The number of health-tracking smart rings available for purchase has decreased since October 2023, following a patent dispute that resulted in import bans for two of Oura's competitors. The U.S. International Trade Commission ruled in favor of Oura in a case where the company alleged that RingConn and Ultrahuman infringed on its patent for a smart ring that tracks health and fitness statistics.

The ruling prohibited RingConn and Ultrahuman from importing new rings into the United States, impacting their ability to compete in the growing market. Ultrahuman, in particular, had planned to expand its U.S.-based manufacturing facility to meet increasing demand, a move intended to circumvent new U.S. tariffs.

Ultrahuman's chief business officer, Bhuvan Srinivasan, addressed the company's next steps in response to the import ban. Ultrahuman distinguishes itself from Oura by not requiring a subscription fee, while Oura users pay $6 per month for access to its ring's features. The absence of a subscription model was a key differentiator for Ultrahuman in attracting consumers.

The lawsuit and subsequent import ban presented a significant challenge for Ultrahuman, potentially affecting its market share and revenue projections in the U.S. market. The company's planned expansion of its U.S. manufacturing facility was also put on hold. The financial implications of the ban remain unclear, but the inability to import new rings will likely impact Ultrahuman's sales figures in the short term.

The smart ring market has seen increasing interest from consumers seeking wearable technology that offers health and fitness tracking in a discreet form factor. Oura has established itself as a leading player in this market, and the patent dispute highlights the competitive landscape and the importance of intellectual property protection. The long-term effects of the import ban on the smart ring market and the competitive dynamics between Oura, RingConn, and Ultrahuman remain to be seen.