North America Fitness Ring Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 173.60 Million |
| Market Size (2029) | USD 239.80 Million |
| CAGR (2024 - 2029) | 6.68 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Fitness Ring Market Analysis
The North America Fitness Ring Market size is estimated at USD 173.60 million in 2024, and is expected to reach USD 239.80 million by 2029, growing at a CAGR of 6.68% during the forecast period (2024-2029).
In North America, the fitness ring market is witnessing rapid growth, fueled by a wide array of applications in healthcare and fitness. These rings have sensors that track health metrics, including heart rate, sleep patterns, and activity levels. For those aiming to adopt a healthier lifestyle or oversee chronic conditions, these fitness rings provide real-time data and insights, enabling users to make informed health decisions.
Moreover, the rising popularity of fitness tracking devices, combined with technological advancements in the region's wearable industry, is driving the growth of the fitness ring market in North America. This momentum is further fueled by a growing interest in health and fitness technologies and a heightened preference for data-driven fitness monitoring, particularly among the younger demographics in North America.
Moreover, fitness rings now come equipped with sophisticated sensors that track heart rate, blood pressure, sleep patterns, and physical activity, solidifying their role in personal health management. By seamlessly syncing with smartphones and other devices, these rings elevate the user experience, granting effortless access to fitness data and progress tracking. As a result, this integration has notably heightened the demand for fitness rings in North America.
Major global vendors are collaborating with retail chains across North America to enhance the sales of fitness rings and provide customers with an in-store experience. For instance, in October 2023, ŌURA, known for its smart ring that offers personalized health data and insights, announced its expansion into the Canadian retail market, continuing its partnership with Best Buy. This move signifies a significant milestone for ŌURA, broadening its reach to a global audience. As a result, Canadian consumers can now purchase the Oura Ring at 124 Best Buy locations. Such developments are analyzed to bolster the growth of the North American fitness rings market over the forecast period.
In the coming years, fitness ring technology is set to expand, driven by ongoing feature enhancements. Owing to Artificial Intelligence and machine learning strides, these devices can now offer tailored health advice and monitor various health metrics in real-time. Such technological advancements are analyzed to shape the future growth of the North American fitness ring market over the forecast period.
North America Fitness Ring Market Trends
Smart Fitness Ring Segment is Analyzed to Drive the Market Growth
- The smart fitness rings are gaining popularity in the North American fitness rings market owing to the ongoing technological advancements in the wearable industry. Moreover, the compact, flexible, and convenient design of smart fitness rings gives them a competitive edge over other smart wearable devices and supports the demand among young demographics of the North American region.
- Moreover, as North Americans increasingly prioritize health and fitness, the demand for wearable technology, particularly smart fitness rings, is rising. The growing fitness consciousness among the public is analyzed to create significant scope for the growth of the smart fitness ring segment over the forecast period.
- Data from the Bureau of Labor Statistics and the US Census Bureau indicates a growing trend: in 2023, 21.1% of the US population engaged in daily sports, exercise, and recreational activities, up from 20.1% in 2022. Furthermore, according to the data, in 2023, 22.4% of men in the US engaged daily in sports, exercise, and recreational activities, outpacing women's 19.9% participation rate.
- Furthermore, as health and self-care gain prominence, there's a rising demand for technologies that facilitate these pursuits. In line with this trend, smart fitness rings provide features like stress management and activity tracking, championing a comprehensive approach to well-being. Moreover, numerous leading smart fitness ring firms are based in North America. Their close proximity to the market enables them to adapt their products to evolving consumer preferences swiftly. Such factors further bolstered the adoption of smart fitness ring in North America.
United States is Expected to Hold to Largest Market Share in the Studied Market
- The United States is the primary innovation hub for the fitness tracker industry, hosting major players like Fitbit, Apple, and Jawbone. As wearable technology becomes more prevalent and luxury spending on fitness rises, these trends are expected to continue driving the market throughout the forecast period. Additionally, market vendors' ongoing advancements in wearable technology bolster the U.S. fitness rings market.
- Market vendors in the United States are introducing cutting-edge smart fitness rings to broaden their consumer base and bolster their market share. This trend is significantly fueling the growth of the U.S. fitness ring market. For example, in November 2023, Movano Health commenced orders for its Evie Ring, a smart ring tailored for women. The Evie Ring distinguishes itself from other wearables with its innovative and comfortable design, a primary focus on women's health and fitness tracking, and an emphasis on holistic data interpretation over mere individual activity scores.
- Further, the country's growing national per capita healthcare expenditure is further analyzed to create significant growth opportunities for fitness ring market vendors. For instance, CMS projects that by 2031, the national health expenditure per capita will surpass USD 20,425 for the first time.
