[Asia Economy Reporter Hyungsoo Park] Genitics' stock price is on the rise. The news that Genitics' wearable touch IC will be installed in the latest tracker model of the American company FitBit appears to have influenced the stock price. Sales in the United States are expected to increase significantly.
As of 9:16 a.m. on the 30th, Genitics is trading at 4,150 KRW, up 15.44% from the previous day.
On this day, the system semiconductor developer Genitics announced that its wearable IC product will be installed in the latest tracker model of FitBit, a famous American wearable device manufacturer, and that sales targeting the Americas will begin in earnest.
Genitics has actively pursued overseas wearable markets, including China, to secure a leading position in the global wearable device market. It supplies wearable IC products to global smart device manufacturers such as China's Xiaomi and BBK, beyond the domestic market, and has devoted considerable effort to targeting the U.S. market through market-leading technology development such as low power consumption and miniaturization of wearable dedicated touch IC products.
As the wearable market expands its scope as the next-generation healthcare platform and the market size is rapidly growing, expectations for the growth of the wearable device market have increased further following FitBit's acquisition by Google, a leading American wearable device company. Genitics is also conducting aggressive marketing by continuously innovating and developing technology to launch a differentiated product lineup to target the growing wearable market.
Ho Kyung-geun, CEO of Genitics, said, "Interest in health is increasing due to COVID-19," adding, "As demand for wearable devices in smart healthcare such as elderly welfare increases, wearable devices are being positioned as essential smart devices for health management, beyond the perception of simply being accessories like watches." He added, "Genitics will play an important role in the future where biometric information and machines are connected in wearable devices."
He also expressed his ambition, saying, "While successfully supplying products to FitBit, we will apply various system semiconductor products we possess to wearable devices beyond touch ICs," and "We will do our best to diversify sales and grow the company."
Google acquired FitBit earlier this year for $2.1 billion (approximately 2.32 trillion KRW), focusing on the limitless potential of the healthcare market. Industry experts predict that the digital health management market size will grow from 127 trillion KRW in 2019 to 601 trillion KRW by 2025. FitBit has sold over 100 million devices worldwide, with 28 million active users monthly.
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