However, there are many barriers that must be overcome before widespread adoption including cost, reimbursement, data quality and lack of clinical evidence.
The study, conducted by Olive AI, explored how hospital leaders aim to drive efficiency and reduce costs through investments in non-clinical technologies.
The top VC deals included Tencent Trusted Doctors ($250M), Collective Health ($205M), Tempus ($200M), Doctolib ($170M), and Health Catalyst ($100M).
A deal slump that started in Q3 of last year, has now increased for the second quarter in a row.
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.