NEW YORK, November 8, 2016 /PRNewswire/ --
http://www.Financialbuzz.com - As technology becomes more
advanced and costs of production falling, wearable devices become
more mainstream. While the fitness trackers and wearable cameras
were the most popular wearable devices, a stronger emphasis on
health and a bigger demand for home care are expected drive up
demand for medical wearables. According to a recent research by
Global Market Insights, a market research and management consulting
company, the wearable devices market size is anticipated to exceed
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).
A rising demand for sophisticated devices, combined with
innovative features is what expected to drive demand. Also
according to the research electronic wearable medical devices that
offer monitoring solutions on numerous health parameters such as
glucose, blood sugar, chronic diseases, namely diabetes and heart
diseases are expected to be a sector with major developments.
Biotricity Inc. (OTCQB: BTCY) is a medical
technology company committed to improving healthcare by developing
solutions that aid chronic disease prevention and management. The
company's flagship wearable medical device, Bioflux, is an ECG
monitoring system that will be prescribed by physicians to diagnose
and remotely monitor cardiac patients.
Biotricity Inc. recently announced that Bioflux received the
necessary 501k clearance from the Food & Drug Administration
(FDA). Soon after the company announced that it has appointed Dr.
Rony Shimony to its Board of
Advisors (BOA). Shimony is an internationally recognized clinical
cardiologist who brings to the company over twenty-five years of
experience in cardiac patient care and related technology.
President and CEO of Biotricity Inc. Waqaas Al-Siddiq, "We look
forward to leveraging Dr. Shimony's clinical and diagnostic
expertise to help drive the adoption of our next-generation
medical-grade wearables in mainstream healthcare practices… As
heart disease remains the #1 killer globally, representing 31
percent of all deaths worldwide, we are thrilled to have Dr.
Shimony bring his expertise to our advisory board where he will
collaborate with other talented and accomplished members to help
drive our strategic vision of evolving the healthcare
industry."
Apple Inc. (NASDAQ: AAPL) has given hints that the
company will soon enter into a rewarding business such as
healthcare by next year. Tim Cook is
looking for life further than the iWatch. In Taiwan's Economic Daily News, it said that
Apple will celebrate its tenth year anniversary of the iPhone with
a wearable device that will "accurately collect users' personal
daily life including heart rate, pulse, blood sugar changes and
other information." A report from Market Data Forecast suggests the
medical devices market value will reach $11.2 billion by 2020.
Apple isn't the only company keeping an eye on the healthcare
industry. Sales of more traditional wearable devices ranging from
fitness trackers to wearable camera, for example Fitbit
Inc. (NYSE: FIT) along with GoPro Inc. (NASDAQ: GPRO)
are declining. Currently, Fitbit has closely affiliated themselves
with researchers carrying out clinical trials. Alongside with
research platform Fitabase, they have been shifting the way medical
research is being conducted 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. "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.
There's no shortage of fitness trackers in our current market.
Garmin Ltd. (NASDAQ: GRMN) launched Vivosmart HR+ with
substantial upgrades on the original. The fitness wearable device
includes a heart rate sensor with built-in GPS, meaning it's a
runner's best friend. Like any normal GPS watch, the HR+ tracks
pace, distance, calories and time. It could only display one metric
at a time. Other notable features consist of smart notifications
and daily activity tracking.
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