Innovation Pushes Value of Wearable Technology Markets

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Nov 30, 2016, 08:45 ET

NEW YORK, November 30, 2016 /PRNewswire/ --

The technology sector, due to its innovative nature, is continuously witnessing new industries gaining popularity. Currently, one such industry is the wearable technology market, which encompasses an array of products designed for a wide range of applications. According to a recent research by Scalar Market Research the global wearable technology market is anticipated to grow from USD 29.92 billion in 2016 and reach USD 71.23 billion by 2021, growing at a CAGR of 18.9% during the forecast period. Biotricity Inc. (OTC: BTCY), Fitbit Inc. (NYSE: FIT), Apple Inc. (NASDAQ: AAPL), GoPro Inc. (NASDAQ: GPRO), Alphabet Inc. (NASDAQ: GOOGL)

The wearable technology market is fragmented into devices such as smart glasses, smart watches, activity/fitness monitors, glucose and heart rate monitors, as well as wearable cameras and virtual reality headsets. According to the research, the strong rise in the penetration of the smartphone devices is one of the key drivers for the wearable technology market. The growth of smartphone usage, along with the explosion of Internet of Things (IoT) is expected to drive the global market.

Biotricity Inc. (OTCQB: BTCY) is a medical technology company which is focusing on improving healthcare by developing remote monitoring and wearable solutions designed to aid chronic disease prevention and management. The company's main product, Bioflux, is an ECG monitoring device that allows physicians to diagnose as well as remotely monitor cardiac patients. Biotricity Inc. recently announced that Bioflux received the necessary 501k clearance from the Food & Drug Administration (FDA).

On November 15^th Biotricity Inc. announced a partnership with Global to Local (G2L), an organization dedicated to providing programs that improve individual and community health by expanding access to healthcare services, and empower economic development in the most diverse and underserved communities. G2L has tested numerous chronic disease management devices and as of this date have not found any that can properly address the needs of patients, the needs providers, and the needs of health systems in a way that creates efficiency and reduces costs.

Biotricity Inc. founder and CEO Waqaas Al-Siddiq said in a statement, "Our partnership with G2L is an important step for us, as we develop a solution for the chronic care markets they serve… As we move beyond the cardiac market, we will utilize G2L's diabetes and care management expertise to build a chronic care management platform for diabetes and other chronic illnesses,"

Fitbit Inc. (NYSE: FIT) advertises itself as a company that helps people lead healthier, more active lives by empowering them with data and guidance to reach their goals. Fitbit has been the leader in the fitness and activity trackers market, yet sales have been disappointing over the curse of this year. To try and increase sales volume Fitbit has decided to diversify their product portfolio, specifically researching technologies that will shift emphasis on health. Fitbit has closely affiliated themselves with researchers carrying out clinical trials, and conducting medical research with well-known Universities such as Johns Hopkins and the Texas MD Anderson Cancer Center among those who have chosen to tap into data from Fitbit users around the world.

Apple Inc. (NASDAQ: AAPL) smart watch has been a very important product for the wearable technology market, and it seems that the tech giant wants to continue its expansion in the industry. Bloomberg has recently reported that Apple is weighing an expansion into digital glasses, a risky but potentially profitable area of wearable tech. The glasses are still in exploration phase, but some of the protect features are predictable. The device will be connected wirelessly to the iPhones and offer various application. Apple will not be the first tech giant to try the commercialization of digital glasses, Alphabet Inc. (NASDAQ: GOOGL) has tried previously and failed to make the Google Glass a successful product. At the time Google Glass was viewed as an expensive product that didn't provide much for its price, looked rather clumsy and raised privacy concerns.

GoPro Inc. (NASDAQ: GPRO) has become a prominent name in the wearable technology market as it has introduced high definition wearable cameras, designed to help athletes self-document themselves engaged in sport, but has become a popular product among many who love to film their experiences, whatever they may be, and share them online. After a strong entail start, the company is now facing the same problem as Fitbit, as a lack of diversified product line hurt sales. This October GoPro has launched the HERO5 line of cameras that can auto-upload photos and videos to GoPro Plus, a cloud-based subscription service that makes it easy to access, edit and share GoPro content anytime and anywhere using a mobile phone or computer.

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