The global mHealth solutions market, including connected devices, apps and services like remote monitoring, is forecasted to reach $59 billion by 2020, growing 33 percent between 2015 and 2020, according to research firm MarketsandMarkets.
The research firm attributes the projected growth for the market for a number of trends and developments, such as the increasing utilization of connected medical devices and mHealth apps in the management of chronic diseases, rising healthcare costs creating a need for more affordable treatment options and a rising focus on patient-centric healthcare.
“On the other hand, risk of data theft, stringent regulations by the FDA and EU, low guidance from physicians in selecting apps and resistance from traditional healthcare providers are restricting mHealth solutions market growth,” the report authors wrote.
MarketsandMarkets analysts project continued strong growth for blood pressure monitors within the connected medical devices segment of the mHealth market due to growing awareness among patients for the treatment of hypertension through continuous monitoring, proper diets and timely medication. And, the blood glucose monitors segment of the market segment is expected to grow at the highest compound annual growth rate (CAGR) of 26 percent between 2015 and 2020, driven by the increasing prevalence of diabetes.