After the July launch of Samsung Electronics’ Galaxy Ring, several tech rivals have jumped into the smart ring race. But rumors are rampant that Apple may have scrapped its long-held plan for its own ring possibly to focus on the Apple Watch.

According to a recent Bloomberg report, Apple has no plans to release an Apple smart ring despite two decades of research into the product.

"Apple isn't actively developing a ring and has no plans to launch one," the report said. “(Because it) would detract from the Apple Watch.”

“(Consequently, Apple) has no reason to cannibalize a product that still has room to grow,” it added.

Industry watchers believe that the global smart ring market is expected to be fiercely contested by existing manufacturers, but at the same time, they suggest that if Apple does not enter the market, the growth of the market itself may be limited.

Oura Health Oy, a Finnish maker of smart rings, rolled out the next generation of its flagship device, the Oura Ring 4, last week. Several Chinese companies have also rushed to target the smart ring market.

Xiaomi has been selling its smart ring, the Black Shark, in China since April, offering it at an unprecedented price of about 110,000 won ($82), while the Galaxy Ring was priced at 500,000 won. Amazfit has launched the Helio Ring, which is tailored for the health management of athletes in the US. Additionally, China's Honor has announced that it is developing a smart ring.

There are predictions that the smart ring market will become the next smartwatch market. According to market research firm TrendForce, the biosensor market for wearable devices is expected to grow to $422 million by 2028, more than doubling its current size. Additionally, the growth of the health care industry is also driving the expansion of the smart ring market.

"While new products are continuously being launched, the smart ring market is expected to be dominated by Samsung Electronics' Galaxy Ring for some time,” an industry source who asked to remain anonymous said.

“However, if Apple introduces a smart ring, it is anticipated that Apple's products, which are popular for their design, will be highly attractive in the market, especially since rings are considered fashion items,” the source added.

Meanwhile, market research firm CCS Insight’s annual report predicted that Apple could launch a connected ring to rival Samsung's by 2026. It suggests that Apple’s smart ring, similar to its smartwatches, would be equipped with sensors to monitor health metrics such as heart rate.

Ben Wood, chief analyst at CCS Insight, highlighted Apple’s commitment to health and wellness, stating that a smart ring would be a logical extension of the company’s product line.

Despite the challenges of retailing rings due to varying finger sizes, Wood believes Apple’s extensive retail network could facilitate the sale of such a product.