mHealth Market Poised For 33% Growth

By Katie Wike, contributing writer

From 2015 to 2020, the mHealth market is predicted to grow at an annual compound rate of 33 percent.

A report from Allied Market Research shows that, over the next five years, the market for mobile health devices is expected to grow at a 33 percent annual rate. The report further notes the market was estimated to be worth about $10.5 billion in 2014.

Health Data Management explains this market growth is expected to be dominated by blood pressure monitors, blood glucose monitors, and cardiac monitors. Together, these devices will account for 71 percent of the market share.

The fastest growing device is the blood glucose monitor, with compound annual growth rate of 41 percent. Additionally, the cardiovascular and diabetes mHealth app market “remains the most lucrative market segment for manufacturers.”

Geographically, North America will hold the lion’s share of mHealth growth, with the United States leading. Asia-Pacific is predicted to be the fastest-growing mHealth market with a growth rate of more than 35 percent.

“The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth markets. Moreover, the continued growth in coverage of mobile cellular networks, rapid advances in mobile technologies & 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,” explained Allied Market Research in a press release.

“On 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.”