The 2024 edition of the Consumer Electronics Show (CES) featured a remarkable technological innovation that captured widespread attention – the smart ring. Industry experts are increasingly suggesting that smart rings have the potential to emerge as a dominant force in the market and may even surpass smart watches in terms of popularity.
What sets smart rings apart is their discreet ability to control other devices and track a variety of health, fitness, and wellness metrics. Movano Health was honored with a CES 2024 Innovation Awards for their Evie Ring, which caters to women by providing essential health information at every stage. The Evie Ring measures vital health and wellness metrics such as heart rate, blood oxygen saturation, sleep patterns, activity levels, and menstrual cycles. The design of the Evie Ring is adaptable to the everyday changes in our bodies, ensuring a comfortable and secure fit.
The number of patent filings for smart rings has been steadily rising, indicating a growing interest and investment in this field. In 2003, there were fewer than 10 published patent families, whereas this figure had nearly reached 80 by the previous year. The top five applicants for these patents are Oura Health, Samsung Electronics, Masimo, Covidien, and Philips. The United States (US), Europe, and China are the leading countries where smart ring patents are being filed.
Some examples of smart ring patent applications include a method for measuring chronic stress, a ring-type wearable device with a sensor unit, and a finger wearable health monitoring device. These innovations clearly demonstrate the potential and diversity offered by smart rings.
The global smart ring market is projected to experience significant growth, with estimates suggesting it could reach a value of $1.4 billion by 2032, a substantial increase from the $147 million market in 2022. With such astounding growth prospects, the importance of intellectual property (IP) protection for smart ring innovators and investors becomes evident. A robust IP strategy can help safeguard their market share and maximize commercial opportunities, potentially involving patents, trade secrets, and design registrations to protect the appearance of the smart rings.
In conclusion, the ascent of smart rings as a groundbreaking form of wearable technology is undeniable. As the market for smart rings continues to expand, it is essential for stakeholders to implement strong IP protection strategies to secure their position in this rapidly developing industry. For further information, please do not hesitate to contact us.
To determine the number of patents filed related to smart rings, this data was obtained from a search of Espacenet for patent families pertaining to A61B 5/00 and A61B5/6826, classification fields for diagnostic purposes and detecting, measuring or recording means in relation to the body surface – specifically adapted to be attached to or worn on the body surface – finger and mention “ring” within all text fields. The content mentioned throughout this article is intended to provide general guidance on the subject matter. However, specialist advice is always recommended for individual circumstances.