MaRS Market Insights
Wearable Tech: Leveraging Canadian
Innovation to Improve Health
MaRS is a member of
Authors
Hadi Salah, Industry Analyst, Life Sciences &
Healthcare, MaRS Market Intelligence
Emily MacIntosh, Market Research Analyst,
MaRS Market Intelligence
Nirusan Rajakulendran, Market Research Analyst,
MaRS Market Intelligence
To download the original report, please visit
www.marsdd.com/news-insights/mars-reports/.
For further information, please contact Hadi Salah
at hsalah@marsdd.com.
Disclaimer: The information provided in this report
is presented in summary form, is general in nature,
current only as of the date of publication and is
provided for informational purposes only.
MaRS Discovery District, ©March 2014
Table of Contents
Quantifying life: The rise of the Quantified Self movement
4
Wearables
5
What are wearables?
5
A brief history of wearables
6
Applications: Wearables for health
8
Table 1. Incumbents: Wearables for health
9
Health and wellness wearables: Benefits
10
Benefits to physicians and other health providers
10
Benefits to health payers
11
Benefits to patients
11
Health and wellness wearables: Shortcomings
12
Target customers
15
Market landscape: Global market for wearables
16
Market segments
17
Wearables for fitness and sports
18
Wearables for medical and health
19
Canada’s wearables startups and innovators
21
Startup profiles
22
Researchers
31
Startup challenges
33
Manufacturing
33
Value proposition
33
Design and style
33
Privacy
33
Investment snapshot
Investor profiles
The future of wearables
34
35
39
Predictive guidance
39
Multiple functionalities in a single device
39
Wearables as a platform
39
Many losers, few winners
40
Prices drop, new business models emerge
40
References
41
Quantifying life: The rise of the Quantified Self movement
Quantifying life: The rise of the
Quantified Self movement
Quantified Self, also known as lifelogging,
That is what Quantified Self is all about. Tracking
is the use of technology to capture,
ourselves enables us to understand such things as
measure, track and analyze data from a
why we gain weight, how we learn, what irritates
us and what makes us happy. This leads to greater
person’s daily life. The types of data that
self-awareness, which can spur us to improve the
can be captured and tracked are infinite in
status quo. What has changed over time is how we
number, and the data collected are unique
track our data. Instead of pen and paper and journal
to the individual. For example, it could
entries, technology has rendered tracking metrics
include environmental data to understand
ideal temperatures for personal comfort,
simpler and automatic. Our repertoire of Quantified
Self tools is large and continues to grow—from
straightforward software and mobile apps to devices
one’s calorie intake in a day, the amount
such as smart scales to wearables that are continu-
of exercise had, or the number of tries it
ously worn by the user.
took to learn a new process.
Although the inception of the Quantified Self
movement can be traced back to Gary Wolf and
Kevin Kelly of Wired Magazine who coined the
term in 2007, humans have been tracking their
activities for decades, even centuries. One example
is Benjamin Franklin who, in his autobiography
published in 1791 1, described tracking 13 personal
virtues in a daily journal and marking his progress
in 13 different charts, one for each virtue. Franklin’s
motivation in quantifying this was to monitor selfimprovement and to accomplish his ambitions.
Users tend to use software tools, apps and devices
intermittently, recording data when they feel like it.
It’s an inconsistent and possibly biased approach. In
contrast, wearables have exploded onto the scene
in the last year mainly due their continuous and
automatic tracking functionality, helping Quantified
“Selfers” log their metrics with minimal effort. This
whitepaper explores wearables as an emerging
technology, with an emphasis on how it may impact
health and wellbeing.
4
Wearables: What are wearables?
5
Wearables
What are wearables?
Wearables are small electronic devices, often consisting of one or more sensors
and having computational capability. They are embedded into items that attach
to the body, such as a user’s head, feet, arms, wrists and waist. They can resemble
a watch, eyeglasses, clothing, contact lenses, shoes or even jewellery. Wearables
either capture data or present data. The types of data collected could be as
simple as the number of steps taken in a day or as complex as ECG or brainwave
measurements (Figure 1). For output, wearables can convey information to the
user through a variety of means, from the blinking of an LED light to a complex
display of data.
Figure 1: Incumbents: Examples of wearables, their
location on the user, and sample data collected.
Google Glass
Lumo Back
OMSignal
Calories Burned
Steps Taken
1,302
6,538
Stress Level
Body Temperature
86pts
37°
Sleep
Blood Pressure
120
80
8.5
4.0
HRS
HRS
REM
Fitbit
Heart Rate
Adidas
miCoach
845
745
352 University Avenue | Toronto, Ontario
A brief history of wearables
6
A brief history of wearables
Wearable computers have been around for several
Since the 1970s, the miniaturization of components,
decades. Two early pioneers are Georgia Tech’s
the switch to digital from analog, superior computing
Thad Starner, and Steve Mann. Starner strongly
power, better battery technology and capacity, the
advocated the potential of wearable computers
incorporation of wireless connectivity and reduc-
while completing graduate work at MIT and later
tions of overall costs have resulted in an eruption
working as a technical lead/manager on Google’s
of new products entering the market. In 2014, at
Project Glass. Mann is often described as the
the Consumer Electronics Show (CES) in Las Vegas,
“father of wearable computing” for building a
wearables emerged as a top trend, with new prod-
2
head-mounted computer device as a high-school
uct announcements from most major electronics
student in the 1970s. Mann currently researches
companies, and new startups covering a plethora of
wearables at the University of Toronto.
applications, with health and fitness being a key category 5 . A brief summary of notable events related to
Credit is also due Ed Thorpe and Claude Shannon,
who invented a cigarette pack-sized pocket computer
that was designed to predict roulette wheels in the
early 1960s 3 —one of the first wearable computers.
Later that decade, Hubert Upton, while working on
a personal project, invented eyeglasses that were
designed to aid with lip reading for hearing-impaired
individuals 4 . This exemplified the potential health
and wellness application of wearable technologies.
wearables is shown in Figure 2.
A brief history of wearables: Figure 2
7
Figure 2: A brief history of wearables.
1960s
1970s
1980s
Ed Thorpe and Claude Shannon
HP releases the HP 01
Steve Mann builds the
invented a cigarette pack-sized
calculator watch
WearComp1 – a backpack-based
pocket computer that was
system capable of displaying data
designed to predict roulette
on a head-mounted micro display
wheels. The device was easily
and wireless communications
concealed in a shoe.
1990s
2000s
2010s
Steve Mann developed the
First generation iPhone is
A plethora of consumer
“Wearable Wireless Webcam”
released, revolutionizing
wearables hit the market,
pocket computing.
including Nike FuelBand,
Fitbit, Google Glass
Sources:
1980
Mann, Steve (2013): Wearable Computing. In: Soegaard,
Mads and Dam, Rikke Friis (Eds.). The Encyclopedia of Human-Com1960 http://www.slashgear.com/cracked-glass-why-wearables-are
puter Interaction. 2nd ed. Aarhus, Denmark: The Interaction Design
the-next-security-maelstrom-04284709/
Foundation. http://www.interaction-design.org/encyclopedia/wearable_computing.html
1970
http://www.media.mit.edu/wearables/lizzy/timeline.html
1990
http://www.interaction-design.org/encyclopedia/wearable_
computing.html
Applications: Wearables for health
Applications: Wearables for health
Health and fitness, and other medical applications, are areas where wearables
are expected to play a transformative role. However, the application of wearable
devices has potential in any industry where hands-free data collection is highly
valued. Wearables can be generally divided based on consumer or non-consumer
applications. These two categories can be further segmented based on the
particular sector the product targets.
The consumer market segments for wearables include: 6
General consumer
Fitness and sports
Fashion and apparel
Home automation and remote identification
Gaming and recreation
The non-consumer market segments include: 7
Defence and security
Enterprise and industrial
Healthcare
Wearables for health (including fitness, wellness and medical applications)
are some of the early applications that have already gained traction. Notable
examples are shown in Table 1. Their success so far is not a surprise, as they
have already shown clear benefits to the user in a number of ways.
8
Table 1. Incumbents: Wearables for health
9
Table 1: Incumbents: Wearables for health
Nike
Founded in the US
in 1964.13 One of the
world’s best-known
sports brands.
Product: Nike+ FuelBand, one of the bestknown fitness wearables on the market 14
Fitbit
Founded in 2007,
Function: All-day activity tracking of calories
headquartered
burned and steps taken. 15 Activity is quantified
in San Francisco. 8
using “Fuel”, a metric developed by Nike as
Raised over $96
“a single, universal way to measure all kinds
million from VC. 9
of activities” 16
Price point: $150–$170 USD 17
Products: Two wristbands (Force and Flex)
and two clip-on trackers (Zip and One), in
addition to a wifi-enabled smart scale (Aria). 10
Jawbone
Founded in 2006,
The Fitbit Premium service provides users
with additional training guidance and reports 11
headquartered
in San Francisco.
