Samsung Electronics is gearing up to launch a new wearable device called the Smart Ring, with the goal of increasing the competitiveness of its overall digital healthcare business. Under the leadership of Jong-Hee Han, the vice chairman and head of the DX division, digital healthcare has emerged as one of Samsung Electronics’ new growth engines. According to industry insiders, there is speculation that Samsung Electronics will unveil the smart ring, which is equipped with healthcare functions, as early as January 2024.
The Galaxy Ring, as it is named, is a wearable device in the form of a ring that collects information about the wearer’s body through various sensors to provide digital healthcare services. This includes disease prevention, health management, and physical activity support. Samsung Electronics already offers sleep data analysis through its Galaxy Watch smartwatch, and the smart ring is expected to expand the customer base in the digital healthcare business.
What sets the smart ring apart is its appeal to consumers who are fashion-conscious and may not prefer wearing smartwatches. The smart ring offers fitness and health tracking features while allowing users to maintain their own fashion style by wearing their desired watch brand. With Samsung Electronics holding around 10% market share in the global smartwatch market, the introduction of the smart ring is expected to further expand its presence in the digital healthcare industry.
The global digital healthcare industry is projected to grow at an average annual rate of 18.8% from $152 billion in 2020 to $509 billion in 2027, according to market research firm Global Industry Analysis (GIA). Vice Chairman Jong-hee Han aims to transform the digital healthcare field into a core business for Samsung Electronics, emphasizing the importance of hyper-connectivity in providing personalized services.
To achieve this vision, Samsung Electronics is working towards creating an ecosystem that seamlessly connects various wearable devices, including smart rings, wearable robots, and smart glasses, in addition to their existing Galaxy Watch and smartphones. By combining smartphones and wearable devices with their platform software called ‘Samsung Health,’ they are also developing telemedicine services. This digital healthcare ecosystem is expected to play a significant role in entering the large North American telemedicine service market.
As wearable devices can measure a range of physical information, such as blood pressure, body temperature, body composition, and oxygen saturation, Samsung Electronics’ expansion into smart rings is anticipated to further strengthen its position in the digital healthcare business. Although smart rings are currently in the early stages of the market compared to smartwatches, industry experts predict significant sales growth in the coming years.
The launch of the Smart Ring by Samsung Electronics reflects its commitment to innovation and competitiveness in the ever-expanding digital healthcare sector. With the potential to revolutionize the way we monitor and manage our health, the Smart Ring sets the stage for a future where personalized healthcare is accessible to all.
Jonghee Han Strengthening the competitiveness of digital healthcare” height=”300″ src=”width=”600″ /> ▲ The smart ring that Samsung Electronics is preparing to launch is expected to help increase the competitiveness of the healthcare business universal digital in the future. Estimated image of Samsung Electronics’ Galaxy Ring. <그래픽 비즈니스포스트>
[비즈니스포스트] Samsung Electronics is focusing its efforts on preparing to launch a new wearable device, Smart Ring.
The new smart ring is expected to help increase the competitiveness of the overall digital healthcare business, which Jong-Hee Han, vice chairman and head of the DX division, is growing as one of his new growth engines at Samsung Electronics.
According to the electronics industry on the 17th, there is speculation that Samsung Electronics will unveil a smart ring with health care functions as early as January 2024.
Tipster (IT leaker) Ice Universe recently predicted via social media
Galaxy Ring refers to the name of a smart ring product for which Samsung Electronics has applied for trademark rights. A smart ring is a device that can be worn as a ring and is used to provide digital healthcare services by collecting information about the wearer’s body using various sensors.
Digital healthcare provides a variety of medically related services, such as disease prevention through health management and predictions, and physical activity support, including muscle strengthening, based on physical information collected through the convergence of IT technologies such as smartphones , wearable devices, and robots. says that
Samsung Electronics already provides sleep data analysis through its Galaxy Watch smartwatch, and the smart ring is expected to help expand the customer base in the digital healthcare business.