- Moreover, in response to the surging demand for fitness rings in the U.S., major market players are establishing manufacturing facilities for healthcare tracking ring devices. For example, in April 2024, Ultrahuman unveiled its plans for a new manufacturing facility set to boost its production capabilities. This facility will be situated in Indiana, set to commence operations within the next six months, and is envisioned as the springboard for Ultrahuman’s forthcoming growth trajectory. Mirroring the operational model of its inaugural facility in India, the UltraFactory is designed to provide comprehensive production capabilities.
North America Fitness Ring Industry Overview
The North American fitness ring market is fragmented, with the presence of several global and local market vendors. Players in the market are adopting strategies such as partnerships, innovations, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- In June 2024, Oura unveiled its latest retail expansion by announcing the sale of its smart rings on Amazon, capitalizing on the burgeoning health and wellness wearable market. U.S. shoppers can now access Oura's complete range of rings and accessories through the company's dedicated brand store on Amazon. Additionally, Oura offers sizing kits, ensuring customers find their perfect fit. To further incentivize, customers receive a discount equivalent to the cost of the sizing kit upon purchase.
North America Fitness Ring Market Leaders
-
Fitbit (Google Inc.))
-
Ultrahuman Healthcare Private Limited
-
Oura Health Oy
-
Movano Health
-
Ringly Inc.
*Disclaimer: Major Players sorted in no particular order
North America Fitness Ring Market News
- In August 2024, KUMI unveiled its latest innovation: the KUMI Ring H1. The KUMI Ring H1 boasts cutting-edge technology, featuring temperature sensors, accelerometers, heart rate monitors, and touch sensors. Once worn, the ring seamlessly tracks a range of body metrics, facilitating a scientific approach to health management. Its capabilities encompass temperature monitoring, in-depth resting and dynamic heart rate analysis, blood oxygen level assessments, and a holistic overview of health data statistics.
- In July 2024, Samsung unveiled its much-anticipated smart ring, the Galaxy Ring. This move positions the South Korean tech giant to rival Oura, the dominant player in the smart ring arena. The Galaxy Ring seamlessly integrates its data and insights into Samsung Health, powered by Galaxy AI. For sleep analysis, the ring evaluates sleep quality using data on snoring, sleep movement, sleep latency, and both heart and respiratory rates. The Cycle Tracking feature also enables female users to monitor their menstrual cycle more effectively, thanks to overnight skin temperature assessments.
North America Fitness Ring Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products and Services
4.2.5 Intensity of Competitive Rivalry
4.3 Analysis of Macro-Economic Scenarios (recession, Russia-Ukraine crisis, etc.)
4.4 Insights on the regulatory landscape related to data security in North America
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising technological advancements in the Region's wearables industry
5.1.2 Growth in Demand for Compact Devices
5.2 Market Challenges
5.2.1 Limited use of features, augmented with security risks
5.3 Overview of demand trends of fitness and well-being apps
5.4 Role of E-commerce vendors in the industry
5.5 Benefits of NFC and RFID chip in fitness trackers
5.6 Trade analysis (export and import scenarios) of Fitness Rings
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Basic Fitness ring
6.1.2 Smart Fitness Rings
6.2 By Country
6.2.1 United States
6.2.2 Canada
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Fitbit (Google Inc.)
7.1.2 Ultrahuman Healthcare Private Limited
7.1.3 Movano Health
7.1.4 Oura Health Oy
7.1.5 Ringly Inc.
7.1.6 Samsung Electronics
7.1.7 Lifeline Canada
7.1.8 RingConn
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE MARKET OUTLOOK
North America Fitness Ring Industry Segmentation
North America fitness rings market tracks the revenue incurred through selling smart fitness tracker rings offered by market vendors (directly, through partners, and e-commerce platforms) to consumers in North America.
The North American fitness ring market is segmented by product type (basic fitness ring, smart fitness ring) and country (United States, Canada). The market sizes and forecasts are provided in terms of value in (USD) for all the above segments.
| By Product Type | |
| Basic Fitness ring | |
| Smart Fitness Rings |
| By Country | |
| United States | |
| Canada |
North America Fitness Ring Market Research FAQs
How big is the North America Fitness Ring Market?
The North America Fitness Ring Market size is expected to reach USD 173.60 million in 2024 and grow at a CAGR of 6.68% to reach USD 239.80 million by 2029.
What is the current North America Fitness Ring Market size?
In 2024, the North America Fitness Ring Market size is expected to reach USD 173.60 million.
Who are the key players in North America Fitness Ring Market?
Fitbit (Google Inc.)), Ultrahuman Healthcare Private Limited, Oura Health Oy, Movano Health and Ringly Inc. are the major companies operating in the North America Fitness Ring Market.
What years does this North America Fitness Ring Market cover, and what was the market size in 2023?
In 2023, the North America Fitness Ring Market size was estimated at USD 162.00 million. The report covers the North America Fitness Ring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Fitness Ring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Fitness Ring Industry Report
Statistics for the 2024 North America Fitness Ring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Fitness Ring analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
North America Fitness Ring Market Report Snapshots
