The global mobile health market, valued at $10.5 billion in 2014, is projected to grow at a compound annual growth rate of 33.5 percent between 2015 and 2020, according to a new report by Allied Market Research.

The firm predicts that blood pressure monitors will grab the largest share in the global mHealth device market, followed by blood glucose monitors and cardiac monitors—with all three devices collectively garnering 71 percent of the market share. The report attributes the sizable share of these monitors to increased affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the increasing prevalence of lifestyle diseases such as diabetes, stroke, and COPD.

The blood glucose meter device category is projected to be the fastest growing segment with a compound annual growth rate of 41 percent during the forecast period. The report notes the cardiovascular and diabetes mHealth app market “remains the most lucrative market segment for manufacturers.” According to the firm, Philips healthcare, Bayer Healthcare and Sanofi are some of the major vendors enjoying a strong foothold in the global mHealth market, particularly Asian countries.

North America will continue to geographically dominate the mHealth market over the next five years, with the United States continuing to be the leader throughout the forecast period. However, Asia-Pacific is predicted to be the fastest-growing mHealth market with a compound annual growth rate of 35.9 percent 2015-2020. And, the market outlook for developing economies is “looking favorable and strong owing to the increasing awareness of chronic diseases, favorable government regulations and increased healthcare expenditure,” states the firm.

Also See: Clinical Devices Drive 8x Growth in mHealth Market by 2023

“The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth markets,” concludes the report. “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 growth of the global mHealth market.”

Yet, at the same time, the firm finds that “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 aging population is hampering the market growth to a certain extent.”

Additional information about the report can be found here.

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