The wearable devices market is very vibrant, and includes in itself many categories of devices. Wearable device types include smart watches, fitness trackers, smart glasses, body sensors, wearable cameras, medical devices and others. The growth in popularity of such devices has already been extraordinary and seems to continue. According to an analytical report by statista.com, the projected global retail value of the wearable market is expected to reach 19 billion U.S dollars in 2018, which is more than ten times its value five years prior. Biotricity Inc. , Medtronic PLC, GoPro Inc., Garmin Ltd. and Fitbit Inc.
One of the more recent segments of the wearable devices market is the Medical devices segment. These devices designed to monitor, diagnose and in some cases even treat the wearer. Shipments of such devices will surpass 106 million in 2016 and revenue for the devices expected to cross $US 23,980 million, which is a 4.8% growth year over year.
The explosion of new wearable products puts giant companies Medtronic PLC in the same sector as small and young companies like Biotricity Inc., which has already developed two devices that will launch into the market this year, Bioflux and Biolife. Bioflux is an ECG (heart-rhythm) monitoring device with software to access a monitoring lab. The software component is already FDA approved and a standard for ECG monitoring in hospitals and cardiac clinics. The device allows remote diagnostic monitoring for up to 30 consecutive days, and is only available with a prescription. Biolife is more easily accessible. It is designed to provide health and lifestyle solutions by monitoring ECG, respiration rate, calories, temperature, physical activity and more.
In the middle of July, Biotricity demonstrated its revolutionary IoT-connected medical device at Shape, an AT&T Tech Expo held on July 15-16, 2016 at AT&T Park in San Francisco, CA. A month even before that announcement, the company filed for a 510(k) with the U.S. Food and Drug Administration (FDA). Biotricity stated that they expect to receive a response from the FDA on its 510(k) submission by early Fall.
The wearable cameras market has been shaky. The leader in this segment is GoPro Inc. , and while entering the market with a lot of success and enthusiasm, sales of the Hero 4 camera slowly declined naturally, and GoPro failed to provide a consistent stream of innovative products, putting a heavy emphasis on 360-degree filming.
The most popular wearable device segment so far are the fitness trackers. Companies like Garmin Ltd. and Fitbit Inc. are prominent players in this market. A new report by Technavio shows that fitness tracker popularity dominating the running gear market. The report projects growth of CAGR of 7.35% by 2020.
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