Wearable Tech Market Poised to Reach $156 Billion Next Year

The medical wearables market has been growing significantly over the past several years due to their potential to address skyrocketing healthcare costs, aging populations, and the burden of chronic disease.

Consequently, the wearable technology market is set to grow 24.6% annually, going from $59 billion in 2020 to $156 billion in 2024, forecasts GlobalData.
 
Wearable medical devices play a crucial role in enhancing the convenience and effectiveness of peritoneal dialysis (PD) treatment. By offering increased mobility, convenience, and continuous treatment, these devices empower patients to take control of their dialysis regimen, leading to better adherence, improved outcomes, and a greater sense of independence and normalcy in their daily lives.
 
AWAK Technologies and Singapore General Hospital (SGH) have begun a pre-pivotal clinical study of a wearable peritoneal dialysis device. The first patient has been enrolled in the trial, which is designed to assess the safety and efficacy of the wearable artificial kidney peritoneal dialysis (AWAK PD) device. 
 
“Having a wearable peritoneal dialysis device could be a great option for many patients,” GlobalData Medical Analyst Alexandra Murdoch said. “The market for wearable devices is growing quickly, largely because of the convenience they provide to patients. Wearable devices often pair with other remote patient monitoring devices, allowing patients to receive care remotely as opposed to going into a hospital or doctor’s office.”  
 
The AWAK PD study is a follow up of its first-in-human study, which showed no serious adverse events. It is a single-arm, single-site and prospective trial.
 
“Wearable devices that will help kidney disease patients live a normal life have huge potential. The convenience will allow patients more free time outside of the hospital, and ultimately improve quality of life,” Murdoch concluded.