According to a report released on Monday, the market for wearable technology is projected to experience a compound annual growth rate (CAGR) of 24.6% and reach $156 billion by 2024, up from $59 billion in 2020.
The increasing adoption of wearables in the medical device industry has been a significant driver of this growth. Wearable devices have the potential to address various healthcare challenges, including rising costs, aging populations, and the burden of chronic diseases.
The report, conducted by GlobalData, a prominent data and analytics company, specifically focused on wearable medical devices designed for kidney disease and dialysis. These devices have emerged as crucial tools in improving the convenience and efficacy of peritoneal dialysis (PD), a treatment method for kidney failure that utilizes the abdomen’s lining to filter blood internally.
By leveraging wearable technology, patients undergoing PD can experience enhanced convenience and flexibility in managing their treatment.
These devices provide continuous monitoring of vital signs, fluid levels, and other relevant data, allowing for remote patient monitoring and timely adjustments to treatment plans.
The integration of wearable medical devices into PD not only improves patient experience but also enables healthcare providers to deliver more personalized and effective care.
The growth in the wearable medical device market reflects the increasing recognition of wearable technology’s potential to revolutionize healthcare delivery, particularly in the management of chronic conditions like kidney disease.
As technology continues to advance and more innovative wearables are developed, the market is expected to expand further, contributing to improved patient outcomes and the overall transformation of the healthcare industry.
