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Wearable technology market projected to hit $156 billion by 2024: Report

This surge is attributed to the rising demand for wearables in the medical device industry, where they are proving to be invaluable in addressing healthcare costs, aging populations, and chronic diseases.

Edited By: Vishal Upadhyay New Delhi Published : Jun 26, 2023 19:00 IST, Updated : Jun 26, 2023 19:00 IST
wearable devices, wearable tech market, awak technologies,medical analyst, globaldata wearable tech
Image Source : PIXABAY Apple Watch

The wearable technology market is expected to experience substantial growth in the coming years. The market, which includes devices like smartwatches and fitness trackers, is projected to reach $156 billion by 2024, growing at an annual rate of 24.6 percent. 

The report, conducted by GlobalData, a data and analytics company, focused specifically on wearable medical devices for kidney disease and dialysis. These devices play a crucial role in enhancing the convenience and effectiveness of peritoneal dialysis (PD), a treatment for kidney failure that filters blood inside the body using the abdomen's lining.

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Reportedly, wearable medical devices for PD offer several benefits to patients, including increased mobility, convenience, and continuous treatment. By empowering patients to take control of their dialysis regimen, these devices improve treatment adherence, leading to better outcomes and a greater sense of independence and normalcy in their daily lives.

Alexandra Murdoch, a Medical Analyst at GlobalData, highlighted the convenience aspect of wearable peritoneal dialysis devices, stating that they are becoming popular among patients due to the ease they provide. Wearable devices often work in conjunction with other remote patient monitoring devices, enabling patients to receive care remotely instead of visiting a hospital or doctor's clinic.

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The report also mentioned a pre-pivotal clinical study conducted by AWAK Technologies and Singapore General Hospital (SGH) in Singapore. The study focuses on a wearable peritoneal dialysis device, further highlighting the potential of wearable technology to improve the lives of kidney disease patients. 

As the wearable technology market continues to grow, with an emphasis on medical applications, patients can look forward to more innovative and convenient devices that enable them to manage their health more effectively.

Inputs from IANS 

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