Developments in the Wearable Devices Market

NEW YORK, January 24, 2017 /PRNewswire/ --

A new wave of wearable devices has been carried over and emerged in 2017. More and more wearable devices are created to adopt users' needs. According to ZDNet, more than 250 exhibitors at the 2016 Consumer Electronics Show (CES) fell in the wearable category. A research report published by Global Market Insights projects that the wearable devices market size is anticipated to exceed USD 12 billion by 2023 growing at a CAGR of over 24% from 2016 to 2023. Biotricity Inc. (OTCQB: BTCY), Fitbit Inc. (NYSE: FIT), Garmin Ltd. (NASDAQ: GRMN), Apple Inc. (NASDAQ: AAPL), Alphabet Inc. (NASDAQ: GOOGL)

The research report also indicated that rising demand for sophisticated devices combined with innovative features is expected to drive the industry demand. As technology advancements develop, wearable devices begin to be used in numerous sectors such as label reader infotainment, telemedicine, advertising, cycling and running (navigation), surgery, accessing patient records, project planning as well as remote patient monitoring. However, health & fitness still accounts for most of the wearable devices markets, as people's health awareness and spending capabilities improve.

Biotricity Inc. (OTCQB:BTCY) a healthcare technology company committed to delivering innovative, medically-relevant biometric remote monitoring solutions, earlier today announced that it, "will demonstrate its IoT-connected medical device Bioflux, powered by AT&T, at Mobile World Congress (MWC) 2017. One of the biggest annual showcases for connected technology, MWC will be held February 27 - March 3 in Barcelona. Biotricity will showcase how IoT- Connected Healthcare devices can assist in the diagnosis of heart conditions in AT&T's booth (#4A10). IDC predicts the global market for IoT will nearly triple, reaching $1.7 trillion by 2020. IoT has long been considered critical to wearable innovation and is becoming more prevalent in the medical space due to its numerous applications. Telecoms are encouraging the adoption of IoT by offering value-add services to help companies, such as Biotricity, go to market with fully connected devices.

"While great progress has been made in the treatment of cardiovascular disease, it is still listed as the underlying cause of the death of more than 800,000 people in the US each year, making it a perfect application for devices that support built-in IoT capabilities," said Waqaas Al-Siddiq, Biotricity founder and CEO. "Our medical-grade wearable is a superb example of how IoT devices can have a huge impact on healthcare. Bioflux will help diagnose patients by tracking and reporting on cardiac activity in real-time, 24/7. It will also allow physicians to monitor cardiovascular disease, especially arrhythmias, while helping to improve patient outcomes and curbing rising healthcare costs."

Consisting of an IoT-connected device, ECG-analysis software, and comprehensive remote monitoring center access, Bioflux generates customized reports tailored to a physician's individual patient for diagnostic purposes. Biotricity's goal is to develop multiple solutions for chronic illnesses by designing monitoring devices paired with chronic care management tools to improve patient compliance and empower the individual to take better care of their health. The Company's next-generation medical-grade wearables will pave the way for the adoption of preventive care measures into mainstream healthcare practices and help move from the current "reactive" model, where physicians diagnose and treat conditions and diseases after onset, to a proactive one. This is particularly true of managing heart-related illnesses because without any feedback mechanism or continuous monitoring, patients often fail to adhere to doctors' medical directives, dietary changes, exercise regiments, and lifestyle alterations.

Announced last summer, AT&T will power Biotricity's wearable medical devices with near real-time connectivity for data transmission. For an up close look at Bioflux while at MWC, visit AT&T's booth (#4A10), located in the Innovation City.

Provider of wearable health and fitness tracking devices, Fitbit Inc. (NYSE: FIT) ended 2016 by acquiring smartwatch startup, Pebble Technology Corporation, to help compete against other tech giants. In the statement, Fitbit said the purchase will exclude Pebble's hardware and the deal is mainly about hiring startup's software engineers and testers, along with gaining intellectual property such as their operating system, watch apps, and cloud services. "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.

Garmin Ltd. (NASDAQ: GRMN) was well known for their car GPS devices, but has developed portable devices for many athletes. In Garmin's latest line of wearables, the Fenix 5, the company has built in GPS technology into the smartwatches and activity monitors, to track exercise info and routes. "A lot of people who traditionally bought handheld devices are now transitioning to wearables," said Garmin's vice president of sales, Dan Bartel. "The new Fenix, especially the new Genix 5X with mapping, can replace a lot of the products people used to have."

Apple Inc. (NASDAQ: AAPL) has teamed up with Stanford University gathering faculty members for an inaugural program, the Apple Watch Seed Grant, concentrated on innovative uses of the Apple Watch in the healthcare field. The program is aimed to "stimulate and support" the formation of original uses for the Apple Watch in healthcare, an area that Apple has long been an advocate of since the wearable was introduced. Ever since the launch of Apple's watch, chief executive officer, Tim Cook made notice of services such as the ResearchKit and Health application as underestimated sections of the tech market.

The newest version of tech giant Alphabet Inc. (NASDAQ: GOOGL) smartwatch operating system is projected to land in two of electronic company, LG smartwatches: the LG Watch Sport and LG Watch Style. The applications can run on its own without the need to be tied to a smartphone due to Google removing Data Layer APIs. The user interface has been revamped with Google's Material Design standards and users can now see big differences with menus, icons and the simplicity of selecting new watch faces. Google has also enhanced the messaging and input functionality for users creating new keyboards, along with third party keyboard apps. Smart replies will also be better developed to deliver a more instinctive messaging experience for users.

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