33% CAGR 'til 2020 for global mHealth market

The global mobile health market is expected to grow at a compound annual growth rate of 33.5 percent between 2015 and 2020, according to Allied Market Research.

The market is currently valued at $10.5 billion in 2014.

Allied predicts that blood pressure monitors will lead the global mHealth device market, followed by blood glucose monitors and cardiac monitors. Collectively, the three devices will represent 71 percent of the market share thanks 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 cardiovascular and diabetes mHealth app market “remains the most lucrative market segment for manufacturers.” 

North America will continue to geographically dominate the mHealth market over the next five years, with the United States leading throughout the forecast period. Asia-Pacific is poised to be the fastest-growing mHealth market, however, with a compound annual growth rate of 35.9 percent. 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,” according to Allied.

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