In 2014, Salesforce CEO Marc Benioff shared how Michael Dell expressed concern over fitness data from Benioff's Fitbit monitor at the World Economic Forum. Benioff's enthusiasm for wellbeing wearables proved infectious, spurring widespread adoption of Fitbits, Apple Watches, and Whoop bands. Benioff and Dell later invested in Oura Health, the Finnish-American maker of fitness rings currently valued at approximately $16bn.
Oura recently delayed its initial public offering, though users' devotion to the $400 trackers suggests executives may have synced data to await a more favorable market outcome. While early competitors like Jawbone have been absorbed by rivals—Fitbit by Google—the consumer wearables market is forecast to generate $1 trillion in revenue between 2026 and 2032. Beyond investor returns, these devices promote healthier lifestyles.
In the US, Oura subscriptions integrate with insurance packages to help detect conditions like sleep apnea. In the UK, Vitality rewards active customers with lower premiums for sharing data. Diabetes patients benefit from linked glucose monitors.
A 2022 Lancet Digital Health analysis found trackers increase daily activity by approximately 1,800 steps. However, concerns remain; shared vital signs could become tradeable insider information, and strict fitness-based insurance criteria may exclude the unfit. Over-reliance on measurable targets risks neglecting mental health, illustrating the Mc Namara fallacy.
Despite these drawbacks, the gap narrows between fitness bands as fashion accessories and serious healthcare tools, suggesting a future where 10,000 steps mark the beginning of a healthier journey.
Source: Financial Times Companies · Summarized by HeadlinesBriefing