According to a report published by GlobalData, the market for wearable technology is projected to grow at a compound annual growth rate (CAGR) of 24.6% and reach $156 billion by 2024, up from $59 billion in 2020. The significant growth of wearables is particularly evident in the medical device industry, as these devices have the potential to address rising healthcare costs, aging populations, and the burden of chronic diseases.
The wearable medical gadgets for kidney illness and dialysis were the main topic of the report. It brought attention to how important wearable technology is to peritoneal dialysis (PD), a kidney failure treatment that uses the lining of the belly to filter blood internally. Wearable medical devices enable patients to take charge of their dialysis regimen by providing enhanced mobility, convenience, and continuous treatment. This encourages better adherence, improves results, and gives patients a greater sense of freedom and normalcy in their everyday lives.
Alexandra Murdoch, a Medical Analyst at GlobalData, emphasised the rapid growth of wearable devices in the market due to the convenience they provide to patients. Wearable devices often integrate with other remote patient monitoring devices, enabling patients to receive care remotely instead of visiting hospitals or doctors’ offices. This trend has the potential to enhance patient comfort and free up their time for activities outside the hospital, ultimately improving their quality of life.
The paper also highlighted particular developments in kidney disease wearable medical technology. Pre-pivotal clinical research on a wearable peritoneal dialysis device has recently been started by Singapore-based AWAK Technologies and Singapore General Hospital (SGH). Wearable technology has a lot of potential in this context since it can help people with renal disease live more normally, more conveniently, and with fewer hospital visits.
The wearable tech market’s rapid growth and its focus on medical devices highlight the increasing role of technology in healthcare. As wearable devices continue to evolve, they offer promising solutions to improve patient outcomes, reduce healthcare costs, and enhance the overall quality of life for individuals with various medical conditions.