Raised $189 million
in funding, valued
Functions: Tracks steps, distance covered,
calories burned, floors climbed, and sleep
quantity and efficiency
at $1.5 billion. 18
Price points: $60–$130 USD 12
Product: UP wristband-based fitness tracker
Function: Track steps, calories burned,
distance covered, pace, active vs. inactive
time, and sleep quantity and quality 19
Price point: $130–$150 USD
Health and wellness wearables: Benefits
10
Health and wellness
wearables: Benefits
Benefits to physicians and other
health providers
1
An array of potential benefits stems from the
2 3 4 data
5 6 for
8
7 improved
Patient
services
Wearables enable patients to capture health data
use of wearable devices for health. These tools
that would otherwise go undocumented. This data
can be leveraged whenever information or
can be captured as the patient goes about his or her
communication is required, a hands-free interface
day-to-day activities, rather than under the stress of
is helpful 20 and consistent monitoring is bene-
a medical appointment. Physicians and other health
ficial. Though wearables for health have not yet
professionals can then use this newly available data
achieved broad, mainstream usage, one can
to improve the diagnosis, treatment and management
already see the many ways in which they could
of various illnesses, effectively increasing the quality
benefit health providers, health payers, and
of the services they offer. 21
individuals.
1
2
3 4 5 6 7for8 efficiency in sterile/aseptic
Hands-free
environments
The hands-free nature of many wearable devices is
beneficial to health professionals working in sterile
environments because, when worn, they preclude the
need for surface sterilization. For instance, in an operating room where hand washing is required, physicians and other staff can use Google Glass to continuously receive information throughout surgery without
needing to use their hands. 22 Enabling multi-tasking
through hands-free information or communication
also assists these professionals by increasing work
efficiency. 23
1
2
3
4 5 6 and
7 8collaboration from the first-person
Training
point of view
Wearables with video and audio capability will enable
unique new training and collaboration opportunities
for medical professionals. Users will be able to film
procedures as they are performed, creating extremely
effective first-person point-of-view medical training
materials. Additionally, wearers can connect to other
professionals, creating the opportunity for real-time
collaboration (e.g., with specialists) during procedures,
potentially improving patient outcomes.24
Health and wellness werables: Benefits
11
Benefits to health payers
1
2 3 4 5 as6 levers
7 8 to improve plan members’
Wearables
health (and thereby decrease costs)
Insurers and corporations are looking to wearables
as tools to improve plan members’ health and thereby
reduce costs. 25 Insurers such as California’s Blue
Shield have offered incentives such as reduced
premiums to plan members who use their specified
wearable and demonstrate improved activity. 26
Other insurers have focused on incentivizing the use
of wearables through point-based reward systems, or
cash. 27 Similarly, some corporate wellness programs
include wearables as a means of tracking daily
activity as a part of group competitions or other
motivational programs. 28 Regardless of the incentives chosen, these programs demonstrate the
clear cost benefit of using wearables to improve
plan members’ health.
Benefits to patients
1
2 3 4 5 health
6 7 8outcomes through sustained
Improved
motivation
It’s long been known that measurement (of both a
baseline state and progress) is a key component to
improvement. The same applies to health, with even
basic pedometers showing a measurable impact
through better health outcomes. 29 Consumers
find tracking their exercise and other health data
motivating. In a survey, 52% of wearable owners
indicated that they primarily use their devices to
stay motivated. 30 Keeping track of accomplishments
and seeing them visually represented inspires users
to continue pursuing their goals. 31 Forrester Research
found that with wearables incorporating techniques
such as gamification, social sharing and digital
coaching, it “make[s] it easier for people to go
to the gym every day.” 32
Health and wellness wearables: Shortcomings
1
2
12
cost of sensors and other components, 35 combined
3 4 of
5 data
6 7 collection
8
Ease
Wearables for health will likely be attractive to
with economies of scale, will ensure that the price
individuals wishing to track their vital signs and oth-
of wearables continues to decrease as their popularity
er metrics throughout the course of their day or
increases.
particular activities.
33
The concept of Quantified
Self is gaining in popularity and wearable devices1
2
3
4
5 6 7care
8
Better
have automated the data collection. Rather than
Wearables, whether used by the patient or the
focusing on estimating, measuring, documenting
health professional, have the potential to improve
and calculating individual metrics at particular
medical care. In addition to the benefits that health
points in time, users can simply put on a wristband
professionals can leverage in the delivery of care to
(or other) device. With this ease of data collection,
patients, wearables can also benefit the wearer by
users can acquire more data across broader time-
helping them better quantify their health 36 and com-
frames than could be achieved manually.
municate it to their healthcare providers. Consumers’
newfound ability to track and share their own health
1
2
3
4 5 6accessible
7 8
Highly
technology
data is also effectively democratizing medicine,37
With many devices’ price points landing around
allowing patients to take control and demand
the $100 mark, wearables for health are afford-
better care.
able tools, accessible to many.
34
The declining
Health and wellness wearables: shortcomings
Accompanying wearables’ potential benefits are some current shortcomings. As a new technology,
these tools require further refinement before they are ready for broad, mainstream adoption.
1
2 3 4 5 6 regulatory
7 8
Unaddressed
and policy issues
has already highlighted the issue: “As everything
The regulatory requirements for medical devices
from glasses to watches to thermostats become
are well established worldwide, but new wearables
Internet-connected, those gadgets become vulnerable
are not required to play by the same rules. Wear-
to malware and other security and privacy issues.”39
ables are designed to capture personal data and
As the wearables space rapidly evolves and policy
transmit it for analysis or sharing, but little has
issues emerge, consumers will likely look to govern-
been established with respect to responsibility for
ment to establish roles and responsibilities relating
when that information lands in the wrong hands.
to matters such as privacy, security, data ownership,
These new technologies are operating in a regula-
and consent.
tory and policy grey area. 38 MIT Technology Review
Health and wellness wearables: Shortcomings
1
2
3 4 5 6difficulties
7 8
Technical
13
1
2
3
4
5 6 7 8
Unwillingness
to deliver insights, interpretation
As with many new technologies, wearable devices
or coaching
are facing hardware and software issues that may
Continuous tracking of one’s activities generates a
hamper widespread adoption.
large volume of data in a short period of time. This
40
The incorporation
of sensors and computing power into ever-shrinking
data only becomes valuable though once it is “stored,
devices designed to be worn on the body present
managed, normalized, and interpreted”48 for (or
physical challenges. A common concern is water-
by) the user. Providing these insights and coaching
proofing, since sweat or washing can introduce
could, however, be interpreted as medical advice and
damaging moisture into the wearable. Additionally,
thus the product would enter the medical device
the devices’ compact size can result in constrained
space. Often, consumer-focused wearables are wary
power reserves
of moving into this area due to stringent industry
41
and displays.
43
42
or frustratingly small screens
Hardware issues have already been
regulations. As a result, “the user has to do a lot of
observed in the market: in 2011, Jawbone’s UP
work” 49 to overcome the existing “lack of actionable
product experienced circuit board problems that
context.” 50 Many wearables continue to bypass the
impacted charging, data collection and, at times,
development of robust guidance or coaching to avoid
overall function.
being classified as a medical device, and consumers
44
are likely not achieving their potential because of
1
2
3
these business choices.
4 5 data
6 7quality
8
Poor
While the performance and functionality of the
1
sensors are key factors for health and fitness
applications,
45
2
they are of critical importance for
3
4
5
6 7 8
Impracticality
of device designs
Growing evidence shows that up to one third of
wearables classified as medical devices. These
consumers who purchase wearables stop using
products risk a recall by the U.S. Food and Drug
the devices within six months.51 This is likely related
Administration (FDA) and/or Health Canada if they
to the impracticality of device designs, as consumers
provide inaccurate readings.
have expressed strong interest in how devices feel
46
Some wearables
currently on the market have produced noticeably
when worn.52 The use of wearables may simply prove
incorrect data, leading consumers to question
too awkward and unworkable for broad adoption.
the utility of the devices. One product that has
Beyond the “feel,” users are also likely concerned
generated this type of user complaint is the Nike+
about social acceptance: “wearing a screen to the
FuelBand, which “undercounts or overcounts
right of one’s nose may appear a little strange,” 53
certain types of activity.” 47 Companies must focus
and “making odd, random gestures, pointing, jabbing,
on improving data quality to ensure next-generation
plucking, and talking [to oneself]” are not yet part of
devices meet consumers’ expectations.
expected social behaviour. With time, however, these
activities may become as accepted as our commonplace use of mobile phones and other technologies.55
Health and wellness wearables: Shortcomings
1
2
3
4
5
6
7 8
Unfashionable
designs
1
2
3
4
14
5
of years without the need for modern wearable tech-
ZDNet (a leader in IT news and analysis) went as
nology. History shows that humans do not require
far as to call many devices “ugly” and noted that
these tools in order to be healthy, yet consumers
“tech companies aren’t always the best purveyors
are still motivated to purchase them, likely due to
56
Other descriptors of wearable design
57
Consumers
to recognize the drivers behind different wearable
applications — and to address these with the best
at least have “the design aesthetics of a company
of intentions.
58
As Frost & Sullivan emphasized, “the
and comfort) of consumer goods need to be given
serious attention if tech companies are to achieve
mainstream adoption among consumers.” 59
6
worries about health and mortality. It is important
prefer products that do not look like devices, or
more aesthetic elements (e.g., branding, design,
5
Preying upon human insecurity
many existing wearables are not attractive devices.
like Apple.”
4
8
Humans have survived on this planet for thousands
have included “clunky” and “dorky.”
3
7
Though efforts are underway to counter this,
of fashion.”
2
6
7
8
The
cost of inactivity
This drawback is directly related to the healthcare
payers’ usage of wearables. If these devices can
show an individual’s health and fitness efforts and
reward them accordingly, then the devices can also
be used for the opposite purpose. As Forrester
Research concluded, “as fitness wearables track
the activities of more and more employees,
for-profit healthcare systems will both reward
adherents to an active and healthy lifestyle ...
and punish non-adherents.” 60 Although the shift to
more personal responsibility for one’s health may
seem generally positive, it could also prove detrimental to those who, for one reason or another,
cannot achieve the activity benchmarks defined
by payers.
