Wearable Tech Market to Triple by 2030 Driven by North American Demand

The wearable tech industry is experiencing significant growth, with a market value exceeding $80 billion last year and projections to reach $180 billion by 2030, driven largely by North America. The trend of wearing health tech devices daily has become mainstream, with products like the Oura ring and glucose monitors no longer being rare sights at social gatherings.

Tom Hale, CEO of Oura, shared his insights on the industry's future during an on-site interview at a health tech innovation summit. Oura, known for its rings that track sleep, heart rate variability, resilience, and more, has sold over 2.5 million devices. The company recently expanded its features to include data on women’s hormonal and metabolic health, reflecting the growing consumer interest in personal health data.

Hale predicts that the wearable tech industry is poised for innovation, with consumers increasingly taking control of their health. He envisions a future where people wear multiple health tech devices, such as a ring and an earring, to monitor various health metrics. The advancements in machine intelligence and data analysis will play a crucial role in this transformation, enabling users to make sense of the vast amount of health data they collect.

Hale's top predictions for the future of the wearable health tech industry include the following:

Wearable tech will become the first step to the doctor. With doctor shortages and long wait times, more people will turn to wearable tech to gather their own health data before visiting a doctor. This shift will allow doctors to focus on more critical cases while wearable devices provide initial advice, education, and warnings. Preventive health, already a buzz phrase, will become more dominant through the use of wearable tech.

AI advisors will offer concrete, personalized advice. While current devices provide real-time insights, the next five to ten years will see AI models better predict risks and offer more specific advice. Oura's AI-powered Personal Health Companion, launched earlier this year, is a step in this direction, offering personalized advice and support to users. Women, who make up a significant portion of Oura's users, are particularly drawn to this feature due to their underrepresentation in medical research and higher likelihood of experiencing medical gaslighting.

More all-in-one devices will emerge. Partnerships within the wearable tech industry will lead to devices that consolidate all health data in one place. Oura's recent partnership with a glucose monitoring company is an example of this trend, allowing users to track their nutrition alongside other health metrics.

Devices will focus on supporting users rather than scaring them. To succeed in the market, wearable providers must prioritize user well-being and create interfaces that support rather than alarm users. Hale advocates for "calm tech" that uses soothing colors, supportive language, and muted tones to encourage users on their health journey. While more data isn't always beneficial, Oura aims to synthesize information and deliver "bite-sized" insights to avoid overwhelming users.

Hale sees a future where wearable tech benefits tens of millions of people within five years, helping users gain a "sixth sense" about their health. He believes that the industry is on the right track and does not need to make radical changes to achieve this goal.