The stress tracking devices market is estimated to secure a valuation of US$ 2.5 billion in 2023 and is estimated to rise to US$ 4.7 billion by 2033. The market is anticipated at a CAGR of 6.5 per cent during the forecast period.
The factors accelerating the demand for stress-tracking devices are:
- Increased number of health enthusiasts.
- Increased technological advances in stress management devices.
- Increased awareness regarding health and fitness.
- Increased use of mobile apps to manage the health.
- Government support for product development.
- Development of technology like the Internet of Things.
- Growing consumer awareness and increased healthcare spending.
- Increased trend of a healthy lifestyle.
- North America dominates the stress tracking devices market during the forecast period.
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.
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The increased incidences of stress-related disorders like high blood pressure, anxiety, and depression are expected to fuel the demand for stress-tracking devices.
Regional analysis of stress tracking devices market
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 favour 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, mergers & acquisitions, and new product launches to increase their market share. Leading players are also focusing on innovation to develop sustainable products.
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, Sensed at is an app founded in 2006 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.
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Driving demand for stress tracking devices market
According to a recent study conducted at ITOnline, 66 per cent of respondents use mobile apps to manage their health. A closer look at the study revealed that 79 per cent 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, contains an easy-to-use SDK that allows it to adapt to use in any wearable device.
According to Tracker IDC, about 5 per cent of wearables shipped worldwide last year came from Fitbit, below Apple’s 32 per cent share. Aiming to challenge Apple together, Google agreed to buy Fitbit in November 2020 for US$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.
Increasing incidence of stress likely to augment stress tracking devices sales
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 10 Americans reported that coronavirus induced stress.
According to The American Institute of Stress, it is estimated that the US industry spends more than US$300 billion annually due to absenteeism, turnover, and reduced productivity, medical, legal and insurance costs due to work stress. Stress costs businesses an estimated US$125 billion to US$190 billion in additional health.
USA and Canada stress tracking devices market outlook
It is estimated that stress causes US$300 billion in losses to the US economy every year. According to a June 2015 study by the New York University Lang one Medical Centre, more than 50 per cent of smartphone users in the US 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.
Europe’s demand outlook for stress tracking devices
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.
These insights are based on the report 'Stress Tracking Devices Market' by Future Market Insights.
This article appears in Omnia Health magazine. Read the full issue online today.