Target customers
15
Target customers
As relatively new products, wearables are generating initial interest among a select
group of consumers and health professionals. The demographics of the target consumer
are summarized in Figure 3.
Figure 3: A typical target customer for wearables
CURRENT DEVICE OWNERS
Average age of 36,62 on the contrary
analysts are also predicting expected
future shift: Baby Boomers63
4%
OF ONLINE
ADULTS
8 Million
Nearly equal interest
from males & females64 65
US CONSUMERS
Higher household incomes
than average consumers 67
have traits that imply they’d be interested
in purchasing a wearble device for fitness61
Likely to already own a
smartphone.69 Open to new
technology & applications70
FUTURE DEVICE OWNERS
More women
buying wearables
As prices decrease,
income will not be
a predictive factor 68
25 to 44
years old
in range
Health status and interest:
Healthy and health-conscious 71
Tom Emrich, a wearables expert and super user, puts it well:
“As we see more fashion come into play, this may become one
technology that’s used more by females. A lot of [wearables] are
considered jewelry. If devices become more fashionable, it’s a
women’s market.” 66
Unhealthy, but striving to
be healthier
Regular consumer of organic
or natural products & likely to
exercise in spare time 72
Specialists and professionals
Currently, the majority of wearable devices are
Professional early adopters are likely to be similar in
consumer-targeted products. As the market matures,
profile to consumer early adopters: well-educated,
it is expected that new uses will emerge for existing
high-earning Gen-Xers who are open to new technol-
devices (e.g., viewing patient vitals on Google Glass
ogy. However, despite choices by the early adopters,
during surgery ), and that new devices will be devel-
products that can provide (and scientifically demon-
oped specifically for certain professions (e.g., PUSH
strate) the most benefit in relation to cost are likely
for sport scientists). Some potential applications
to be the ones purchased at the institutional level in
for wearables in health professions include surgical
healthcare. Adoption of certain technology by hospi-
assistance, medical training, diagnosis and patient
tals, research centres or universities will ensure that
monitoring. Due to the diverse potential applications,
the selected devices gain a demographically broader
healthcare has become the largest non-consumer
user base.
73
74
segment for wearable technologies.
75
Market landscape: Global market for wearables
16
Market landscape:
Global market for wearables
As noted, the wearable devices market
numbers vary as analysts work to grasp this evolving
has grown dramatically over the past few
market. For 2014, sales estimates by research firms
years as advancements in electronics,
ranged from less than 50 million units to more than
200 million units annually.79 Looking ahead to 2018,
material sciences and sensor technologies
ABI forecasts that annual shipments will increase to
have allowed innovative startups to create
485 million units. In contrast, MarketsandMarkets,
relatively inexpensive devices. Other driv-
another research firm, predicts that by 2018 the total
ers, such as consumer interest in personal
shipment of wearable electronic products will expand
health and fitness, have helped to propel
this market forward.
to 134 million units.80
In terms of global revenue, market research estimates
range from $4.65 billion81 to $9.17 billion.82 Firms
Consumers have responded with their wallets.
varied greatly in their projections for 2018, ranging
For example, Pebble has sold about 190,000 units,76
from a conservative $6 billion 83 to an optimistic
Samsung sold over 800,000 units of their Smart-
$30.2 billion.84 (Figure 4)
Watch in just two months,
77
and Nike has sold
between one to two million FuelBands.78
Figure 4: Estimated range for the
wearables market 2014-2018
The market for wearable devices is both broad and
varied. These devices range from simple wristwatches
$30.2 B
that count calories (like the Nike Fuelband) to continuous glucose monitors (like the MiniMed Paradigm®
from Medtronic) to heads up display, or HUD, monitors (like SNOW2 from Recon Instruments). Manufacturers are developing creative ways to fit these
devices on and with the human body. This market
is poised to accelerate over the next few years as
innovative ideas come to market and consumer
interest and knowledge grows.
$9.17 B
$6 B
$4.65 B
Initial estimates by market research firms confirm
the growing interest in this field. However, the
2014
2018
Market segments
17
The wide disparity in market numbers shows that in-
of the internet, when there was a lot of early hype
dustry experts are still uncertain about the wearable
although most of the expectations were only realized
technology market. Some analysts believe that con-
after a decade or so of growth.85 In order for man-
sumer interest in this market is overinflated and that
ufacturers to translate “hype” into sales, they must
it will take some time for interest to grow. JP Gown-
focus heavily on educating their consumer base
der, Vice President and Principal Analyst at Forrester
on the true benefit of a wearable device. A recent
Research, believes that “…the wearables market is,
survey conducted by IDC affirms a similar message
in fact, suffering from a bit of a hype bubble.” In his
that consumers are still unsure about the true value
blog, Gownder draws a comparison to the early days
proposition of wearable devices.86
Market segments
Consumer applications are the largest component of the overall market. BCC Research published the most
comprehensive study on the topic, projecting the market to grow from $6 billion in 2014 to $22.1 billion in
2018. The non-consumer market accounts for the rest: $3.2 billion in 2014 and $8.1 billion in 2018 (Figure 5).
Figure 5: Market size for consumer and non-consumer
applications by application and region, 2014-2018
65%
2014 | $9.2B
CONSUMER
35%
NON-CONSUMER
$6.0B $3.2B
APPLICATIONS
REGIONS
APPLICATIONS
REGIONS
GENERAL CONSUMER
NA
$2.3B (38.3%)
HEALTHCARE
NA
$1.5B (47%)
EU
$2.0B (33.3%)
DEFENCE & SECURITY
APAC
$1.1B (18.3%)
ENTERPRISE & INDUSTRY
$2.5B (42%)
FITNESS & SPORT
$2.4B (40%)
GAMING & REC
$623M (10%)
HOME, AUTO & REMOTE ID
$281M (5%)
FASHION & APPAREL
$110M (2%)
$1.1B (34%)
$1.0B (31%)
EU
$839M (26%)
APAC
$636 (20%)
$1.1B (34%)
ROW
$525M (9%)
ROW
$220M (7%)
Wearables for fitness and sports
18
Figure 5 (Contd): Market size for consumer and non-consumer
applications by application and region, 2014-2018
2018 | $30.2B
73%
27%
CONSUMER
NON-CONSUMER
$22.1B $8.1B
APPLICATIONS
FITNESS & SPORT
$5.1B (23%)
REGIONS
NA
$7.6B (41%)
APPLICATIONS
REGIONS
HEALTHCARE
NA
$3.4B (41%)
$1.1B (34%)
GENERAL CONSUMER
$13.2B (60%)
GAMING & REC
EU
$6.9B (28%)
APAC
$5.3B (22%)
$2.0B (9%)
HOME, AUTO & REMOTE ID
ROW
$2.3B (9%)
$1.4B (6%)
DEFENCE & SECURITY
$1.0B (31%)
ENTERPRISE & INDUSTRY
EU
$2.3B (28%)
APAC
$1.8B (22%)
$1.1B (34%)
ROW
$715M (9%)
FASHION & APPAREL
$395M (2%)
Wearables for fitness and sports
Fueled by the Quantified Self movement, wearables
these tools help motivate users to realize personal
for fitness and sports have captured the attention
goals such as maintaining a healthy weight and get-
of enthusiasts and consumers alike. Wearables for
ting the proper amount of sleep. These devices help
this market sector measure data such as heart rate,
consumers gain a deeper understanding of their own
step count, calories burned, breathing rate, balance,
body and, in the process, recognize the necessary
explosive strength, and much more. These devices
next steps to improve their overall health.
are generally simple in form and function and are
marketed towards professional and amateur athletes,
The fitness and sports segment is currently expe-
coaches, parents of athletes, and health-conscious
riencing fierce competition as companies like Nike,
consumers. Customers are interested in fitness devices
Jawbone, Fitbit, Philips and Samsung battle for space.
like the Fitbit Flex and the Jawbone UP because
The total market size is summarized in Figure 6.
Wearables for medical and health
19
Figure 6: Market for sports and fitness wearables, 2014-2018
2018
2014
$2.4B
NA 44% EU 38% APAC 11% ROW 8%
$5.1B
NA 41% EU 36% APAC 12% ROW 11%
Wearables for medical and health
The potential applications of wearables for medical
the University of California San Francisco, is currently
and health purposes are vast. For the patient, a
using Google Glass in the operating room. 88 Glass
wearable device can collect information on heart
is a wearable device with a head-mounted display
rate, brain activity, sleep patterns, glucose levels,
that allows users to record and view videos and images,
blood pressure, stress levels and more. And such
browse the web, and run third-party applications. Dr.
a device enables better sharing of insights with
Theodore uses the device to view pre-loaded X-ray
physicians and/or caregivers. For example, the
and CT scan images while performing surgery. For
BodyGuardian Remote Monitoring System® by
Dr. Theodore, Google Glass allows him to focus on
Preventice® is a wearable cardiac sensor that
the patient at all times and not leave the operating
allows physicians to monitor patients’ biometric
room or switch to another system in order to view
signals. This FDA-approved device monitors
medical images. 89
non-lethal arrhythmias in ambulatory patients and
delivers this information wirelessly to healthcare
Wearable devices used for medical and health
professionals.
purposes are often relied upon to provide vital
87
Wearable devices are opening the
door for physicians to oversee and deliver care
information and thus assurance about accuracy and
outside the clinic.
reliability is critical. In most cases, wearables used
in a clinical setting must receive approval from a
Physicians and other healthcare workers are also
regulatory body. These devices generally provide a
experimenting with wearable technologies in their
greater level of accuracy over fitness devices and
practice. As an example, Dr. Pierre Theodore, a
are customized to meet the needs of the healthcare
lung surgeon and assistant professor of surgery at
provider and patient.
