The Cupertino-based company has a few key advantages over its technology rivals, including privacy and the huge base of iPhone and Apple Watch users.
Factors driving this growth include growing telecommunications networks, increase in the number of smartphone users, and integration of healthcare and IT.
The market is expected to reach 279 million units by the end of 2023 with a compound annual growth rate (CAGR) of 8.9%.
Much of the growth was attributed to the growing number of ear-worn devices as they captured almost a quarter of the market during the year.
Two key factors are contributing to this growth, including the growing popularity of smartwatches and greater wearables adoption in emerging markets.
New products from Fitbit, Garmin and Huawei helped propel the basic wearables category, and so did the growing demand in markets across Asia/Pacific.
The number comes from a massive RAND Corporation study which included 400,000 participants across the US, Europe and South Africa.
Put into dollars, that's $8B raised in 556 deals during the first 9 months of 2018, compared to $5.5B in 586 deals during the same period last year.
Asia/Pacific (excluding Japan), Central & Eastern Europe, Middle East & Africa and Latin America grew 14% YoY as basic wristbands are still in high demand.
The majority of surveyed patients (77 percent) expressed positivity about clinician usage of mobile technologies to improve the quality of their care.