The global mobile health (mHealth) market was valued at $10.5 billion in 2014 and is expected to grow at a compound annual growth rate (CAGR) of 33.5 percent from 2015-2020, according to a report from Allied Market Research.
Blood pressure monitors hold the largest share in the global mHealth device market followed by blood glucose monitors and cardiac monitors. Geographically, North America will continue to retain its leading position in the overall mHealth market throughout the analysis period, according to the report.
According to the research, the advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market. Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies and applications, increasing lifestyle diseases, and growing awareness among patient population in emerging economies are some of the key factors fostering the growth of global mHealth market.
On the contrary, the lower accuracy of devices, technology infancy in middle and lower income economies, weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among ageing population is hampering the market growth to certain extent, the research found.
Specifically, blood glucose meters are projected to be the fastest growing segment in global mHealth devices market registering a CAGR of 41 percent during the forecast period. The large share of these monitors, in addition to blood pressure monitors and cardiac monitors, can be attributed to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing lifestyle disease such as diabetes, stroke, COPD, and ischemic heart disease. Within mHealth services, diagnostic, monitoring and treatment services collectively hold about 74 percent of the market, according to the report.