Wearables for medical and health
20
Healthcare is currently the largest market segment
for this market segment (as seen with fitness
in the non-consumer application of wearables.
devices) will come from North America (52%), fol-
(Although by 2018, it is predicted that the enterprise
lowed by Europe (26%), Asia-Pacific (16%) and the
and industry market segment will take the lead. 90 )
rest of the world (7%). 92
The global healthcare market revenue for wearable
devices is estimated to reach $1.1 billion in 2014 and
The total market size for medical and healthcare
grow to $2.9 billion by 2018. 91 The majority of revenue
wearables is summarized in Figure 7.
Figure 7: Market for medical and health wearables, 2014 - 2018
2014
$1.1B
NA 52% EU 26% APAC 16% ROW 7%
2018
$2.9B
NA 44% EU 25% APAC 20% ROW 11%
Canada’s wearables startups and innovators
Canada’s wearables startups
and innovators
In Canada, the wearable device startup and researcher
ecosystem is thriving. World-class startups have emerged
in recent years from different corners of the country,
with clients across the globe. Leaders in this industry
are profiled below.
21
Startup Profiles: Airo Health
22
Startup Profiles
Airo Health
Funding: Undisclosed
Revenue: Pre-revenue
Number of employees: 5
HQ: Waterloo, ON
Device: AIRO
Application: Nutrition, exercise, stress & sleep tracker
Body location: Wrist
Release date: Mid-2015 (expected)
Price: $199
Founders:
1
2 3 4Kumar,
5 6 25
71
Naman
82
3 4 5 6DeVries,
7 8
Emmanuel
24
Airo Health began as a University of Waterloo project
Business model
and then spun off into a startup. Leveraging the
For consumers, Airo Health is considering a “one-time
Velocity Garage mentorship and resources, the two
price [for the wristband] with free online services.”
founders began developing AIRO. This wearable,
Though post-procedure aftercare and other medically-
described as “one band for all your health goals,”
focused markets are promising, the company has noted
is intended to help users manage and control the
that the business model may need tweaking: “As soon
four pillars of one’s health:
as you move into the healthcare space, the stakeholders completely change. It’s almost a given that
1.
Quality of diet
different business models will have to be used to
2.
Effectiveness of exercise
traverse that territory.”
3.
Management of stress
4.
Nature of sleep
Timing
With the growing awareness of health and factors
Target customer
Airo Health is targeting its first product to health-
that influence it, founder Naman Kumar feels that it’s
“the perfect time to bring out a device that essentially
conscious individuals between the ages of 18 and
gives [individuals] control over their own health.
56 who “want to live better and want to understand
Wearable computing is the most convenient way for
what’s going on with their own bodies.”
everyday folk to have access to this kind of a utility
and facility.”
Startup Profiles: PUSH Design Solutions Inc.
23
PUSH Design Solutions Inc.
Funding: $900,000
Revenue: $150,000
Number of Employees: 10-12
HQ: Toronto, ON
Device: PUSH
Application: Fitness & sports
Body location: Arm
Release date: Summer 2014 (estimated)
Price: $149.00 USD
Founders:
1
2
1
2 3 Alhamad,
4 5 6 26
3 4 Lovas,
5 6 33
7 1 8 2 Mike
7
Rami
3
4 5 6Joshi,
7 829
Suresh
8
Toronto-based startup PUSH Design Solutions Inc.
Initially the company went overseas to find a partner—
focuses on providing professional athletes with sci-
however, due to shipping delays, communication issues
entifically validated data so that they can maximize
and turnaround problems, the company is now seeking
their strength-training exercises. Through the use of
local suppliers. In our discussion with startups across
a wearable device and a mobile application, athletes
Canada, most felt that manufacturing and design were
can track fitness metrics such as reps and sets,
among the greatest challenges in this market.
force, power, balance, speed and explosive strength.
The PUSH armband allows athletes to review their
Startup environment
training and share their results with coaches, train-
Canada is home to a number of innovative startups
ers and friends.
that are gaining international attention. We asked
PUSH CEO, Rami Alhamad, what he thinks of this
Target customer
growing interest in wearables in Canada. His opinion?
The device is currently being marketed to professional
“It’s absolutely fascinating to be honest. To think that
athletes, trainers and coaches. PUSH wants to ensure
we’re such a small country, relatively speaking, com-
that the product succeeds in the professional market,
pared with our neighbours down south. And we are
and then translate what they learn from the initial
coming up with some of the leading wearable devices
launch and scale the product for general consumers.
out in the market right now!”
Challenges
One of the key challenges for PUSH was finding the
right manufacturing partner to deliver their vision.
Startup Profiles: Engage Biomechanics
24
Engage Biomechanics
Funding: $240,000
Revenue: Pre-revenue
Number of employees: 3
HQ: Toronto, ON
Device: PosturePod
Application: Medical (prevention of pressure ulcers)
Body location: Chest
Release date: Fall 2014 (estimated)
1
2
3
4
5
6
7
8
1
2
3
4
5
6
7
Price:
Not available yet
8
Founders:
1
2 3 4 Eckford,
5 6 7398
1
Andrew
2
3 4 5H. 6Gage
7 8
William
Engage Biomechanics was founded in 2012 as a
Importance of partnerships for device
York University spin-off. The idea for the device
development
stemmed from a chance conversation between two
Mirvise Najafe, VP of Operations, emphasized the
professors (the founders) and a nurse regarding
importance of strong relationships with healthcare
common issues in the long-term care sector. The
facilities. He notes, “We work with them hand-in-hand
wearable under development is designed to prevent
to ensure integration with their systems. The part-
pressure ulcers, commonly known as bedsores. The
nerships that we build are a solid component to [our
device will detect the position, posture and motion
device] being a plausible solution.”
of a bed-bound patient and will notify personnel
when proactive intervention is required. In the
Future of wearables
future, Engage Biomechanics intends to launch
Engage Biomechanics believes that, in future, single
additional wearable technologies to aid in elder care,
data sets will offer limited value and that instead the
such as devices to help prevent falls and manage
focus will grow into “predictions of certain events,
wandering.
or longer-term insights, both of which stem from an
integration of multiple data sets.”
Business model
To appeal to institutional buyers, such as hospitals
and long-term care homes, Engage Biomechanics
is considering a subscription model. “We may not
charge for the device upfront, but instead have a
monthly subscription that includes the device, the
maintenance and the SAP subscription.”
Startup Profiles: Impakt Protective
25
Impakt Protective
Funding: $1.4 million
Revenue: Under $1 million
Number of employees: 4
HQ: Kanata, ON
Device: Shockbox
Device: Playbox
Application: Sports
Application:
(detection of head impact)
Sports performance
Body location:
Body location:
Head (helmet)
Torso/chest
Release date: 2011
Release date:
Price: $149
Summer 2014
Founders:
1
2 3 Crossman,
4 5 6 7 41
81
Danny
2
3 4 Clark,
5 6 43
7
Scott
8
In 2010, Danny Crossman and Scott Clark founded
signed a contract with the Moscow hockey federation
Impakt Protective, building upon helmet-based sen-
so every eight- to eighteen-year-old in Moscow playing
sor technology that Crossman had developed for
hockey will be wearing Shockbox.”
the military several years earlier. The company’s
first product, Shockbox, is a miniature sensor that
Challenges
is placed inside helmets. It is designed to measure
Crossman points out that some Shockbox marketing
the magnitude and frequency of impacts to the
challenges stem from the fact that “traditional team
head during sports. Its companion app then alerts
sport is fairly old-school: it’s not a technology-rich
the wearer if their brain has undergone an impact
environment.” His view is that it is likely easier to
that would put them at risk of concussion, prompting
sell to individual athletes (such as skiers, runners
them to remove themselves from play and seek
and cyclists) who are more familiar with using sport
medical attention. Impakt Protective’s next wearable,
technology.
Playbox, will leverage sensors to measure sports
performance.
Future of wearables in sport
In the future, Impakt Protective believes certain
Target customer
wearables will be required for particular sports.
The Shockbox product is aimed at team sport coach-
Crossman notes, “Look at things like neck guards
es, trainers, and (depending on the wearer’s age)
and hockey: you have one NHL instance where
the player or their parents. Impakt Protective has
somebody got cut in the throat and now every kid in
already had success selling their devices to organi-
hockey wears a neck guard. Helmet sensors for the
zations. Crossman explains, “We’ve got whole hockey
head impact side will be regulated. It will be a man-
leagues in Toronto using them. Alberta high-school
datory addition.”
football organizations are using them. We just
Startup Profiles: InteraXon
26
InteraXon
Revenue: Undisclosed
Funding: $7.2 million
Number of employees: 35 HQ: Toronto, ON
Device(s): Muse
Founders:
1
2 3Garten,
4 5 34
6
Ariel
1
2
3 4 Coleman,
5 6 7 34
8
Trevor
2
3
4 5 Aimone,
6 7 835
Chris
Application:
Health & wellbeing
Body Location: Head
1
7
8
Release Date: May 2014
Price: $299 USD MSRP
Toronto-based InteraXon is the creator of Muse:
Finding Talent
the brain-sensing headband. Muse is a brain fitness
Acquiring talent is one of the most challenging
tool and wearable device that consists of a light-
aspects of running a startup. However, for InteraXon
weight headband with seven EEG sensors designed
CEO Ariel Garten, identifying talent in Ontario was
to detect and measure brain activity, just as a heart
not a problem. “Many times people have asked me,
monitor measures heart rate. The user’s brain
‘Oh, why don’t you go down to (Silicon) Valley?’”
activity is converted into audio and visual feedback
Garten explain, “And I respond with ‘no, there’s
that is displayed on a tablet or smartphone. With
competition for talent in (Silicon) Valley, and here
real-time information, users can understand how
(in Ontario) we have very, very talented engineers
their brain is functioning and adjust their mind to
and some of the best machine learning groups in
achieve better results.
the world.”
