Wearable Technology Market Expected to Exceed $74 Billion By 2026 As Wellness Craze Kicks into High Gear
Palm Beach, FL – February 24, 2021 – In the last decade or so, technologies that didn’t exist before, are now everyday items in most consumers daily activities. New phones, new tablets, and watches that do what phones and tablet do! Industry reports from experts predict that the next market with this same growth potential will be wearable technologies market. Wearable technology is an emerging trend that integrates electronics to the daily activities and fits into the changing lifestyles and can be worn on any part of the body. A report from Mordor Intelligence projects that the Wearable Technology Market was valued at USD 27.91 billion in 2020 and is expected to reach USD 74.03 billion by 2026 and work at a CAGR of 17.65% over the forecast period (2021 – 2026). The report published that he ability to connect to the Internet and establishment of data exchange between a network and a device is the driving factor that leads to wearable technology. The study considered several wearable technologies, including Smartwatches, Head Mounted Displays, Smart Clothing, Ear Worn, Fitness Trackers, Sleep Aides and wellness devices among others. The report tracks both the volume and value of these products at a global level and region level in specific. The wearable technology market has evolved owing to the emergence of sensors among other technology. Incorporating these sensors into a dedicated wearable device driven by the impact of smartphones being used daily, on the GPS, or the IMU (consist of accelerometer, gyroscope, and magnetometer). These have helped the fitness tracking wearable to monitor body activities using these sensors. Active companies in the markets this week include Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB), Garmin® Ltd. (NASDAQ: GRMN), Kopin® Corporation (NASDAQ: KOPN), Vuzix Corporation (NASDAQ: VUZI), Alphabet Inc. (NASDAQ: GOOGL).
The Mordor Intelligence report continued: “The smartwatch category is also experiencing a rise, owing to the additional features, like the brand that suits the everyday lifestyle. Smartwatches are seeing a surge in new users, including the older population, because wearable makers, such as Apple and Fitbit, are adding health-monitoring features that appeal to older people and keep them updated about their health status in real-time. For instance, Apple features a fall detection app and an EKG monitor to the Apple Watch Series 4, while Fitbit added a feature to detect sleep apnea. In the completed the fiscal year 2019, Apple Inc. got nearly as much revenue from sales of its collection of wearable products and accessories as it arrived from selling its old Mac computers which appears well on its way to becoming its second most significant line of products after the iPhone and its third-largest business category overall after its smartphone and services segment. The company’s booming wearables and accessories segment helped to make up for the declining iPhone sales. In the period, sales of wearable and accessories products grew 54% in the last quarter of 2019 compared to the prior year to USD 6.5 billion.”
Hapbee Technologies, Inc. (OTCQB: HAPBF) (TSX-V: HAPB) BREAKING NEWS: Hapbee Announces Marketing Agreement with Kion – Hapbee Looks to Make Further Inroads into Wellness and Fitness Influencer Communities – Hapbee Technologies, Inc. (“Hapbee” or the “Company”), a wellness technology company utilizing groundbreaking magnetic field technology in its Hapbee wearable, is pleased to announce it has entered into a marketing agreement (the “Agreement”) with Kion, LLC (“Kion”), whereby Hapbee will be featured on the Ben Greenfield Fitness (“BGF”) podcast and in online marketing materials distributed by Kion.
Consistent with Hapbee’s D2C e-commerce strategy, which is anticipated to ramp up in Q2 of this year, the Company aims to enhance its exposure within wellness and fitness communities. Hapbee believes platforms such as the BGF podcast, as well as other social influencer and blogger channels, provide an ideal opportunity to connect with the Company’s target audience while educating them on the potential benefits of the Hapbee wearable.
Ben Greenfield is a human performance consultant, speaker, and New York Times bestselling author and has been a guest on the Joe Rogan Experience podcast. A former bodybuilder and 13-time Ironman triathlete, Ben is also a co-founder of KION, a nutritional supplements company.
“Hapbee is an incredible technology for improving mental wellness,” said Ben Greenfield. “It has benefitted me personally, and I look forward to sharing it with my audience.” To read this and more news for Hapbee Technologies, please visit https://www.financialnewsmedia.com/news-hapb/
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Other recent developments in the markets include:
Garmin® Ltd. (NASDAQ: GRMN) recently announced results for the fourth quarter and fiscal year ended December 26, 2020. Highlights for fourth quarter 2020 included: Total revenue of $1.35 billion, a 23% increase over the prior year quarter, led by robust growth in the marine, fitness and outdoor segments; Gross margin of 58.5% compared to 58.0% in the prior year quarter; Operating margin improved to 27.5% compared to 25.1% in the prior year quarter; and Operating income of $371 million, increasing 34% over the prior year quarter
Executive Overview from Cliff Pemble, President and Chief Executive Officer: “In a year filled with unimaginable challenges, Garmin delivered record revenue and profits,” said Cliff Pemble, President and CEO of Garmin. “Strong demand for active lifestyle products fueled our growth, and we expect these trends to continue into 2021. I am very proud of what we have accomplished in 2020 and look forward to the opportunities and challenges of the new year.”
Kopin® Corporation (NASDAQ: KOPN), an innovator and developer of wearable display technology for surgeons, recently announced they have signed an agreement with a major medical technology company to design a precision head-worn display system, the device, based on Kopin’s proprietary platform, will be integrated with the company’s advanced surgical systems.
HMDmd, based in San Diego, is an early-stage company focused on bringing to market wearable display products, engineered and customized specifically for integration into advanced robotic and endoscopic surgical systems. Kopin, which has licensed its intellectual properties in wearable display technologies and systems for surgical uses, holds warrants for a significant minority equity position in HMDmd. The goal of the partnership is to develop a head-worn display system which allows surgeons to physically maintain a more comfortable position during surgery while accessing high-resolution real-time information such as video images from a camera in the surgical field, diagnostic images and patient-specific data. The system aims to reduce fatigue for surgeons caused by frequently lifting and turning their heads to look at conventional monitors.
Vuzix Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, recently announced a strategic partnership with Rods & Cones, a provider of a fully virtual surgical-collaboration platform. Rods & Cones will add the M-Series Smart Glasses as an additional video capturing device to support optimized remote interactions between surgeons and experts.
Rods & Cones provides an end-to-end surgery proximity platform to securely connect an operation theater with remote assisting surgeons, product specialists, or medical professionals anywhere in the world to support optimal collaborative workflow. This platform, which is compliant with GDPR and HIPAA regulations, now includes both the Vuzix M400 and M4000 Smart Glasses. Using the 13 MP phased detect auto focus camera providing full 4K video streaming on the Vuzix M400 and M4000 Smart Glasses, the Rods & Cones platform will let frontline workers in the operating room, ICU or other medical facility, including surgeons, instrumentalist nurses and other healthcare professionals, provide broadcast quality imagery to others while interacting with patients and staff from a safe distance. This will allow remote platform users to triple the number of surgeries they can attend in a single day. Other use cases include learning curve management, expert escalation, onboarding training of new employees and overall service level differentiation.
Alphabet Inc. (NASDAQ: GOOGL) Developments: Fitbit has long gamified fitness by awarding badges, including lifetime ones, and trophies. The latest way Fitbit is encouraging users to move is a “Get in Your Zone Challenge” and is focused on Active Zone Minutes.
Update: The contest is now live with a new tile appearing on the “Today” feed after accepting. It opens a page that notes how much time is remaining and what badges you’ve earned. There’s also a daily recap at the bottom that notes the total, while providing a Cardio & Peak versus Fat Burn breakdown.
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