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I do have a feeling there's some sort of residue from manufacturing (maybe some kind of release agent) that eventually wears off.
Plastics may also degrade.
I recently started getting a rash under my Garmin 620 watch and swapped to the other wrist for a bit of relief. The irritation started on the other wrist after a few days.I bought it in Dec 2013, so wasn't too sad.
Fitbit Versa 4 replacement hasn't caused any issues.
I do have a feeling there's some sort of residue from manufacturing (maybe some kind of release agent) that eventually wears off.