Target Customers
Startup Hurdles
The target customers for Muse are individuals who
For Ariel and her team, some of the challenges
are looking to decrease stress and improve cognitive
that they faced early include identifying a manu-
function. Examples of customers include students
facturer, managing their inventory, and community
who are looking to do better on their exams, parents
management.
with children who are looking to reduce stress,
executives who want to be able to perform more
effectively in the workplace and the elderly who are
hoping to improve and maintain their cognitive
function as they age.
Startup Profiles: Kiwi Wearables
27
Kiwi Wearables
Funding: Undisclosed
Revenue: Undisclosed
Number of employees: 5
HQ: Toronto, ON
Investment: $160,000
Device: Kiwi Move
Market segment: Developers, Makers, Builders
Body location: Arm, wrist, ankle, collar & chest
Release date: July 2014
Price: $125 USD (pre-order price)
Founders:
1
1
2 Nawab,
3 4 5CEO,
6 32
2
8
7
1
Ali
3
4
5 6Patel,
7 832
Zaki
1
2
3 4 Mayrand,
5 6 7
2
8253
1
Olivier
4
5
6 7 8
Ashley
Beattie, 32
2
3
4 5 David
6 7 Chibuk,
8
John
25
Toronto based startup Kiwi Wearable Technologies
significant market interest from B2B players. For both
Ltd. focuses on solving problems for developers
markets, Kiwi is working to ensure that a reliable and
and builders in the wearable technology space.
stable product is developed and shipped quickly to
The company initially started with a development
fully address their needs.
kit that allowed developers to stream raw sensor
data in less than 2 minutes, and now has built
Technology
up an open wearable technology stack that lets
Kiwi is focused on developing open technology sys-
developers build applications without advanced
tems that incorporate privacy by design. The team
knowledge of embedded electronics, kinematics
focuses on using existing and scalable components
or signal processing. The founding team has a blend
to their solutions to ensure that they can be used as
of experience in design, software development,
further down the value chain as possible by develop-
embedded systems, big data and general
ers. Kiwi is also building technology that blends into a
management consulting.
user’s daily lives by being significantly less obtrusive
than the wearable devices available today.
Target Customers
The target customers for Kiwi are developers, who
Developer Community
are interested in prototyping, building and operating
Kiwi has a rapidly growing community of early adopters,
their personalized wearable technology applications.
who have purchased developer kits and provided
These individuals or organizations are familiar with
feedback in addition to building innovative applications
rapid prototyping, 3D printers and basic web pro-
on the Kiwi platform which include 1) smoking cessation
gramming languages. In addition, Kiwi is also seeing
app 2) electronic pillbox and 3) soccer free-kick appli
cation amongst others.
Startup Profiles: Lynxio
28
Lynxio
Funding: Undisclosed
Revenue: Pre-revenue
Number of employees: 1
HQ: Toronto, ON
Device: Lynxio
Application: Physiotherapy
Body location: Knee
Release date: Undisclosed
Price: Undisclosed
1
2
3
4
5
6
7
8
Founders:
1
2 3 4 Vaughan,
5 6 7 26
8
Michael
Lynxio is the brainchild of Michael Vaughan, a
Passion and drive
recent graduate from OCAD University’s Industrial
Entrepreneurs start a business for many reasons.
Design program. Lynxio’s vision is to create a knee
For some, it is the challenge of creating something
brace that will empower patients and give them a
innovative. Others see it as a business venture and
greater sense of ability and freedom. To do this,
the opportunity to be financially successful. Asked
Vaughan is working to create a device that will
about his motivation in creating Lynxio, Vaughan
allow patients to track and record their physio-
described that for him the appeal lies in “opportu-
therapy regimen and share the results with their
nities to keep people safe from themselves or from
physiotherapist.
their environment, and in helping people get better
quicker and more efficiently.”
Challenges
Having a design background, one of Vaughan’s key
Market gaps
challenges as an entrepreneur is learning how to run a
There is a growing interest in the wearables market,
business. Vaughan is actively looking for experienced
although some gaps still need to be addressed to
business partners. In the meantime, he is leveraging
enable widespread adoption. Vaughan feels that
resources at MaRS and OCAD University to launch
current wearable prices are too high and that the
his business.
devices are generally targeted toward consumers
with disposable income. He noted that wearables
need to provide intrinsic value to the customer, and
that most consumers will not purchase them just
because they are new and trendy.
Startup Profiles: Carré Technologies Inc
29
Carré Technologies Inc
Funding: $750,000
Revenue: Undisclosed
Number of employees: 20
HQ: Montreal, QC
Device: Hexoskin
Application: Fitness, health, and sleep tracking
Body location: Torso (shirt)
Release date: 2013
Price: $399 (additional shirts are $175)
Founders
1
1
2 3 4 5 6 Roy,
7 8
Jean-François
35
2
3 4 5 6 7 8 Fournier, 35
Pierre-Alexandre
Co-founders Roy and Fournier initially established
Current Gaps
their company in 2006, intending to perform critical
Fournier expressed a lack of manufacturing capacity
analysis on health data. They quickly discovered
for components and materials for wearable health
that the devices to collect this data did not yet
products. Despite the growing demand, Fournier be-
exist, so they set out to create their own wearable.
lieves that “there are no manufacturers that deliver the
The device, Hexoskin, is a shirt with fabric-embedded
technology at the right price with the right quality.”
sensors, designed to be worn during a workout or
throughout the day and night. This wearable is
Data Ownership and Use
capable of monitoring heart rate, breathing, steps,
Data collected from Hexoskin is stored on the company’s
calories, and more through its unobtrusive textile
servers, and is leveraged for research and product
sensors. Hexoskin is used by the Canadian Space
improvement. The founders feel that this storage
Agency and has been worn by medalists at the
option provides the most value to customers. However,
Sochi 2014 Winter Olympic Games.
the company recognizes that data is still owned by
the customer because “People should have the right
Future of Wearables
Outside of the clinical environment, heath data is
scarce. The creators of Hexoskin want to challenge
that: “Our job is to have millions of people wearing
smart shirts for health monitoring. With this data we
will learn how to help people with their health and
prevent disease instead of just curing it” says Fournier.
Ultimately, they hope Hexoskin “Changes the way
medicine is practiced around the world.”
to own their health information.”
Startup Profiles: OMsignal
30
OMsignal
Funding: $1.2M
Revenue: Pre-revenue
Number of Employees: 18
HQ: Montreal, QC
Device Name: OMsignal Shirt
Application: Fitness and stress tracker
Body Location: Torso (Shirt)
Device Release Date: Mid-2014 (expected)
Device Price: Not disclosed
Founder(s):
1
2 3 4 Marceau,
5 6 7 44,
8
Stéphane
CEO1
2
3 4 5 Chanay,
6 7 8
Frederic
43
Stéphane Marceau and Frederic Chanay founded
Incorporating Predictive Features
Montreal-based OMsignal in 2011. The co-founders
Marceau expressed that the machine learning and
had each become frustrated with elements of the
algorithms needed to add predictive features to
health system, and were inspired to create a device
wearables are already in existence. He said that the
to track and improve one’s own health. As a result,
difficulty in incorporating these features actually
OMsignal developed a bio-sensing shirt intended to
stems from a lack of data: “The tough part is to get
help users become their best and healthiest selves.
the dynamic data set in the cloud by getting millions
The machine-washable smart apparel combines fit,
of people continuously bio-streaming their data. The
compression, moisture wicking, and odor control
mathematics are easy once the data set is there.”
into a single garment. Using the OMsignal shirt,
individuals can track heart rate, breathing, steps,
Future of Wearables
calories burned, and the unique OM index (relax-
OMsignal believes that wearables (particularly con-
ation/lack of stress).
nected clothing) will become ubiquitous and a baseline expectation. Marceau envisions that wherever a
Application vs. Platform Focus
customer may shop, he or she “Won’t even ask and
OMsignal has elected to build a platform because
the clothes will be connected to the device that helps
the founders “Want to enable this data set and the
him or her live a fitter, healthier, happier life.”
applications surrounding it.” The company is planning
to allow developers to create their own applications
that leverage the data collected by the OMsignal shirt.
Researchers: Dr. Carolyn McGregor
31
Researchers
Dr. Carolyn McGregor,
Health Informatics Research, University of
Ontario Institute of Technology
Research focus and approach: health informatics,
intelligent clinical decision support systems, stream
computing, temporal data mining, critical care health
informatics, neonatal health informatics, cloud
computing in healthcare, patient journey modelling,
women in computing and IT.
