From Heart Rates to Mindfulness: The Evolution of Stress Tracking Technology
The market for stress monitoring devices is estimated to secure a valuation of USD 2.5 billion in 2023 and is estimated to grow to USD 4.7 billion by 2033. The market is forecasted at a CAGR of 6.5 % during the forecast period.
The factors accelerating the demand for stress monitoring devices are:
- Increased number of health enthusiasts.
- Increase in technological advances in stress management devices.
- Increased awareness of health and fitness.
- Increased use of mobile apps to manage health.
- Government support for product development.
- Development of technologies such as the Internet of Things.
- Growing consumer awareness and rising healthcare spending.
- Increased tendency towards a healthy lifestyle.
- North America dominates the stress monitoring device market during the forecast period.
The technological advent and increased use of AI technology is expected to drive the growth of the market. Growing consumer spending on remote monitoring activities such as heart rate, temperature, calorie count, and other potential factors is driving the market demand for stress monitoring devices.
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The rising incidence of stress-related disorders such as hypertension, anxiety and depression is expected to fuel the demand for stress-monitoring devices.
Regional Analysis of the Stress Monitoring Devices Market
North America dominates the market for stress monitoring devices. The major factor contributing to the market growth in the region includes the increased penetration of stress monitoring devices due to the higher prevalence of chronic diseases.
Europe is expected to account for a significant share of the market during the forecast period due to the growing number of individuals opting for stress monitoring devices to monitor their health.
Asia Pacific is expected to witness the highest growth in the stress monitoring devices market during the forecast period. Rising disposable income in developing countries such as India and China is expected to boost market growth.
Major players operating in stress monitoring 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 market for stress monitoring devices is highly fragmented with many large and small players being present. Players are adopting various strategies such as partnerships, mergers and acquisitions, and new product launches to increase their market share. The protagonists also focus on innovation to develop sustainable products.
The stress monitoring devices market is expected to show a positive growth rate during the forecast period. The growing demand for stress monitoring devices due to the increased emphasis on health and fitness among the adult population and professional athletes is expected to drive the market growth during the forecast period. As the demand for the product increased, several startups entered the stress monitoring device market with innovative products and technologies.
For example, Sensed at is an app founded in 2006 for real-time stress tracking and management. The wearable device is used to monitor stress levels, emotional responses, and other vital data. Data is tracked from the cloud platform using ML and AI technology to deliver real-time interventions to reduce stress.
Related: Digital wearables for wellness are evolving from trendy gadgets to an integral part of health care
The demand for the stress tracking device market is growing
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 health care 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 be adapted for use in any wearable device.
According to Tracker IDC, about 5% of wearables shipped worldwide last year came from Fitbit, which is less than Apple’s 32%. Looking to jointly challenge Apple, Google agreed to buy Fitbit in November 2020 for $2.1 billion.
Released in December 2020, Cove tracks stress via heart rate on a device that wraps around the back of the head, vibrates silently from behind the ears, calms the wearer and promotes better sleep. Cove’s vibration frequency was designed to stimulate nerve endings in the skin, activate the posterior insular cortex of the brain, and relieve stress.
The increased incidence of stress could boost sales of stress-monitoring devices
Some of the most common stressors, like money, work, and family responsibilities, never change. However, a number of new contenders have appeared in 2020, including the COVID-19 pandemic, controversial political atmosphere, and more.
According to the American Psychological Association, 2020, approximately one-third of the world’s population reported feeling stressed, anxious, or angry. About eight out of 10 Americans reported that the coronavirus induced stress.
According to the American Institute of Stress, US industry is estimated to spend more than $300 billion annually on absenteeism, turnover, and reduced productivity, medical, legal, and insurance costs due to stress from Work. Stress costs companies between $125 and $190 billion in additional health.
Market Outlook for Stress Monitoring Devices in the United States and Canada
Stress is estimated to cause $300 billion in losses to the US economy each year. According to a June 2015 study by New York University’s Lang one Medical Center, more than 50% of smartphone users in the United States have downloaded health-related applications onto 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 leading to an increase in sickness and long holidays. While stress can wreak havoc in the professional world, it can also affect people’s personal lives and overall physical and mental health.
Europe calls for perspectives for stress monitoring devices
Work pressure is common throughout Europe. Controlling ineffective work among people is the main source of pressure and the negative geopolitical situation in Europe threatens stability problems.
In Europe, according to WHO data, almost 83 million of the European adult population are affected by mental disorders every year and the percentage of women is higher than that of men. This means a high demand for stress and anxiety devices. The market is seeing the integration of AI technology into test solutions to improve functionality.
This information is based on Future Market Insights’ “Stress Tracking Devices Market” report.
This article appears in the journal Omnia Health. Read the entire issue online today.
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