GlobalData forecasts wearable medical device market to grow at CAGR of 24.6% to US$156B in 2024, highlights wearable peritoneal dialysis device that offers increased mobility and convenience to patients, helping them manage dialysis more effectively

Sample article from our Health Care Sector

June 27, 2023 (press release) –

The market for wearables has been growing significantly in the medical device industry over the past several years. Wearables have the potential to address spiralling healthcare costs, aging populations, and the burden of chronic disease. Against this backdrop, the market for wearable technology is set to grow at a compound annual growth rate (CAGR) of 24.6% from $59 billion in 2020 to $156 billion in 2024, forecasts GlobalData, a leading data and analytics company.

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 recently began a pre-pivotal clinical study of a wearable peritoneal dialysis device. The first patient was enrolled in the trial, which is designed to assess the safety and efficacy of the wearable artificial kidney peritoneal dialysis (AWAK PD) device.

Alexandra Murdoch, Medical Analyst at GlobalData, comments: “Having a wearable peritoneal dialysis device could be a great option for many patients. 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.

Murdoch concludes: “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.”

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Jason Irving
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