As the trend to use technological innovations to help seniors live longer and more fulfilling lives continues to grow around the world (generally referred to as the Aging 2.0 movement), the focus at GTX Corp is to develop innovative, cost friendly, wearable technology, such as the patented GPS SmartSoles, that can help lower healthcare costs while keeping people connected and protected (#connectedandprotected) for about a dollar a day.
Across the United States, an estimated 5.5 million Americans have Alzheimer’s disease. This number is growing and estimates predict that number could reach 16 million by 2050. Of the millions of people who suffer from Alzheimer’s, six out of every 10 will wander, get lost or cannot remember their address. Of that group, 70% will become lost three or more times thereafter, and 46% of those not found within 24-hours may die.
For these people afflicted with this deadly disease and the scores of those who suffer from some cognitive memory disorder like dementia, autism or a traumatic brain injury, the simple act of taking a walk can quickly turn dangerous. That isn’t even considering yet the emotional and even financial stress these incidents can create for loved ones as well. Clearly, it’s a very serious issue.
Fortunately, it’s also a need that GTX Corp (GTXO) is taking head on with its innovative technology and novel approach. The company has developed award-winning wearable and IoT technology that enables family members and caregivers to track loved ones through technologically-advanced GPS trackers that are embedded inside footwear.
“We’re in what we call the ‘Where is’ business,” said Patrick Bertagna, CEO of GTX Corp. “We develop GPS wearable technology that enables a caregiver, a loved one, or an employer to track and monitor the whereabouts of people close to them.”
GTX’s flagship product is the GPS SmartSoles®, which is essentially a smartphone-connected GPS tracker embedded in the insole of a shoe. Bertagna describes it as Dr. Scholl’s meets LoJack.
With more than 80 patents and multiple opportunities for vertical growth, GTX is pioneering a product line that will phase out the stigmatizing anklets and bracelets that bring unwanted attention, while simultaneously improving the quality of life for our world’s important aging population and, finally, bring peace of mind to concerned family members making it easier for seniors to live at home.
“By embedding the electronic tracker inside an orthotic insole placed inside a shoe, most of the time people don’t even know it’s there,” Bertagna explained. “You can monitor the whereabouts of that individual at all times as long as they have their shoes on, which is predominately every time they are out of their home or community. With just a touch of a button from your smartphone, you know exactly where they are. So, you don’t stigmatize the person or brand them by putting something on them. Nobody in the outside world knows if they have a tracking device on them, yet they’re being monitored 24-7.”
More importantly, the company’s technology has garnered wide praise and validation from a number of industries and organizations, including most recently garnering nominations in three separate categories for the 2017 Uppie Awards. In addition, GTX has previously been recognized as the Most Innovative Tracking & Recovery Technology winner in the 2017 Telecoms Awards, one of the 25 Most Empowering IoT Companies by 1IT Enterprise Magazine in 2016, and finished second only to Microsoft (MSFT) in the 2015 CTIA E-Tech Awards in the Wearables, Health, Fitness & Wellness category. The company’s GPS SmartSole is also being used in a George Mason University study on wandering among people suffering from Alzheimer’s and dementia.
Furthermore, the company’s revenues are starting to reflect the growing need for GTX’s products as well. In the company’s second quarter results, product revenues increased 28% over a comparable period from last year, international subscribers grew by 37% and combined revenues rose 8%.
GTX has a game-changing product that is starting to gain momentum, and for seniors and their families, it could not come at a better time.
The GPS Insole Brings High-Level IoT into a Small Space
GTX’s GPS SmartSole product is like nothing else on the market because of its ability to be invisible, non-invasive and yet totally comprehensive in the information it provides.
The non-intrusive wearable has been priced to be affordable for families and convenient to use. As an illustration, GTX has engineered an app available for download on the Apple (AAPL) App Store and Android’s Google (GOOGL) Play store that allows for current location displays and location history.
Moreover, every five minutes, the GPS Smartsole uses cellular networks to send location updates that can be charted on a map by caregivers and loved ones. The Smartsole systems can also be programmed with geozone alerts – transmitted via email or text message – if that individual wanders outside of a certain pre-determined zone.
As stated above, the IoT wearables market, especially the tech footwear market, is on the rise and GTX is planning on playing an important role. The company’s leadership has a passion for helping those in need and intends to use their revolutionary technology to make a difference.
“Even though it’s a niche market, it’s pretty significant in terms of size and scope,” Bertagna said. “Currently, worldwide there are about 100 million people with some kind of cognitive disorder, such as Alzheimer’s, dementia, autism, traumatic brain injuries, down syndrome, and so forth. That number is expected to grow to 277 million by 2050.”
In August alone, GTX announced a number of key partnerships to further its goal in this market. The company’s agreement with Veristride to incorporate gait variability tracking into GTX’s technology, which could help in fall risk detection and prevention, medication reaction, undetected stroke and early prediction of dementia.
GTX also announced a partnership with TruSense, which recently unveiled the first integrated smart home experience for seniors using sensor and GPS technology to discern the way a person lives. When a pattern shifts, TruSense notices, and updates the user and the circle of people who they’ve chosen via custom notifications. GTX’s SmartSole will be included into TruSense’s online store.
However, GTX’s proprietary IoT monitoring technology platform allows for seamless integration into any number of fields.
GTX’s Vertical Vision and Next Steps
GTX’s technology is larger than the healthcare or senior care industry. The company’s technology and wearable trackers can be used to monitor any asset that needs to be observed for safety and security. The company already has multiple products including:
- Mini-Tracker – Take Along Tracker 3G – this single device allows for GPS capabilities, plus 2G, 3G, GSM, data and voice. Not to mention, the device has a 3-way motion sensor.
- Track My Workforce – this mobile app allows employers to monitor mobile employees like drivers and sales representatives through the app.
With sales growing and relationships forged with numerous companies like Veristride, TruSense, GTX is now aiming to take things to the next level. The company’s increased sales and growing subscriber base hint that this is already underway. GTX is clearly in the process of evolving and foresees vast opportunity in the near future.
“For the last two years, we’ve really focused on expanding distribution,” Bertagna said. “We have distributors throughout most of the first-world countries and service subscribers in 35 countries. We have a lot of distributors in Europe, Central and South America, and starting to expand into Asia and the Middle East, and even starting to get into Africa somewhat. So, we really believe in building our global distribution channels.”
With that network now in place, Bertagna added that GTX is in a better position to focus on introducing new products and technologies, such as children’s trackable insoles. This opens up an entirely new market, which Bertagna describes as a “wants” market—in that parents want this technology for their children—versus the current “needs” market it currently addresses.
“We’re also looking at doing some more business in the biometric space,” he said. “It’s something we’re starting to put a lot of emphasis on, specifically with fall detection and prevention. We have also been working closely with military for the last year and half, and we’re expecting to do more with them in 2018. So, military, biometrics, children’s market and home health applications are on our roadmap as products and services to bring into our distribution pipeline.”
With an experienced leadership team, global distribution partners and a deep patent portfolio as a barrier of entry, GTX is gearing up to carve out market share in an industry that desperately needs innovative and medical cost savings solutions. Companies like GTX that makes the lives easier for those who are ill and cannot take care of themselves without assistance serve as a reminder and symbol of what honest, good common-sense technology can do to preserve our society. We expect more updates coming soon from this exciting company.
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