DePIN x Smart Wearables: Reshaping the Value of Health Data and New Industrial Paradigms

Summary

Despite facing multiple challenges such as technology, economy, regulation, and user trust, the integration of AI, the potential for assetization of health data, innovations in business models, and hardware development indicate that the combination of DePIN and smart wearables will profoundly transform personal health management, moving toward a future of greater personalization, user empowerment, and value sharing.

How should smart wearable devices unleash the infinite potential of health data while protecting user privacy?

Users contribute data but cannot benefit, how does DePIN change the rules of the game?

This article explores how decentralized physical infrastructure networks (DePIN) collaborate with smart wearable technology to reshape a new pattern of personal health management. In the face of challenges such as data privacy, user control, and value distribution, how DePIN provides breakthrough solutions for industry pain points.

We will conduct an in-depth analysis of the fusion model between DePIN and smart wearables (such as device integration, middleware platforms), key application scenarios (such as decentralized health data, "Wear-to-Earn", AI health services, decentralized clinical trials), and discuss representative projects (such as Pulse, Cudis, HealthBlocks, WELL3) and underlying platforms (such as Solana, IoTeX, peaq), using smart rings (comparing Oura/Samsung with Cudis/WELL3) as a case study.

The report is approximately 29,000 words, with an expected reading time of 30 minutes (This report is produced by DePINone Labs, please contact us for reprints).

Introduction

Research Background

Smart wearable devices, through continuous monitoring of physiological indicators and increasingly complex algorithm analysis, are evolving from initially simple activity trackers to comprehensive, forward-looking personal health management tools. These devices not only significantly enhance our awareness of our own health but also seamlessly integrate into modern people's daily lives through functions such as communication and mobile payments. It can be said that smart wearable technology is fundamentally changing the way people connect with the world, enjoy entertainment, and manage health, with data as the core driving force.

The global smart wearables market is on a fast track to rapid growth. Although there are differences in predictions from various market research institutions, they all point to a strong growth trend. For example, Grand View Research forecasts that the market size will grow from approximately $84.2 billion in 2024 to $186.1 billion by 2030, with a compound annual growth rate (CAGR) of 13.6%. Mordor Intelligence is even more optimistic, predicting that the market size will increase from about $81 billion in 2024 to $245.3 billion by 2030, with a CAGR reaching 19.5%. Despite the discrepancies in the specific numbers—possibly stemming from different definitions of the market scope (such as whether certain types of audible wearable devices or basic wristbands are included) or different forecasting models—the overall trend of the industry approaching the hundred billion mark and moving towards a scale of hundreds of billions is clear, with an expected size of nearly $250 billion by 2030.

The key factors driving this growth are multifaceted. Firstly, there is an increasing global consumer focus on health, with the concept of preventive healthcare deeply ingrained, driving demand for health monitoring devices. Secondly, continuous advancements in sensor technology have not only improved measurement accuracy but also enabled miniaturization of devices, making smaller and more powerful wearable devices possible. Additionally, the growth in global per capita disposable income and the increase in consumer spending on electronic products provide an economic foundation for market expansion. At the same time, the proliferation of smartphones and Internet of Things (IoT) devices provides the infrastructure for connectivity and data interaction for wearable devices. Finally, the application scenarios of wearable technology are continually expanding, from the initial fitness and exercise domain to healthcare (such as remote patient monitoring and chronic disease management), fashionable living (like smart jewelry), enterprise applications, and even information entertainment (such as VR/AR headsets) across multiple dimensions.

Against this backdrop, DePIN (Decentralized Physical Infrastructure Networks) has emerged as a key innovative paradigm in the Web3 domain. DePIN aims to leverage blockchain technology, crypto-economic incentives (often achieved through the issuance of native tokens), and the collective power of communities to construct, deploy, and operate physical infrastructure networks in the real world in a more open, transparent, efficient, and community-driven manner. These infrastructures can encompass various types such as sensor networks, wireless communication base stations, data storage servers, energy networks, and more. The core concept of DePIN is to mobilize individuals or small-scale participants to contribute their idle resources (such as hardware devices, bandwidth, computing power, and data) through token incentives, collaboratively building an infrastructure network that can rival or even surpass traditional centralized giants, thereby breaking monopolies, reducing costs, and allowing participants to share the value of network development.

Core Research Issues

What kind of sparks will fly when the data-intensive, rapidly growing smart wearable industry meets the DePIN paradigm, which emphasizes decentralization, user empowerment, and incentive-driven models, while facing challenges in data privacy? This raises the core research question of this report: Can DePIN effectively address the pain points currently faced by smart wearable devices in terms of data privacy protection, user control over data, fair distribution of data value, and network interoperability? What innovative business models (e.g., users earning rewards by sharing health data), novel application scenarios (e.g., decentralized health data markets or personalized health services), and potential investment opportunities will emerge from the integration of smart wearables and DePIN? This report aims to systematically explore and analyze these core issues.

