As technology advances and costs of production fall, wearable devices become more normal. Currently, wearable cameras and fitness trackers are the most popular but a stronger emphasis on health and home care are driving demand for medical wearable technology. Per a recent research by Global Market Insights, a market research and management consulting company, the wearable devices market size is anticipated to surpass “USD 12 billion by 2023, which represents growth of about 24% CAGR from 2016 to 2023. Biotricity Inc. (OTC: BTCY), Apple Inc. (NASDAQ: AAPL), Fitbit Inc. (NYSE: FIT), GoPro Inc. (NASDAQ: GPRO), Garmin Ltd. (NASDAQ: GRMN).”
The demand for sophisticated devices with innovative features is rising. A new development in wearable medical devices that monitor things such as glucose, chronic diseases, blood sugar, diabetes, and heart diseases is expected to be a large sector with major developments.
Biotricity Inc. (OTCQB: BTCY) is a medical technology company dedicated to refining healthcare by developing solutions that aid chronic disease prevention and management. The company’s top wearable medical device, Bioflux, is an ECG monitoring system that is prescribed by physicians to diagnose and monitor cardiac patients remotely. Biotricity Inc. announced recently that Bioflux received the essential 501k clearance from the Food & Drug Administration (FDA).
Apple Inc. has been dropping hints that the company will break into the health care industry by next year. However, Apple isn’t the only company keeping an eye on the healthcare industry. Traditional wearable devices such as fitness trackers and wearable cameras are seeing declining sales. To break away from these declining sales, companies such as Fitbit and GoPro are trying to tie themselves to the healthcare industry more and more. Currently, Fitbit has closely united themselves with researchers carrying out clinical trials.
Fitbit, alongside with research platform Fitabase, has been shifting the way medical research is being conducted with Universities such as Johns Hopkins and the Texas MD Anderson Cancer Center among others who have tapped into data from Fitbit users around the world. “Historically, measuring participants’ activity, sleep, and heart rate data over significant periods of time has been logistically difficult to collect and costly to measure,” said Aaron Coleman, CEO of Fitabase. Fitness trackers have become rather popular and they will continue to gain market share as the healthcare industry becomes involved.