Strong Growth Expected for the Wearable Technology Markets

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The technology sector is constantly growing with new innovations. According to the new market research report "Wearable Technology Market" published by Scalar Market Research, the wearable technology market is worth $28.89 billion in 2016 and expected to reach $71.23 billion by 2021, growing at a CAGR of 18.9% from 2016 to 2021. Due to its constant technological advancements, high acceptance level of the consumers, and the innovative range of available devices make up the key driving factors highlighted in the wearable technology market report. Biotricity Inc., Fitbit Inc., Apple Inc., GoPro Inc., Alphabet Inc. 

The strong rise in the penetration of the smartphone devices is one of the key drivers for the wearable technology market. The growth smartphone usage along with the explosion of Internet of Things is expected to drive the global market, according to the research. The growing venture capital funding for numerous emerging market players is also a contributing factor for the overall augmentation of the wearable technology market, during the forecast period. 

Currently, medical technology company dedicated to refining healthcare by evolving solutions that aid chronic disease prevention and management, Biotricity Inc. (OTCQB: BTCY) has two products: Bioflux and Biolife. Bioflux is an ECG monitoring device that lets physicians diagnose as well as remotely monitor cardiac patients. Bioflux was recently received with the necessary 501k clearance from the Food & Drug Administration. Biolife is a medical grade personal heart monitor that provides patients with information of the performance of their heart and is not out in the market yet. Information such as respiration, physical activity, calorie burn, core body temperature, and more. 

Biotricity Inc. announced a partnership with Global to Local (G2L), an organization dedicated to providing programs that improve individual and community health by expanding access to healthcare services, and empower economic development in the most diverse and underserved communities. G2L has tested numerous chronic disease management devices and as of this date have not found any that can properly address the needs of patients, the needs providers, and the needs of health systems in a way that creates efficiency and reduces costs. 

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," 

Fitbit Inc. (NYSE:  FIT) has been the leader in the fitness and activity trackers market, yet sales have been disappointing this year. Recently, Fitbit has acquired smartwatch market, Pebble, to put much substantial importance on the smartwatch. "I draw an analogy with our own history at Fitbit," Co-Founder and Chief Executive Officer, James Park said. "The closest device you could draw a comparison to [when we started] was a pedometer. And we came up with a radical new concept around activity trackers and really transformed that market, and grew it into something of a size that people couldn't imagine." 

Apple Inc. (NASDAQ:  AAPL) smart watch has been an important product for the wearable technology market, and it's very likely that they want to continue its expansion in the industry. Lately, the tech giant's biggest update to the Series 2 Apple watch was that it had added a GPS tracking, meaning that users will no longer need to link it with their phone for mapping runs and or other activities. The new update allowed app makers for fitness enthusiasts, Runkeeper to take advantage of that change by offering more comprehensive stats and a detailed map. 

Alphabet Inc. (NASDAQ:  GOOGL) has tried previously and failed to make the Google Glass a successful product. But recently, Google Glass patient-charting solution startup Augmedix, finished a $23 million funding round that added new investors, OrbiMed and McKesson Ventures into the circle. The Augmedix Google Glass-powered service lets doctors search for medical records without the use of a computer saving doctors up to three hours a day. With the added funds, Augmedix plans to build out its team of approximately a thousand scribes and open new offices internationally to meet the growing demand. This signals a persistent interest in the use of wearable technology and augmented reality in the healthcare sector. 

GoPro Inc. (NASDAQ:  GPRO) has become a prominent name in the wearable technology market as it has introduced high definition wearable cameras, designed to help athletes self-document themselves engaged in sport, but has become a popular product among many who love to film their experiences, whatever they may be, and share them online. The company's products include HERO line of capture devices. From extreme to mainstream, professional to consumer, GoPro enables the world to capture and share its passions in the form of immersive and engaging content. It develops product solutions to enable consumers to capture, manage, share and enjoy some of the important moments in users lives.

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