Research Scope and Objectives

The research scope of this report focuses on the intersection of DePIN technology and the entire smart wearable industry ecosystem (including hardware, software, platforms, applications, and services). We aim to analyze the intrinsic logic of their integration, the potential economic and social value, and possible development paths. The report will not be limited to a specific category of wearable devices but will treat the entire ecosystem as the subject of study, while selecting specific product forms such as smart rings as case studies for in-depth analysis to elucidate the specific models and impacts of integration.

The purpose of this report is to:

1. Depicting the panoramic view of the smart wearable industry: sorting out the global market size, growth trends, major segmented product areas (such as smartwatches, smart rings, hearable devices, etc.), key supporting technologies (sensors, connectivity, AI, etc.), and the main market participants and their competitive landscape.

2. In-depth interpretation of the core mechanism of DePIN: explaining the definition of DePIN, its core components (blockchain, token incentives, community governance) and the unique value proposition it brings to the smart wearables industry, especially how it addresses existing pain points.

3. Exploring the integration of DePIN and smart wearables: Analyzing the key patterns of their combination, potential application scenarios (especially in health data management, health incentives, and personalized services), and the resulting innovative potential.

4. Analyze market landscape and assess risks: Scan the representative DePIN x smart wearable projects in the current market, evaluate their market positioning, technical characteristics, and development status, and analyze the main challenges and risks (technical, economic, regulatory, user adoption, etc.) faced in this field.

5. Looking Ahead to Future Trends and Providing Decision-Making References: Predicting the future development direction, potential breakthroughs, and long-term prospects of the integration of DePIN and smart wearables, providing valuable decision-making references for industry participants (device manufacturers, platform providers, application developers) and investors.

Report Structure

This report is divided into five chapters. The first chapter will deeply analyze the current situation, scale, driving forces, structure, major players, and challenges faced by the smart wearable industry. The second chapter will provide a detailed interpretation of the DePIN technical paradigm, core mechanisms, and value propositions. The third chapter is the core of the report, focusing on the opportunities, key models, and innovative application scenarios of the integration between DePIN and the smart wearable industry. The fourth chapter will conduct a market landscape analysis, introduce representative projects, and may use smart rings as a case study. The fifth chapter will assess the challenges and risks faced during the integration process and outlook on future development trends.

Chapter 1: In-Depth Analysis of the Smart Wearable Industry

Market Overview

The global smart wearable device market is experiencing significant and rapid growth. According to data from various market research institutions, the estimated value of the global market size for 2024 falls within a certain range, roughly between 70 billion and 84 billion dollars. For example, Grand View Research (GVR) estimates the market size for 2024 to be 84.2 billion dollars, while Mordor Intelligence estimates it at 81 billion dollars. Another institution, ResearchAndMarkets (R&M), reported a lower estimate of 25.9 billion dollars, which may reflect different market definitions or statistical scopes. Despite the variations in specific figures, there is a general consensus that the market size is close to the hundred billion dollar level.

Looking ahead, the industry is expected to maintain a strong growth momentum. The predicted compound annual growth rate (CAGR) varies, with the range mentioned in user text being 13.6% to 16.8%. GVR predicts a CAGR of 13.6% for 2025-2030, with the market size expected to reach $18.61 billion by 2030. Mordor Intelligence's forecast is more optimistic, predicting a CAGR of 19.5% for 2025-2030, with the market size reaching $24.53 billion by 2030. Expert Market Research (EMR) predicts a CAGR of 15.6% for 2024-2032, reaching $16.07 billion by 2032. Meanwhile, IDC's forecast based on shipment volume is relatively conservative, anticipating a CAGR of only 3.3% for global wearable device shipments from 2024 to 2028.

Note: Estimates may vary based on different sources and forecast periods. IDC data refers to shipment volume rather than revenue.

The significant divergence in these predictions highlights the complexity of defining this rapidly evolving market and the high uncertainty in forecasting future technology adoption and economic conditions. For instance, whether to fully include rapidly growing but smaller base smart rings or the much larger market share of hearable devices in the "smart wearables" category will significantly affect overall size estimates. Therefore, rather than relying on a single precise number, it is better to focus on the certainty of market growth, key driving factors, and the relative growth trends of various sub-markets.

From a regional distribution perspective, North America is currently the largest market for smart wearable devices in the world, accounting for a significant market share. For example, in 2024, North America's market share will exceed 34%, and the U.S. market alone reached nearly $20 billion in 2023, with continued growth expected. However, the Asia-Pacific region is widely regarded as the fastest-growing market. This is mainly attributed to the region's large population base, increasing internet and IoT penetration rates, rising disposable incomes, and China's key position as a global electronics manufacturing hub. The Chinese market not only has strong manufacturing capabilities, but also a growing demand among consumers for affordable wearable devices with unique features. The European market also shows strong growth potential, partly driven by consumer preference for sustainable electronic devices.

Growth Driver

The vigorous development of the smart wearables industry is driven by multiple factors that interact with each other, collectively shaping the growth trajectory of the market:

1. Awakening of health awareness and demand for preventive healthcare: This is one of the core driving forces. Global consumers are increasingly concerned about their health status and actively seeking to utilize technology for health monitoring, management, and disease prevention.