Sam Mobile, an IT media outlet, said, “Smart rings can satisfy the wearable device customer base that smartwatches have not yet developed,” and “Once smart rings are released, the user base that is involved in digital healthcare is on the rise.”
Consumers who think smartwatches are bad for fashion can buy a smart ring as an alternative. Smartwatches are considered to have limitations as fashion items, as the brightness of the screen decreases when the always-on screen function (AOD) is used due to battery problems.
SamMobile said, “Some wearable device customers want the fitness and health tracking features of a smartwatch, but on the other hand, they may not want to give up their current watch. By using a smart ring, they can maintain their health while still wearing a Rolex or G-Shock watch.” and fitness data can be recorded,” he explained.
As Samsung Electronics’ market share in the global smartwatch market in the first quarter of this year remained around 10%, the launch of a smart ring is expected to help expand the base of the digital healthcare business.
Jonghee Han Strengthening the competitiveness of digital healthcare” height=”150″ src=”width=”300″ /> ▲ The physical information of the wearer collected by the Samsung Electronics wearable device is posted in real time to the Samsung Health application which has to install on the smartphone. is connected. <삼성전자>
According to market research firm Global Industry Analysis (GIA), the global digital healthcare industry is expected to grow at an average annual rate of 18.8% from $152 billion (KRW 199 trillion) in 2020 to $509 billion (KRW 664 trillion) in 2027.
Vice Chairman Jong-hee Han has plans to grow the digital healthcare field, including wearable robots used to strengthen individual muscles, into a food business in the future.
Vice Chairman Han emphasizes ‘hyper-connectivity’, where the connectivity between electronic devices has been qualitatively and quantitatively developed, and this strategy is expected to be a competitive advantage in the healthcare field digital, which provides personalized services.
In a contribution posted to the Samsung Newsroom, Vice Chairman Han said, “For personalization technology to provide a better experience, it must be accompanied by a seamless connection between products.” He added, “Samsung Electronics needs a secure and open ecosystem. to provide the best possible experience for each individual.” “We believe it is necessary and we would like to share how we will work with partners in the industry to achieve this,” he said.
According to this policy, Samsung Electronics is working to create an ecosystem that can connect different types of wearable devices that will be released in the future, such as smart rings, wearable robots, and smart glasses, following the Galaxy Watch, by focus on smart phones.
Samsung Electronics is preparing a variety of digital healthcare businesses, including telemedicine services, by combining smartphones and wearable devices with a platform software called ‘Samsung Health.’
A telemedicine service refers to a digital health management service where health experts use mobile devices such as smartphones and wearables to identify consumer lifestyle habits and provide customized health consultation.
The digital healthcare ecosystem established by Samsung Electronics is expected to play an important role in entering the North American telemedicine service market, which has a particularly large market size.
As of 2020, the US telemedicine service industry market size estimated by GIA equals $62.6 billion (approximately 83 trillion won). It is known that the United States is growing the telemedicine service market at the government level due to problems such as its large territory and lack of medical personnel.
A representative telemedicine service using wearable devices monitors patients with chronic diseases. For example, long-term wearable electrocardiogram monitoring (WEM) is a remote medical service that continuously measures a patient’s heartbeat through wearable devices and diagnoses health status based on this data.
Wearable devices can help lay the foundation for expanding the digital healthcare business as they can measure the wearer’s physical information from different angles, such as blood pressure, body temperature, body composition, and oxygen saturation as well as electrocardiogram.
Samsung Electronics collaborated with venture firm Tobi to develop a solution that allows wearable devices to measure heart rate in real time to determine drowsiness.
In this situation, if Samsung Electronics expands its wearable device product line with smart rings following smartwatches, its competitiveness in the digital healthcare business is expected to be further strengthened.
Digital Trends, an IT media outlet, observed, “Smart rings are currently in the early stages of the market and lag behind in terms of smartwatch volume, but sales are expected to grow significantly over the next few years.” Correspondent Baram Kim
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