Dr. McGregor began her career in Australia, focus-
for a lot of these wearables is what to do with the
ing on business- and finance-related information
data so it becomes information that creates value
systems. She then shifted her focus to healthcare,
for the individual.”
establishing and growing the study of health informatics at the University of Western Sydney. Since
Secondary uses of medical data from wearables
2007, Dr. McGregor has lead health informatics
Though the public generally objects to its medical
research in Canada. Her interest in wearables was
data being sold or used by corporations, Dr. McGre-
partly inspired by work on the topic of neonatal
gor asserts that other types of secondary uses are
critical care health informatics, where she encoun-
viewed positively. Her research has confirmed that
tered the problem that premature babies have
“there’s a lot of public support for the use of the
fragile skin that can be damaged by the adhesives
data as long as it is for not-for-profit or research
needed to connect monitor leads. Given their deli-
or realization.”
cate nature, Dr. McGregor felt that neonates could
benefit from gentler monitors that did not need to
Fostering innovation in wearables
adhere, such as wearable sensors.
Dr. McGregor highlights the need for a network connecting all parties involved in wearables for health.
Data versus information in consumer-facing
She notes that there should be more interaction
devices
between clinical experts and those who work on
Dr. McGregor believes that raw data has little value
wearable technology. In her opinion, “creating some
for consumers. “Those raw physiologic signals aren’t
sort of structure that supports and offers cohesion
what I need—they don’t help me to understand how
between the different groups” would greatly benefit
well I am.” She explains that “one of the challenges
Canada’s burgeoning wearables industry.
Researchers: Kate Hartman
32
Kate Hartman,
Social Body Lab, OCAD University
Research focus and approach:
Critical engagement with technology, interdisciplinary
practices, meaningful interactions, distribution of
knowledge, & collaboration.
The human body is an open canvas at the Social
Device-user interactions
Body Lab. Located at OCAD University, the goal
The Social Body Lab aims to create devices that
of the Lab is to find meaningful ways for humans
provide meaningful interactions. We asked Hartman
to interact with technology. Director Kate Hartman
to further elaborate on this concept. “The thing that
leads a team of creative minds who tinker with
we talk a lot about is whether technology contrib-
technology and create innovative wearable devices.
utes to or takes away from an interaction that you’re
Hartman’s research and passion span a number of
having. We have this proliferation of communication
fields and include physical computing, wearable
technologies, and in some ways it makes us more
electronics and conceptual art.
distracted, and in some ways it prevents us from
really connecting with each other in a meaningful,
Projects
satisfying, multi-faceted way.” The goal of the Lab is
The researchers at the Social Body Lab combine
to investigate this idea further and find innovative
art, design and technology to address challenges
solutions to connect humans and technology in a
and arrive at creative solutions. Some of the projects
more meaningful way.
focus heavily on design, while others centre on practical ways to solve common problems. The Limber,
Future of wearables
a project that is currently underway is a system of
When asked about her vision of the future of wear-
wearable sensors that the Lab has created to reduce
ables, Hartman responded, “I hope that by that point,
repetitive stress injury among knowledge workers.
we’ll see wearables that are more integrated and
For details on Limber and other projects the Lab
more sophisticated, and less obvious. It’s my antici-
has underway, visit http://research.ocadu.ca/social
pation and hope that we’ll look a lot like how we look
body/projects.
now, as opposed to some cyborg transformation. I
see wearables ultimately bending to accommodate
human interest and style rather than us going in
some really sci-fi direction.”
Startup challenges
33
Startup challenges
The wearable devices industry faces several unique challenges and hurdles
that companies of all sizes must overcome if they wish to succeed. Through
our research and discussions with investors, university researchers and
Canadian startups, we have compiled a list of some of the key obstacles.
Manufacturing
Value proposition
Businesses in this industry are by nature hardware
To attract and retain customers, companies must
companies and thus encounter challenges that
demonstrate tangible benefits. Collecting health
software companies do not. Most of the startups we
and fitness data has no intrinsic value unless it is
spoke with cited manufacturing as a difficulty. For
presented in a manner that the customer can under-
entrepreneurs, it is not easy to procure the many
stand and utilize on a daily basis. As more and more
components that go into building a device. Finding
devices enter the market and competition increas-
the right manufacturer who is able to supply the
es, selling a device that simply counts steps taken
components at the appropriate specification and
or calories burned will no longer suffice. To remain
quantity is sometimes the greatest challenge for an
competitive and encourage adoption, hardware man-
early-stage company. Startups in this industry also
ufacturers must partner with developers to release
have to manage an inventory, which is often prob-
value-add software apps that interpret and present
lematic due to limited working capital and uncertain
body metrics in a meaningful way. If wearable device
consumer interest. Additionally, manufacturing and
companies are not able to get developers to build apps
inventory logistics make it more complex for hard-
for their products, their device will ultimately fail.
ware companies to pivot their business.
Privacy
Design and style
Privacy and security is of paramount concern, espe-
The style and aesthetics of the wearable device
cially with wearable devices that collect health and
affects its chances of widespread adoption by
medical information. The recent privacy fears related
consumers. Getting the overall look right is a major
to Google Glass have intensified this issue, and if
challenge. Ultimately, consumers want a device that
the industry does not respond properly, consumer
is not socially awkward to wear. While the product
interest in wearables may diminish. Companies must
must have a powerful processor and have a relatively
clearly communicate to their target customers who
long battery life, it cannot be intrusive and bulky to
owns the information and how the information will
wear. Companies need to achieve the perfect balance
be used. In addition, they must ensure appropriate
between design and function.
security so that devices cannot be tampered with
or hacked.
Investment snapshot
34
Investment snapshot
Globally in 2013, wearables startups raised about $458 million across 49
investment deals, a significantly more robust amount than in 2012, when
approximately $250 million was raised across 19 deals.93 Health wearables
comprised a significant portion of that capital, accounting for about 30%
of total money raised (or $136 million).94
Figure 8: Capital raised for wearables in 2013
30%
CAPITAL RAISED IN 2013:
$458
MILLION
80%
YEAR OVER YEAR
IN CAPITAL RAISED
(2012 - 2013)
$136M $8.51M
CAPITAL RAISED BY HEALTH &
FITNESS WEARABLE STARTUPS
65%
OF DEALS WERE
SEED/ANGEL
OR SERIES A
AVERAGE SERIES A DEAL SIZE
$1.75M
AVERAGE SEED/ANGEL DEAL SIZE
WHERE DID THE DEALS TAKE PLACE?
San Francisco 40%
Massachusetts 13%
Investor profiles: Wearable Technologies AG
35
Investor profiles
Wearable Technologies AG
Founded: 2011
HQ: Herrsching am Ammersee, Germany
Recent investments in wearables: 4DForce GmbH,
Thimble Bioelectronics and SportsCurve GmbH
1
2
3
4
5
6
7
8
1
2
3
4
5
6
7
Investment stage: Early-stage companies
8
Partners:
1
2 3 4 Stammel
5 6 71
Christian
82
3 4 Strasser
5 6 7
Harry
8
Based in Germany, Wearable Technologies AG
Future of wearables
(WT AG) is an early-stage investor in the wearable
Schumacher expects that over the next few years,
technologies market. In addition, the firm hosts
three separate groups of consumers will emerge in
one of the world’s leading innovation competitions
the wearables market: a) Low-tech consumers; b)
in wearable technology (Wearable Technologies
general-purpose consumers; and c) pro-consumers.
Innovation World Cup), provides strategy and technology consulting services and hosts international
conference and trade show.
Startup challenges
Florian Schumacher, a trend scout at WT AG and the
founder of Quantified Self Germany, believes that the
greatest challenge for startups in this market is that
many “underestimate the difficulties of manufacturing a wearable device. That’s why we’ve seen so
many startups either fail with their first generations,
their first production batch, or in estimating the
effort [needed] to get the whole production done.”
Investor profiles: Daniel Debow
36
Daniel Debow
Co-Founded: previously founded Workbrain
and Rypple
HQ: Toronto, ON
Recent Investments in Wearables:
PUSH, Thalmic Labs, Bionym
Investment Stage: Seed
Partners: N/A
Daniel Debow is a Canadian entrepreneur and angel
Social Adoption of Technologies
investor. As an entrepreneur, Daniel co-founded
Discussing the adoption of new wearables, Debow
Workbrain, workforce management software, and
emphasized that society has greater impact on usage
Rypple, a social performance management platform
than the devices’ technical capabilities. Referencing
– both of which were targets of acquisitions. Current-
Diffusion of Innovations, he stated, “The issue is not
ly, Debow is Salesforce.com’s Senior Vice President,
just about the technological adoption, it’s the social
leading marketing for the group and re-branding
adoption. People need social proof, they need proof
the human capital management products under the
from other individuals.” Daniel emphasized that
name Work.com. As an active angel investor, Daniel
entrepreneurs can overcome this challenge partly
is motivated to foster the tech ecosystem in Ontario
by selling to specific vertical uses.
by making many smaller seed-stage investments.
Funding a Start-up Through Pre-orders
When asked about pre-orders, Debow expressed that
they can be “An enormously smart move,” for startups, particularly for those with significant hardware
production costs, such as wearables. He commented
that this appeals to him as an investor because it
“Takes away a significant amount of revenue risk.”
