnesses such as diabetes, liver disease, and high cholesterol.

Asia Pacific

Asia Pacific is projected to grow at the highest CAGR during the forecast period. A distinct mix of demographic, economic, and technological influences fuels this growth. A major factor contributing to this growth is the region’s vast and swiftly increasing population, especially in nations such as India and China, where urbanization and higher disposable incomes are developing a large consumer market for wearable technology. For instance,

• As reported by Statesman, Smart Ring is expanding in India by shipping over 72,000 rings in the second quarter of 2024. Ultrahuman possesses 48.4% of the shares, with Pi Ring in second at 27.5% and Aabo in third place at 10.5%.

As an increasing number of individuals in the region obtain smartphones and internet access, the acceptance of connected gadgets is speeding up.

COMPETITIVE LANDSCAPE

Key Industry Players

Key Players Implement Strategic Initiatives to Adapt to Tech Changes

The market players are improving their product portfolios due to the increasing demand for more accurate health-tracking products. They are implementing various business strategies, such as partnerships, mergers, and acquisitions, to expand their businesses across the world.

Major Players in the Smart Ring Market

RingConn, Movano Health, Oura Health Oy, Mclear Limited, Circular, Ultrahuman Healthcare Pvt Ltd, Zepp Health Corporation, and Samsung, among others, are the largest players in the market.

Long List of Companies Studied:

• RingConn (U.S.)


• Movano Health (U.S.)


• Oura Health Oy (Finland)


• Mclear Limited (U.K.)


• Circular (France)


• Ultrahuman Healthcare Pvt Ltd (India)


• Zepp Health Corporation (China)


• Samsung (South Korea)


• Noise (India)


• Imaging Marketing Limited (India)


• Pi Ring (India)


• Gabit (India)


• Jackcom (China)


• Gabit (India)


• Nuanic (Finland)


• Aabo (India)


• Adivaa Smart (India)


• Origami Group Limited (China)


• Fittr (India)


• Sevenring Innovations Pvt Ltd. (India)

KEY INDUSTRY DEVELOPMENTS:

January 2025: Ultrahuman extends its partnership with UAE Team Emirates, a UCI WorldTour cycling team, to further enhance the team’s training, recovery, and performance by utilizing Ultrahuman’s technology.

January 2025: QALO introduced its innovative silicon health-monitoring ring featuring nanotechnology. The ring includes capabilities such as tracking heart rate, oxygen level, heart rate variability, sleep phases, and stress indicators. These measurements can be accessed through a free app at no subscription fee.

October 2024: Oura secured a USD 96 million contract from the U.S. Department of Defense. The contract involves providing rings and data services to the Pentagon’s Defense Health Agency Workforce.

October 2024: Samsung introduced the Galaxy Ring in India, featuring AI-driven health and fitness tracking capabilities. It has been introduced in three color choices: Titanium Black, Titanium Silver, and Titanium Gold.

September 2024: Oura announced the acquisition of Veri, a health company, to assist users in selecting the appropriate foods and behaviors for their bodies via an app powered by Continuous Glucose Monitors (CGM). A segment of Veri’s team, which includes three founders, will become employees at OURA.

INVESTMENT ANALYSIS AND OPPORTUNITIES

Strategic investment in smart rings provides significant business opportunities to market players. It helps them to expand their business presence and diversify their operations.

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, it encompasses several factors that contributed to the growth of the market in recent years.

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REPORT SCOPE & SEGMENTATION