Oura and Health Tech 😴

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Oura and Health Tech

Oura, known for its smart ring that tracks biometric data, is introducing new features focused on social sharing and sleep tracking as the competition among tech companies intensifies to capture and retain users’ interest in wearable devices. The company’s latest feature, Circles, enables users to create private groups to share their readiness, sleep, and activity scores with close friends, family, trainers, or doctors. CEO Tom Hale emphasized that the feature fosters support and empathy rather than competition. He highlighted the potential of sharing this data to address the public health crisis of chronic loneliness and better understand individuals’ well-being based on physiological data. This move aligns with the broader trend of tech companies enhancing wearable devices with more health and exercise-focused functionalities, as demonstrated by Apple’s recent announcements at its 2023 Worldwide Developers Conference and updates from Samsung, Garmin, and Fitbit.

Oura, initially known as a sleep tracker, also introduces an advanced sleep staging algorithm that correlates with polysomnography for precise sleep classification. By emphasizing the quantity and quality of sleep, Oura aims to improve users’ cognition. The company has been expanding its reach through partnerships, such as collaborating with Gucci for a luxury version of its ring and a deal with Best Buy for large-scale retail distribution. Additionally, Oura launched an employer-focused wellness arm to support health goals for employees in various sectors. The company achieved a sales milestone of one million rings in March 2022.

What do you think about the Oura ring? And will the health tracking market continue expanding larger?

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