Investor profiles: Round 13 Capital
37
Round 13 Capital
Founded: 2012
HQ: Toronto, ON
Recent Investments in Wearables: None to date
Investment Stage: Series A
Partners:
1
1
2 3 Croxon
4 5 6
Bruce
7
1
2
3 4 Eckert
5 6
John
7
8
2
3
4 5 Pelton
6 7
Scott
8
8
Based in Toronto Ontario, Round 13, is venture
Advice for Startups seeking VC funding
capital firm that is focused on investing in innovative
There are a number of things that startups in this
technologies in the information, communication and
market can do to increase their chance of securing
entertainment (ICE) industry, and have expressed
VC funding. When approaching a VC, Scott advises
interest in wearables. The firm is currently raising
that startups should have a good understanding
capital and will start investing in companies later
of the size of the market, and whether they will be
this year.
manufacturing the device locally or overseas. In
addition, Scott states that companies in this market
Investment opportunities in wearables
should have a good understanding of how much
Scott Pelton, a partner at Round 13, believes that the
working capital is required to run the business. Scott
market for wearables is very lucrative with potential
also believes that a perfectly executed crowdfunding
for growth. In terms of investment potential, devices
campaign can greatly help startups secure follow-
that are able to collect multiple health and fitness
on funding from VCs and other investors.
metrics and provide some level of interpretation are
the most attractive.
Investor profiles: Mistral Venture Partners
38
Mistral Venture Partners
Founded: 2013
HQ: Ottawa, ON (Can) and San Jose, CA (USA)
1
2
3
4
5
16
27
38 4
5
16
27
38 4
5
6
7 8
Recent
Investments in Wearables: OM Signal
Investment Stage: Seed
Partners:
1
1
2
3
4
5 1 62 7 3 84
5
6
7
1
2 3 Cubitt
4 15
Code
26
37
48
5 6 7 Natarajan
8
Sreedhar
1
2
15 26 37
3 4 Scanlin
Mike
48
5
6 7 Zeisig
8
Bernie
2
3
4 5 6Smythe
7 8
Gordon
8
Mistral Venture Partners is a VC firm that focuses on
Due-diligence
investing in early stage companies in the Internet
Cubitt emphasizes the need to have an excellent IP
and mobile sector. The firm is hands on and works
strategy in place, prior to seeking funding from a VC
closely with their portfolio companies to provide
firm. Cubitt explains that the wearables market is
operational guidance and business expertise. Their
becoming incredibly competitive and crowded, and
ongoing support and international network means
expects to see a “wave of litigation” in the next few
that early stage companies are able to accomplish
years. For investors, a key component of their due
milestones faster and with less capital.
diligence is determining if there are any patents that
limit a company’s freedom to operate.
Startup challenges
Code Cubitt, Managing Director at Mistral Venture,
explains that one of the major challenges for startups in this space is the sheer complexity of designing
a device that requires multiple fields of expertise.
Companies in this space often require experts from
diverse fields like human physiology, fashion, textile,
programming, and engineering and often it is a
challenge trying to get all of these different areas
to come together and collaborate.
The future of wearables
39
The future of wearables
This report was researched using secondary resources and published
studies. We also interviewed more than 20 stakeholders: investors,
startups, academics and users. Secondary research reveals that
wearables have been around for years. They hold tremendous potential
to impact user’s lives in terms of their health, how they interact and
communicate, and how they accomplish tasks and track data. The
wearables market is expected to reach the billions of dollars. But
what lies ahead? The industry leaders we spoke with shared some
of their insights (outlined below).
Predictive guidance
The current state of virtually all wearables, especially
wearables for health, is that they track data and
present trends. They help you find out how you’re
doing and whether or not you’re meeting your goal—
and if you have enabled the social features, how you
stack up against your friend.
In the near future, we expect wearables to get even
smarter. Instead of tracking and displaying content
(i.e., a reactive task), wearables will be able to make
predictions and recommendations on how to improve
(i.e., a proactive task), based on data collected. These
devices will guide the user to do things differently in
order to reach a specified goal.
Multiple functionalities
in a single device
Today, the majority of wearables serve a single
purpose or a number of related functions. They can
track the number of steps you take and how many
hours of sleep you slept. But if you want to use a
wearable to track your heartbeat, control a light
switch, measure your breathing, or authenticate your
identity, then you need to wear three or four devices.
That’s not an attractive proposition. We expect to see
new tools emerging that can manage a number of
user tasks.
Wearables as a platform
An increasing number of startups are exploring the
possibility of allowing developers to access their
devices and enhance their functionality. We expect
this trend to accelerate, with more startups releasing
application programming interfaces (APIs) for this
purpose. We have also seen startups create products
that are application-agnostic, built with the expectation
that the developer community will design the “killer
app” for their device.
Future of wearables
Many losers, few winners
If the industry conference CES 2014 was any indication, we will see hundreds of products enter the
market in the next couple of years. The majority of
these will be “me too” devices: products that do not
offer new or innovative features. They will compete
on price and design. We predict that the majority will
fail, and that only the few that offer groundbreaking
functionality will survive. The winners will be able
to induce behavioural change in users, empowering
general consumers to seamlessly move toward being
stronger, healthier and happier, and enabling doctors
to collaborate on and deliver more personalized
healthcare. Successful wearable technology will also
leverage the Internet of Things, with devices interacting with their environment.
Prices drop, new business
models emerge
Today, the majority of consumer wearables cost
between $80 and $300. We expect prices, along
with profit margins, to decrease. Entrepreneurs and
startups will find ways beyond selling hardware to
monetize their innovations. The massive amount of
data collected will be a source of revenue, as will
predictive and actionable guidance of that data,
perhaps delivered via an annual subscription.
40
References
41
References
1
Franklin, Benjamin. Mémoires de la Vie Privée de
Benjamin Franklin. 1791.
2
Schofield, Jack. (2001, Aug 1). From man to borg -
9
Frost & Sullivan. (2013, Aug 26). Health and Fitness
Wearables - the Case of Fitbit.
10
Fitbit. http://www.fitbit.com/comparison/trackers
Is this the future? The Guardian. http://www.
11
Fitbit. http://www.fitbit.com/premium/about
12
Fitbit. http://www.fitbit.com/store
system: Edward Thorp and the wearable computer
13
BCC Research. (2014, Feb). Wearable Computing:
that beat Vegas. Engadget. http://www.engadget.
Technologies, Applications and Global Markets.
com/2013/09/18/edward-thorp-father-of-wear-
http://www.bccresearch.com/market-research/infor-
able-computing/
mation-technology/wearable-computing-ift107a.html
theguardian.com/technology/2001/aug/02/onlinesupplement.gadgets
3
4
Melanson, Donald (2013, Sep 18). Gaming the
MIT Wearable Computing Project. (n.d.). A brief
history of wearable computing. http://www.media.
14
Forrester Research. (2013, Jan 28). Fitness
Wearables — Many Products, Few Customers.
mit.edu/wearables/lizzy/timeline.html
15
5
Bradshaw, Tim. (2014, Jan 14). CES 2014: Wearables
Nike, Inc. https://secure-nikeplus.nike.com/plus/
products/
emerge as top trend. Financial Times. http://www.
Nike, Inc. http://www.nike.com/us/en_us/c/
ft.com/intl/cms/s/0/50264574-7485-11e3-9125-
16
00144feabdc0.html#axzz2vVJHZgY3
nikeplus-fuelband?ref=https%3A%2F%2Fww
w.google.ca%2F
6
BCC Research. (2014, Feb). Wearable computing:
Technologies, Applications and Global Markets.
17
http://www.bccresearch.com/market-research/infor-
band-se-silver/pid-1496784/pgid-1057887
Nike, Inc. http://store.nike.com/us/en_us/pd/fuel-
mation-technology/wearable-computing-ift107a.html
18
7
BCC Research. (2014, Feb). Wearable computing:
BCC Research. (2014, Feb). Wearable Computing:
Technologies, Applications and Global Markets.
Technologies, Applications and Global Markets.
http://www.bccresearch.com/market-research/infor-
http://www.bccresearch.com/market-research/
mation-technology/wearable-computing-ift107a.html
information-technology/wearable-computing-ift107a.html
19
Mind Commerce Publishing. (2013, Dec). Wearable
Technology in Industry Verticals 2013-2018.
8
Frost & Sullivan. (2013, Aug 26). Health and Fitness
Wearables - the Case of Fitbit.
References
20
BCC Research. (2014, Feb). Wearable Computing:
42
31
Consumer Electronics Association. (2013, Dec).
Technologies, Applications and Global Markets.
Understanding the Market for Wearable Health and
http://www.bccresearch.com/market-research/infor-
Fitness Devices.
mation-technology/wearable-computing-ift107a.html
32
21
Forrester. (2014, Jan). The Enterprise Wearables
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
Journey.
33
22
Forrester. (2014, Jan). The Enterprise Wearables
Frost & Sullivan. (2013, Jun 6). The Wearable App
Store: Problems and Possibilites.
Journey.
34
23
BCC Research. (2014, Feb). Wearable Computing:
Ask, Julie. (2014, Feb 4). mHealth & Wellness:
The Heart Of Mobile Innovation. Forrester Research.
Technologies, Applications and Global Markets.
http://blogs.forrester.com/julie_ask/14-02-04-
http://www.bccresearch.com/market-research/infor-
mhealth_wellness_the_heart_of_mobile_innovation
mation-technology/wearable-computing-ift107a.html
35
24
Forrester. (2014, Jan). The Enterprise Wearables
Mind Commerce Publishing. (2013, Dec). Wearable
Technology in Industry Verticals 2013-2018.
Journey.
36
25
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
26
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
27
Forrester. (2014, Jan). Building A Fitter Business
Gartner. (2013, Jul 1). Market Trends: Enter the
Wearable Electronics Market with Products for the
Quantified Self.
37
GigaOm PRO. (2012, Jul). The wearable computing
market: a global analysis.
