Smart rings and bracelets: The wearables industry is diversifying

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  Quantumrun Foresight
• November 11, 2022

Insight summary

Smart rings and bracelets are reshaping healthcare and wellness monitoring, offering a variety of functions, from tracking vital signs to facilitating contactless payments. These wearables, used in medical research and personal health management, are becoming integral in predicting and managing diseases. Their increasing use points towards a potential shift in standard healthcare practices, influencing fashion trends, assisting people with disabilities, and affecting insurance policies.

Smart rings and bracelets context

The Oura Ring is one of the more successful companies in the smart ring sector, specializing in sleep and wellness tracking. The user must wear the ring daily to accurately measure steps, heart and respiratory rates, and body temperature. The app records these stats and delivers an overall daily score for fitness and sleep.
 
In 2021, wearable company Fitbit released its smart ring that monitors heart rate and other biometrics. The device’s patent indicates that the smart ring may include SpO2 (oxygen saturation) monitoring and NFC (near-field communication) elements. Including NFC features suggest that the device may incorporate functions like contactless payments (similar to Fitbit Pay). However, this SpO2 monitor is different. The patent discusses a photodetector sensor that uses light transmission to examine blood oxygen levels. 

Aside from Oura and Fitbit, CNICK’s Telsa smart rings have also stepped into the space. These eco-friendly rings provide users with two main functionalities. It is a smart key for Tesla cars and a contactless payment device for purchasing items across 32 European countries. 

In contrast, wrist wearables with SpO2 sensors can’t measure as accurately because these devices use reflected light instead. Transmissive detection involves shining a light through your finger onto receptors on the other side, which is how medical-grade sensors function. Meanwhile, in the smart bracelet space, sports brands like Nike are releasing their versions of wristbands that can record oxygen saturation and additional vital signs. The LG Smart Activity Tracker also measures health stats and can synchronize through Bluetooth and GPS technology. 

Disruptive impact

The onset of the COVID-19 pandemic in 2020 marked a significant shift in the approach to healthcare, particularly in the use of remote patient monitoring devices. The US Food and Drug Administration (FDA) played a pivotal role by granting Emergency Use Authorizations for certain remote or wearable patient monitoring technologies. These authorizations were critical in enhancing patient care while reducing healthcare provider exposure to the SARS-CoV-2 virus. 

During 2020 and 2021, the Oura Ring was at the forefront of COVID-19 research trials. These trials aimed to determine the effectiveness of the ring's technology in individual health monitoring and virus tracking. Researchers utilized artificial intelligence techniques with the Oura Ring and discovered its potential in predicting and diagnosing COVID-19 within a 24-hour period. 

The sustained use of smart rings and bracelets for health monitoring suggests a long-term transformation in patient care management. Continuous monitoring via these devices can provide invaluable data for health professionals, enabling more precise and timely medical interventions. Governments and healthcare providers may need to consider integrating such technologies into standard healthcare practices, paving the way for more efficient and effective disease management and prevention strategies. 

Implications of smart rings and bracelets

Wider implications of smart rings and bracelets may include: 

• Fashion and style being incorporated into wearables designs, including collaborations with luxury brands for exclusive models.
• People with visual and mobility impairments increasingly using these smart devices as assistive technology.
• Devices connected to healthcare providers and systems providing real-time updates on important biometrics, especially for those with chronic or critical illnesses.
• Smart ring and bracelet wearables being increasingly used in medical research, leading to more partnerships with biotech firms and universities.
• Insurance companies adjusting policies to offer incentives for using health-monitoring wearables, leading to more personalized premium plans.
• Employers integrating wearable technology in workplace wellness programs, improving employee health and reducing healthcare costs.
• Governments utilizing data from wearables for public health monitoring and policy making, enhancing disease surveillance and response strategies.

Questions to consider

• How might smart rings and bracelets provide data to other sectors or enterprises? E.g., insurance providers or athletic coaches. 
• What are the other potential benefits or risks of wearables?