Market Trends of Stress Tracking Devices Industry
The Smart Wearable Segment is Expected to Witness Significant Growth During the Forecast Period
Smart wearable gadgets integrate advanced technology into items that can be worn, such as watches, eyewear, and bracelets. Examples include smartwatches, fitness trackers, virtual reality headsets, smart wristbands, activity trackers, and sports watches. These devices are becoming popular among consumers because they seamlessly connect people, places, and things. Launching new products designed for daily use, such as activity tracking and heart rate monitoring, is expected to drive further growth in the smart wearable gadget market.
Smart wearables focusing on stress tracking utilize advanced technology to deliver precise, real-time stress data. Equipped with sensors that measure physiological metrics, these devices continuously collect daily data, offering users insights into how their body responds to stressors. For instance, smartwatches and fitness trackers marketed by Apple, Fitbit, Samsung, etc., can track heart rate and HRV, while some devices also analyze sweat for cortisol, a stress hormone. This real-time monitoring allows users to understand their stress patterns and make informed decisions about stress management techniques. For instance, in August 2022, Philips partnered with Nowatch to develop a cortisol-detecting watch that identifies stress through biosensing (electrodermal activity or EDA).
In addition, the increasing consumer interest in smart wearables is fueled by a growing awareness of mental health and the desire for proactive wellness solutions. As individuals become more conscious of the impact of stress on their health, they seek tools that can help them manage stress effectively. Smart wearables offer convenience and accessibility, allowing users to track their stress levels seamlessly and receive personalized feedback. Their integration with mobile apps and health platforms amplifies their value, granting users a holistic view of their health and tailored stress management recommendations. For instance, Apple reported a surge in its smartwatch shipments in August 2023, surpassing 30 million units globally.
Additionally, many companies and frequent product launches bolstered the market's growth. Leading companies such as Apple, Fitbit (now part of Google), Garmin, and Samsung dominate the market with their advanced smartwatches and fitness trackers that offer comprehensive stress monitoring features. Apple Watch, for instance, utilizes heart rate variability (HRV) and other sensors to provide insights into stress levels, while Fitbit's devices include stress management scores and guided breathing exercises. Emerging players like WHOOP and ŌURA are also making significant strides with specialized wearables focusing on holistic health monitoring, including stress tracking through detailed physiological metrics.
Hence, the smart wearable segment is expected to witness significant growth in the upcoming years due to the abovementioned factors.
The North American Stress Tracking Device Market is Growing at a Significant Rate During the Forecast Period
The North American stress tracking device market is expected to grow at a substantial rate, driven by several factors, such as the increasing prevalence of stress, technological advancements in smart wearables, increased awareness of mental health, and a strong consumer focus on wellness. The North American population has high-stress lifestyles, mainly due to the demanding work environments, economic pressures, and fast-paced living, which have led to a greater focus on stress management and mental health. As more individuals seek solutions to monitor and mitigate their stress levels, stress tracking devices have become essential tools for managing daily stress and improving overall well-being.
A recent survey by global recruitment firm Robert Walters in 2023 revealed that three out of five Canadian employees have faced increased workplace-related stress compared to the previous year. This rise in stress is attributed to factors such as heavy workloads, job instability, and insufficient employer support. The survey, which included over 2,500 Canadian employees, highlighted a notable gap between the investment companies make in wellness initiatives and the actual experiences of their employees. The findings showed that 60% of respondents reported experiencing workplace-related stress, with 34% indicating they felt stressed very often. Conversely, 10% of those surveyed reported no recurring stress throughout the year.
Also, data from the United States Census Bureau’s Household Pulse Survey indicated that in 2023, about one-third (32.3%) of adults reported symptoms of anxiety and depression. Breaking it down by age: nearly half (49.9%) were 18 to 24, 38% fell between 25 and 49, 29.3% were 50 to 64, and 20.1% were 65 or older. Projections suggest that 31.1% of US adults will face an anxiety disorder in their lifetime. Currently, 6.8 million adults, representing 3.1% of the US population, grapple with generalized anxiety disorder (GAD), yet only 43.2% are receiving treatment. The National Institute of Mental Health (NIMH) stated in 2022 that 2.7% of the US population dealt with panic disorder (PD), 7.1% experienced social anxiety disorder (SAD), and specific phobias impacted 9.1%.
Therefore, owing to the abovementioned factors, the stress tracking device market is anticipated to grow in North America during the forecast period.
