Wearable Devices Market Continues to be Driven by Innovation

The wearable devices industry is now one of the fastest growing segments of the technology sector. According to a research report by CCS Insight, an industry analyst firm, 411 million smart wearable devices, worth $34 billion, will be sold in 2020, this comparing to 84 million units in 2015. The wearables market is therefore projected to be worth over $25 billion by 2019. The industry includes smartwatches, fitness trackers, medical wearables, augmented and virtual reality headsets as well as wearable cameras. Biotricity Inc. (OTC: BTCY), Apple Inc. (NASDAQ: AAPL), Fitbit Inc. (NYSE: FIT), Alphabet Inc. (NASDAQ: GOOGL), Garmin Ltd. (NASDAQ: GRMN).

Fitness trackers and smartwatches remain the most popular products in the wearable devices industry. Innovations in technology however may push other products into the mainstream. The wearable medical device market for example is getting attention. According to Markets and Markets the global wearable medical device market is projected to reach 12.14 Billion by 2021 from USD 5.31 Billion in 2016, at a CAGR of 18.0% during the forecast period. This growth is driven by technological advancements in medical devices, new popular smartphone-based healthcare apps compatible with wearable devices and rising preference for wireless connectivity among healthcare providers.

Biotricity Inc. (OTCQB: BTCY) is a technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. The company’s main product, Bioflux, is an ECG monitoring device that lets physicians diagnose as well as remotely monitor cardiac patients. Bioflux has recently received the necessary 501k clearance from the Food & Drug Administration.

Earlier in November Biotricity announced a partnership with Global to Local (G2L), an organization dedicated to providing programs that improve individual and community health outcomes, expand access to healthcare services, and empower economic development in the most diverse and underserved communities. The collaboration between Biotricity and G2L will initially focus on building innovative solutions for outcome measurements for individuals suffering from chronic disease. The partnership with Biotricity enables G2L to apply its clinical expertise to help develop the next generation of chronic care solutions that address the gaps identified in existing solutions, like underserved populations which face barriers to basic health and economic resources, including a lack of access to preventative care.

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.”

Tech giant Apple Inc. (NASDAQ: AAPL) might soon enter into the healthcare sector later this year with Chief Executive Officer, Tim Cook seeking to further enhance its iWatch. In Taiwan’s Economic Daily News, it was reported that the company will celebrate its tenth year anniversary of the iPhone with a wearable device that will precisely collect user’s personal daily life with heart rate, pulse, blood sugar changes and other information. The medical devices market value will reach $11.2 billion by 2020, reported by Market Data Forecast.

Fitness and activity trackers company, Fitbit Inc. (NYSE: FIT) has had a very rough year when it came to sales, disappointing investors. But lately, Fitbit has acquired software assets from Smartwatch startup company, Pebble. “With basic wearables getting smarter and smartwatches adding health and fitness capabilities, we see an opportunity to build on our strengths and extend our leadership position in the wearables category,” said Chief Executive Officer and Co-Founder of Fitbit, James Park.

Alphabet Inc. (NASDAQ: GOOGL) has designed a new watch dedicated for medical research and clinical trials, measuring not only the user’s heartbeat but also skin temperature, light exposure, and noise levels, known as the Google X Life Sciences (Verily). According to Antonio Regalado from MIT Technology Review, who saw the watch and had a chance to talk Verily’s chief technical officer, Brian Otis: “The prototype I saw was set in an ordinary-looking brass-colored analog watch casing that appeared not to have any buttons. Otis called it the “Cardiac and Activity Monitor” and said it was at least the second generation of the device.”

American multinational technology company, Garmin Ltd. (NASDAQ: GRMN) along with mobile telecom giant, MTN has launched a brand new line of fitness watches in Ghana. The GPS navigation and sports tech company will allow its vivoFit3, vivoMove, vivoActive, Fenix3, and vivoSmart activity trackers through available providers. This move was to tap the probable expanding fitness market in Africa, according to Walter Mech, Garmin MD for Sub-Saharan Africa. “We’ve had a strong presence with our GPS tools products…but less emphasis on our health and wellness lines, so we started to look around for new countries and distribution models,” he said.