Portland, OR -- (SBWIRE) -- 06/19/2017 -- Allied Market Research recently published a report titled, "Global mHealth market Report." According to the report, in 2014, the market was valued at around $10.5 billion and is projected to grow at a CAGR of 33.5% throughout the analysis period, 2015-2020. Mobile health offers health service and information via mobile communication devices to handle health priorities and concerns. The advanced mobile and wireless technologies have reconstructed the shape of healthcare services worldwide and is boosting the growth of mHealth market.
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In addition, the key factors influencing the growth of mHealth market include, the continuous growth in coverage of mobile cellular networks, rapid progress in mobile technologies & applications, surge in lifestyle diseases and increasing awareness among patient population in the developing economies. On contrary, the low accuracy of these devices, technological barrier the in middle and lower income economies, weak reimbursement coverage, unclear government regulations in specific regions, and low adoption among the geriatric population is hindering market growth to some extent.
The major market share for mHealth devices market – i.e. ~71% – is collectively contributed by BP monitors, blood glucose monitors and cardiac monitors. The main factors that are contributing to the large market share of these monitors include, increase in the affordability of mobile compatible devices, integration of innovative technologies in monitoring devices and the growing lifestyle disease such as, stroke, COPD, diabetes, ischemic heart to name a few. Under mHealth services, diagnostic, monitoring and treatment services collectively around 74% of the market. The rapid growth of mHealth services market is largely due to the rising government initiatives, increase in the mHealth awareness programs in the underdeveloped regions etc.
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Based on geography, in 2014, North America and Europe are the two leading markets for mHealth and collectively accounted for 67% of the market revenue. They are estimated to continue its grip on the global market throughout the study period. Early adoption of innovative technology, large patient population and ability to afford services are the numerous key factors responsible for the growth of mHealth market especially in these regions. However, due to the increase in the awareness of chronic diseases, favorable government regulations and increase in the healthcare expenditure the market outlook across developing economies is looking favorable and strong.
Philips healthcare, Sanofi, and Bayer Healthcare are a few key market players that enjoy a strong foothold in mHealth market, especially in Asian countries. The key players studied in this report include – Omron HealthCare Inc., Philips Healthcare, Cardionet Inc., Masimo Corporation, Bayer Healthcare, LifeWatch, Sanofi, AT&T Inc., Boston Scientific, and Johnson & Johnson.