The mHealth market continues to see sizable gains, with its current valuation at more than $10.5 billion, according to a new report by Allied Market Research titled, "Global mHealth Market (Device, Service, Application, Stakeholders and Geography) – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020."

The sector is expected to grow at a compound annual growth rate (CAGR) of 33.5 percent from this year through 2020.

According to the recent report, blood pressure monitors have the largest share of the global mHealth device market, followed by blood glucose monitors and cardiac monitors. North America will continue to retain its leading position in the overall mHealth market throughout the analysis period, Allied Market Research suggests.

"Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns," the authors of the report stated.

"The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of the 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."

The report goes on to state that there are several issues to standing in the way of the advancement of mHealth, including lack of accuracy of devices, technology infancy in middle and lower income economies, weak reimbursement coverage from payers, uncertainty in government regulations in certain regions and low adoption rates among the aging population.

The majority of the mHealth devices market, 71 percent, is collectively related to blood pressure, blood glucose and cardiac monitors, driven by 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.

Diagnostic monitoring and treatment services collectively hold about 74 percent of the current market, and the growth of the mHealth services market is attributed to rising government initiatives, increasing mHealth awareness programs in underdeveloped regions.

Additional findings from the study, reported by Allied Market Research, include:

  • The use of blood glucose meters is projected to be the fastest-growing segment in global mHealth devices market, registering a CAGR of 41 percent during the forecast period.
  • United States continues to be the leading market in the North America mHealth market throughout the forecast period.
  • Asia-Pacific is projected to be the fastest growing mHealth market region, registering a CAGR of 35.9 percent.
  • The United Kingdom, France and Germany made up 45 percent of the European mHealth device market in 2014.
  • North America and Europe constitute the two largest markets for mHealth and accounted for 67 percent of the market revenue in 2014. They are expected to continue its hold on the global market throughout the forecast period. Early adoption of innovative technology, large patient population and high capacity to pay for services are some of the key factors responsible for the growth of mHealth market in these regions.
  • The market outlook across developing economies is looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure, the report cites.