The Stress Tracking Devices Market is estimated to secure a valuation of USD 2.5 Billion in 2023 and is estimated to rise to USD 4.7 Billion by 2033. The market is anticipated at a CAGR of 6.5% during the forecast period. The factors accelerating the demand for stress-tracking devices are as follows:
The technological advent and increased use of AI technology are expected to drive market growth. The growing consumer spending on remote monitoring activities like heart rate, temp, calorie count, and other potential factors is driving the stress-tracking devices market demand.
The increased incidences of stress-related disorders like high blood pressure, anxiety, and depression are expected to fuel the demand for stress-tracking devices.
Growing consumer awareness and increased healthcare expenditure and increase use of smart wearables are expected to boost the market growth during the forecast period.
| Data Point | Key statistics |
|---|---|
| Expected Market Value in 2023 | USD 2.5 Billion |
| Projected Market Value in 2033 | USD 4.7 Billion |
| Growth Rate (2023 to 2033) | CAGR of 6.5% |
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North America dominates the stress-tracking devices market. The major factor contributing to market growth in the region includes the increased penetration of stress-tracking devices owing to the increased prevalence of chronic diseases.
Europe is expected to account for a significant share of the market during the forecast period owing to the increasing number of individuals opting for stress-tracking devices to track their health.
Asia Pacific is expected to witness the highest growth in the stress-tracking devices market during the forecast period. increased disposable income in developing nations like India and China is expected to favor market growth.
The leading players operating in stress-tracking devices include WHOOP, NeuroSky, Germin Ltd, Fitbit Inc, Apple Inc, SAMSUNG, Pebble technology corp, Google Inc, Xiaome Technology, Jawbone & Nike, and Oura Health Oy among others.
The stress tracking devices market is highly fragmented with the presence of many large and small-scale players. The players are adopting various strategies such as collaborations, and mergers & acquisitions and new product launches to increase their market share. Also, the leading players are focusing on innovation to develop innovative products. Following are some of the developments in the market
For instance, in August 2022- Fitbit introduced Fitbit Inspire 3, tracker. Inspire 3 is the next-level health and fitness tracker. Which helps in tracking 24/7 activity like sleep, stress, and more. It comes in a thin, lightweight design, with a touch screen and long battery life.
The stress-tracking devices market is expected to exhibit a positive growth rate during the forecast period. The increasing demand for stress-tracking devices due to the increased emphasis on health and fitness among the adult population and professional athletes is expected to drive market growth during the forecast period. With the increased demand for the product several start-ups have entered the stress-tracking devices market with innovative products and technology
For instance, founded in 2006- Sensedat is an app for monitoring and managing stress in real-time. The wearable device is used to monitor stress levels emotional responses, and other vital data. The data is tracked by the cloud platform by using ML and AI technology to provide intervention in real time for reducing stress.
The global stress tracking devices is witnessing demand every year as stress become apparent each year.
Prolong stress is known to have a negative impact on individuals. Therefore, the ability to track stress levels on convenient wearables or mobile devices can be very important.
Fitbit Sense will be the first wearable to track stress through electrodermal activity. In 2021, a growing number of wearables will be tracking stress. Even before the Covid-19 pandemic, the majority of Americans reported experiencing daytime stress and nearly half said they felt they were worried about a lot. Covid-19 pandemic is only exacerbating stress levels.
Some leaders in the health-tech space, including Garmin, Whoop, Samsung Health and Oura, have previously used heart rate data to track stress levels.
According to a recent study conducted at ITOnline, 66% of respondents use mobile apps to manage their health. A closer look at the study revealed that 79% of respondents were willing to manage their health through wearable devices.
It is expected to increase in number as the FDA encourages the development and use of mobile apps and stress tracking devices to improve healthcare and provide valuable health information to healthcare professionals.
CardioChip (NeuroSky), the world’s smallest ECG chip, it contains an easy-to-use SDK that allows it to adapt to use in any wearable device.
According to Tracker IDC, about 5% of wear shipped worldwide last year came from Fitbit, below Apple's 32% share. Aiming to challenge Apple together, Google agreed to buy the Fitbit in November 2020 for USD 2.1 billion.
Released in December 2020, Cove tracks stress via heart rate to a device that wraps around the back of the head, vibrates quietly from behind the ears, soothes the wearer and promotes better sleep.
The vibration frequency of Cove was designed to stimulate nerve endings in the skin, activate the posterior insular cortex of the brain, and relieve stress.
Some of the most common stressors, like money, work and family responsibilities, never change. However, in 2020, a number of new contenders appeared, including the Covid 19 pandemic, the controversial political atmosphere and more.
According to the American Psychological Association, 2020, about one-third of the world's population reported feeling stressed, anxious or angry. About eight out of ten Americans reported that the coronavirus (COVID19) has induced stress.
According to The American Institute of Stress, It is estimated that USA industry spends more than USD 300 billion annually due to absenteeism, turnover, and reduced productivity, medical, legal and insurance costs due to work stress. Stress costs businesses an estimated USD 125 billion to USD 190 billion in additional health.
It is estimated that stress causes USD 300 billion in losses to the USA economy every year. According to a June 2015 study by the New York University Langone Medical Centre, more than 50% of smartphone users in the United States have downloaded health-related applications to their devices.
With the popularity of such health monitoring technologies, successful developers must ensure that their products continue to evolve to meet consumer needs and standards. Stress is affecting productivity in the workplace and is leading to an increase in sick and long vacations. Although stress can cause chaos in the professional world, it can also affect people's personal lives and overall physical and mental health.
Work pressure is common throughout Europe. Ineffective work control between people is the main source of pressure, and the negative geopolitical situation in Europe threatens stability issues.
In Europe, according to data from the WHO, nearly 83 million of the European adult population are affected by mental disorders each year, and the proportion of women is higher than that of men. This means high demand for stress and anxiety devices. The market is witnessing the integration of artificial intelligence technology into test solutions to improve functionality.
Some of the key players operating in the stress tracking devices market are:
Oura Health Oy launched the Oura Ring, Personalized insights and award-winning design wrapped around your finger. The Oura Ring makes accurate health information personal and accessible to everyone.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Stress Tracking Devices Market
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