Fitness Wearables and Activity Trackers
The industry — Measuring, medical and controlling devices manufacturing
Base industry report for 334512 →- Establishments · CanadaA
- 562
- Under 10 employeesA
- 46%
Of 562 Canadian establishments with employees, 46% have fewer than ten — weighted toward mid-sized establishments.
Entry signal — what decides who wins here
Structure decidesThe binding constraint is not executional. Being better than the incumbent does not, by itself, get you in — this one is cleared with capital, an asset, or a permission.
Come with the asset, or buy the business that owns it. Plant, fleet, land or quota decide this market before any operating skill does. Operators here are bought, not started.
Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 21
The binding constraint — capital intensity
The category grows, and the margins are attractive once a company is big. Garmin's Fitness segment sold $2,357M in 2025, up 33%, at a 31% operating margin [A], and it kept growing in 2026: $757M in the second quarter, up 25%, with a 37% segment operating margin [A]. Oura's revenue went from $406.8M (fiscal 2024) to $907.9M (fiscal 2025), and $1,214.5M in the nine months to June 2026, up 74% [A]. The subscription layer looks best of all: Oura charges $5.99 a month or $69.99 a year on top of a $349–$499 ring, and its membership revenue ran at an 89% gross margin [A]. But each of those numbers was bought with hardware capital. Oura raised about $1.5B in preferred stock over twelve years before filing to list, $908M of it in September 2025 [A]; Whoop raised a $575M Series G at a $10.1B valuation in March 2026 [B]; Zepp Health, which sells Amazfit watches at $258.9M of revenue, still lost $40.1M in 2025 on a 38% gross margin [A]. An entrant must fund sensors, validation studies, tooling, inventory and a phone app before the first sale, and then defend it in court: Samsung filed an ITC complaint against Oura in December 2025 seeking import restrictions [A], and Ultrahuman was out of the US market under an ITC import ban until it settled with Oura [B]. Above the hardware sit the phone platforms — Apple held 18–21% of global wearable units in each quarter of 2025 [B], and Apple, Samsung, Google (Fitbit, bought for $2.1B in 2021 [A]), Huawei and Xiaomi bundle their health features into their phones' ecosystems. Medical claims add a regulatory step: ECG apps from Apple, Samsung, Fitbit, Garmin, Withings and Whoop all went through FDA De Novo or 510(k) [A], and in Canada software that only encourages a healthy lifestyle is not a medical device, but software that analyses physiological signals generally is (Class II) [A]. Capital intensity decides it: the open lanes are app-only (Strava, Runna, TrainingPeaks) or narrow sensors (Hexoskin shirts, Muse EEG headbands), and even Strava's app layer needed a $2.2B-valuation round in 2025 [B]. This record covers consumer devices and their membership apps; gym and studio management software is 713940, and EGYM's software is researched separately.
Devices are designed once and sold globally through online stores, the big chains and the phone platforms; Oura alone reports 56 markets. Medical features are the exception: each one needs separate clearance country by country (FDA in the US, a Health Canada licence for Class II and above in Canada), so the regulated part of the product is effectively national.
Who you would be competing with
The operators already at scale here, and whoever is buying these businesses. In most of these industries the competition an entrant meets is local, so this is who sets the terms rather than a list of everyone in the trade.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
Market size, derived
Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.
Disclosed revenue from 3 of 12 named vendors. The market is at least this large.
No vendor has both a disclosed revenue and a published share.
Only a revenue floor is known — the true market is larger by whatever the undisclosed vendors earn.
Competitor set · 12 named · 3 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| AppleNASDAQ: AAPLA | not disclosed | — | Apple Watch is reported inside Wearables, Home and Accessories ($35,686M in fiscal 2025, down 4%), with AirPods, Vision Pro and home products — no fitness or watch figure. Largest wearable vendor by units (IDC) |
| GarminNYSE: GRMNA | $2.4B | — | Fitness segment net sales, 52 weeks ended 27 December 2025 (Form 10-K); segment operating income $725.9M |
| OuraOURA (proposed, Nasdaq)A | $908M | — | total revenue, fiscal year ended 30 September 2025 (Form S-1/A, 21 September 2026); $1,214.5M in the nine months to June 2026 |
| Zepp HealthNYSE: ZEPPA | $259M | — | revenues, year ended 31 December 2025 (Form 20-F); all Amazfit-branded |
| Fitbit (Google)A | not disclosed | — | Alphabet closed the Fitbit acquisition in January 2021 for $2.1B; Fitbit and Pixel Watch revenue sits inside Google's hardware and is not disclosed. fitbit.com now redirects to the Google Store |
| SamsungB | not disclosed | — | Galaxy Watch and Galaxy Ring; 6.9–8.1% of wearable units by quarter (IDC). Holds FDA 510(k) clearances for its ECG app and sued Oura at the ITC in December 2025. No wearables revenue opened |
| Huawei / XiaomiB | not disclosed | — | Volume leaders by units: Xiaomi 10.3–13.0% and Huawei 7.8–11.3% of wearables by quarter in 2025–Q1 2026 (IDC); no wearables revenue opened |
| WhoopB | not disclosed | — | Screenless band sold only with an annual membership ($150–$360). $575M Series G in March 2026 at a $10.1B valuation, led by Collaborative Fund, with Abbott as a strategic investor. Revenue not disclosed in a source this record could use |
| StravaB | not disclosed | — | The app layer: more than 180M users; May 2025 round led by Sequoia valued it at $2.2B; reported in January 2026 to have filed to go public. Bought Runna in April 2025. Revenue not disclosed |
| Polar / Coros / SuuntoC | not disclosed | — | Endurance-sport watch makers named by Garmin as fitness competitors; all private, no figures opened |
| WithingsA | not disclosed | — | Connected-health device maker; its ECG app received 510(k) clearance in June 2025. No figures opened |
| Peloton InteractiveNASDAQ: PTONA | not disclosed | — | Only the app angle belongs here: paid App subscriptions fell to 0.503M at 30 June 2026 from 0.552M a year earlier |
Startups & challengers
Newer and smaller vendors going at the incumbent — funded challengers first. Named, not researched to the depth of the field above; a company with a page here links to it.