38
Deloitte. (2014). Wearables: The eyes have it.
39
Metz, Rachel. (2013, Jul 17). Researchers Find
With Wearable Technology.
28
Boulton, Clint. (2014, Jan 7). Wearable Comput-
Security Cracks in Google Glass. MIT Technology
ers Worn By a Co-Worker Near You, Eventually.
Review. http://www.technologyreview.com/
The Wall Street Journal. http://blogs.wsj.com/
news/517211/researchers-find-security-cracks-
cio/2014/01/07/wearable-computers-worn-by-a-
in-google-glass/
co-worker-near-you-eventually/
40
29
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
Bonnington, Christina. (2013, Jan 28). Fitness
Wearables: Only 4 Percent of U.S. Adults Actually Want
‘Em. Wired Magazine. http://www.wired.com/gadgetlab/2013/01/wearables-audience-forrester/
30
Consumer Electronics Association. (2013, Dec).
Understanding the Market for Wearable Health and
41
Fitness Devices.
Wearables: Only 4 Percent of U.S. Adults Actually Want
Bonnington, Christina. (2013, Jan 28). Fitness
‘Em. Wired Magazine. http://www.wired.com/gadgetlab/2013/01/wearables-audience-forrester/
References
42
Mind Commerce Publishing. (2013, Dec). Wearable
Technology in Industry Verticals 2013-2018.
43
54
Mind Commerce Publishing. (2013, Dec). Wearable
Technology in Industry Verticals 2013-2018.
43
Deloitte. (2014). Wearables: The eyes have it.
55
Deloitte. (2014). Wearables: The eyes have it.
44
Phillips, Jon. (2011, Aug 12). Jawbone Explains UP
56
Gownder, JP. (2014, Jan 30). Wearables require a
Wristband Failures and Offers Full Refunds. Wired
new kind of ecosystem. Forrester Research. http://
Magazine. http://www.wired.com/gadgetlab/2011/12/
www.zdnet.com/wearables-require-a-new-kind-of-
jawbone-explains-up-wrist-band-failures-and-offers-
ecosystem-7000025802/
full-refunds/
57
45
BCC Research. (2014, Feb). Wearable Comput-
Mind Commerce Publishing. (2013, Dec). Wearable
Technology in Industry Verticals 2013-2018.
ing: Technologies, Applications and Global Markets.
GigaOm PRO. (2012, Jul). The wearable computing
http://www.bccresearch.com/market-research/infor-
58
mation-technology/wearable-computing-ift107a.html
market: a global analysis.
46
TechNavio. (2013). Global Wearable Medical
Technology Market 2012–2016.
47
Forrester Research. (2013, Jan 28). Fitness
Wearables — Many Products, Few Customers.
48
Forrester Research. (2012, Oct 17). Smart Body,
Smart World: The Next Phase of Personal Computing.
49
Phone interview with Tom Emrich. (2014, Jan 30).
59
Frost & Sullivan. (2013, Mar 8). Wearable Devices:
Functional and Fashionable Technology.
60
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
61
Forrester Research. (2013, Jan 28). Fitness
Wearables — Many Products, Few Customers.
62
Forrester Research. (2013, Jan 28). Fitness
Wearables — Many Products, Few Customers.
50
Forrester. (2014, Jan). Building A Fitter Business
With Wearable Technology.
63
Hodin, Micheal. (2014, Jan 21). Wearables for All
Ages. HuffPost. http://www.huffingtonpost.com/mi51
Endeavour Partners. (2014, Jan). Inside Wearables:
chael-hodin/wearables-for-all-ages_b_4637590.html
How the Science of Human Behavior Change Offers
the Secret to Long-Term Engagement. http://endeav-
64
Forrester Research. (2013, Jan 28). Fitness
ourpartners.net/assets/Endeavour-Partners-
Wearables — Many Products, Few Customers.
Wearables-White-Paper-20141.pdf
52
65
Phone interview with Tom Emrich. (2014, Jan 30).
66
Phone interview with Tom Emrich. (2014, Jan 30).
67
Forrester Research. (2013, Jan 28). Fitness
Consumer Electronics Association. (2013, Dec).
Understanding the Market for Wearable Health and
Fitness Devices.
53
Deloitte. (2014). Wearables: The eyes have it.
Wearables — Many Products, Few Customers.
References
68
Bonnington, Christina. (2013, Jan 28). Fitness
Wearables: Only 4 Percent of U.S. Adults Actually
44
77
Vandrico Solutions Inc. (n.d.). The Top Five
Wearable Technologies.
Want ‘Em. Wired Magazine. http://www.wired.com/
gadgetlab/2013/01/wearables-audience-forrester/
78
Kindergan, Ashley. (2013, Jul 4). The Future of
Wearable Technology. Credit Suisse. https://www.
69
Forrester Research. (2013, Jan 28). Fitness Wear-
ables — Many Products, Few Customers.
credit-suisse.com/ca/en/news-and-expertise/news/
economy/sectors-and-companies.article.html/
article/pwp/news-and-expertise/2013/07/en/the-
70
Buenaflor, Cherrylyn & Kim, Hee-Cheol. (2013,
future-of-wearable-technology.html
May). Six Human Factors to Acceptability of Wearable
Computers. International Journal of Multimedia and
79
Ubiquitous Engineering, Vol.8, No.3. http://www.
Computing Market Estimates Are All Over The Place.
sersc.org/journals/IJMUE/vol8_no3_2013/10.pdf
http://www.businessinsider.com/chart-wearable-
Business Insider. (2013, Apr 16). CHART: Wearable
computing-market-estimates-are-all-over-the71
MarketsandMarkets. (2013, May). Wearable Elec-
place-2013-4
tronics Market and Technology Analysis (2013 – 2018).
80
72
Forrester Research. (2013, Jan 28). Fitness
MarketsandMarkets. (2013, May). Wearable Elec-
tronics Market and Technology Analysis (2013 – 2018).
Wearables — Many Products, Few Customers.
81
73
Farmanfarmaian, Robin. (2014, Jan 8). 5 Ways
MarketsandMarkets. (2013, May). Wearable Elec-
tronics Market and Technology Analysis (2013 – 2018).
Wearable Technology Will Impact Healthcare. LinkeBCC Research. (2014, Feb). Wearable Computing:
dIn. http://www.linkedin.com/today/post/article/201
82
40108151332-12941029-5-ways-wearable-technolo-
Technologies, Applications and Global Markets.
gy-will-impact-healthcare
http://www.bccresearch.com/market-research/information-technology/wearable-computing-ift107a.html
74
BCC Research. (2014, Feb). Wearable Computing:
Technologies, Applications and Global Markets.
83
BCC Research. (2014, Feb). Wearable computing:
http://www.bccresearch.com/market-research/infor-
Technologies, Applications and Global Markets.
mation-technology/wearable-computing-ift107a.html
http://www.bccresearch.com/market-research/
information-technology/wearable-computing-ift107a.
75
BCC Research. (2014, Feb). Wearable Computing:
html
Technologies, Applications and Global Markets.
BCC Research. (2014, Feb). Wearable computing:
http://www.bccresearch.com/market-research/infor-
84
mation-technology/wearable-computing-ift107a.html
Technologies, Applications and Global Markets.
http://www.bccresearch.com/market-research/infor-
76
Fried, Ina. (2013, Nov 6). With 190,000 Smart-
watches Sold, Pebble Boosts iPhone Support. All
Things. http://allthingsd.com/20131106/with190000-smartwatches-sold-pebble-boosts-iphonesupport/
mation-technology/wearable-computing-ift107a.html
References
85
Gownder, JP. (2014, Jan 6). Wearables 2.0 at CES
45
93
CB Insights. (2014, Mar 6). Wearable Tech Investing
2014: Richer Business Models And Enterprise Rel-
Snapshot: $458M Raised in Funding Across 49 Deals
evance. Forrester Research. http://blogs.forrester.
in 2013. http://www.cbinsights.com/blog/trends/
com/jp_gownder/14-01-06-wearables_20_at_
wearable-tech-vc-2013
ces_2014_richer_business_models_and_enterprise_
relevance
94
Rock Health. (2014, Jan 2). Digital Health Funding.
A Year in Review: 2013. http://www.slideshare.net/
86
Marketresearch.com. (2013, May 2). 2013 Connected
Consumer Survey: Wearable Computing Devices.
87
Preventice. http://www.preventice.com/products/
bodyguardian/
88
Kim, Leland. (2013, Oct 30). Google Glass De-
livers New Insight During Surgery. University of
California, San Francisco. http://www.ucsf.edu/
news/2013/10/109526/surgeon-improves-safetyefficiency-operating-room-google-glass
89
Kim, Leland. (2013, Oct 30). Google Glass De-
livers New Insight During Surgery. University of
California, San Francisco. http://www.ucsf.edu/
news/2013/10/109526/surgeon-improves-safetyefficiency-operating-room-google-glass
90
BCC Research. (2014, Feb). Wearable computing:
Technologies, Applications and Global Markets.
http://www.bccresearch.com/market-research/information-technology/wearable-computing-ift107a.html
91
BCC Research. (2014, Feb). Wearable computing:
Technologies, Applications and Global Markets.
http://www.bccresearch.com/market-research/information-technology/wearable-computing-ift107a.html
92
BCC Research. (2014, Feb). Wearable computing:
Technologies, Applications and Global Markets. http://
www.bccresearch.com/market-research/information-technology/wearable-computing-ift107a.html
RockHealth/digital-health-funding-2013-year-inreview-by-rockhealth