| Company | Stage | What it does | Raised |
|---|---|---|---|
| Ultrahuman | Funded challenger | India-based smart-ring maker; raised $70M in Sept 2026 (Qualcomm Ventures, Labcorp, Alpha Wave); back in US after settling Oura ITC case | — |
| Circular | Startup | Designed in Paris; Circular Ring 2 ($349, no forced subscription) marketed as the first ECG smart ring; funding not verified | — |
| InteraXon | Startup | Toronto maker of the Muse EEG headband for meditation, focus and sleep, with an app subscription; funding not verified | — |
| RingConn | Startup | Smart ring for sleep, health, activity and vascular-health insights (Gen 3); sold in North America and Europe; funding not verified | — |
| Runna | Startup | Personalised running-plan app that works across devices; bought by Strava in April 2025 | — |
| Hexoskin | Scrappy competitor | Smart shirts recording ECG, breathing and activity, designed and assembled in Canada; validated by research labs and used in clinical studies | — |
| TrainingPeaks | Scrappy competitor | Training platform for endurance athletes and coaches, independent of the device brand; funding not disclosed | — |
Evidence
Evidence. Garmin's segment figures for 2023–2025 and its list of fitness competitors were read in its FY2025 Form 10-K (filed 18 February 2026) and the Q2 2026 figures in its Form 10-Q (filed 29 July 2026) on SEC EDGAR [A]. Apple's Wearables, Home and Accessories figures and the category definition were read in its FY2025 Form 10-K (filed 31 October 2025) [A]; the FY2026 10-K was not yet on file. The Fitbit price and January 2021 closing were read in Alphabet's FY2021 Form 10-K [A]. Oura's revenue, membership, margin, pricing, paid-member, funding-history, Samsung ITC complaint and Omni MedSci figures were read in its Form S-1/A of 21 September 2026 [A]; no final prospectus (424B4) was on EDGAR on 13 October 2026, so the IPO price and the $15.6B valuation reported in the press are not used. Zepp Health's 2025 figures were read in its Form 20-F filed 24 April 2026 [A]; Peloton's App subscriptions in its FY2026 Form 10-K [A]. IDC shares and shipments were read on IDC's own wearables vendor page (updated 2 July 2026) [B — a commercial tracker, consistent across outlets]; IDC's full-year 2025 total was seen only in a search summary and is not used. FDA decisions were read in the FDA De Novo database (DEN180044, DEN180042) and the openFDA 510(k) dataset [A]; Apple's 2025 hypertension notification (K250507) and 2024 sleep apnea notification (K240929) are in the same dataset. Health Canada's four-class rule, the healthy-lifestyle exclusion and the Class II examples were read in its SaMD guidance and examples pages [A]; PIPEDA's treatment of medical information as almost always sensitive was read in the OPC's form-of-consent bulletin [A]. Whoop's Series G was read in MedTech Dive (31 March 2026) [B]; Strava's $2.2B round, 180M users and Runna acquisition in Fortune (13 January 2026) [B]; Ultrahuman's $70M round and ITC history in Athletech News (3 September 2026) [B]. Not obtained: Samsung, Huawei, Xiaomi, Google/Fitbit, Whoop, Strava, Polar, Coros, Suunto and Withings revenue — UNVERIFIED; Whoop's cumulative funding and revenue run rate (the one syndicated page carrying them is barred to this crawler by robots.txt, and its content was not used); strava.com is barred to this crawler and was not opened; whoop.com and withings.com returned access challenges. No Canadian market size or Health Canada licence list for wearable ECG features was opened. The cut factor is analyst judgment built on the disclosed funding and margins.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
US trade association of consumer-technology companies; publishes industry research and runs CES.
CTA's annual Las Vegas show, where most new wearables, rings and health sensors launch.
Canadian association for digital health professionals and companies; the meeting point between consumer health data and the health system.
National association of medical technology companies; the venue for Health Canada device-licensing policy once a wearable makes medical claims.
In-depth reviews of sports watches, trackers and training apps; widely read by Garmin, Coros, Polar and Whoop buyers.
Wareable and MobiHealthNews returned access challenges to an automated check and were left off.
Software serving this industry
Vertical software markets filed along the same branch of NAICS — who sells to these businesses, and who an entrant would have to displace.
No vertical software market has been recorded along this branch yet. The base industry report says what the subsector typically runs on.