Portland, OR -- (SBWIRE) -- 02/22/2018 -- Global mHealth market Report, published by Allied Market Research, was valued at $10.5 billion in 2014 and is expected to grow at a CAGR of 33.5% during 2015-2020. Mobile health provides health service and information through mobile communication devices to address the health priorities and concerns. The advanced mobile and wireless technologies have transformed the face of healthcare services across the globe and are rendering the growth of mHealth market.

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Currently mobile penetration is more than 100% in developed markets and is expected to increase in developing markets such as Asia-Pacific, Latin America and Africa. Additionally, increasing exposure to smartphones along with 3G and 4G networks will further increase the use of mobile platforms in most of the sectors, especially in the healthcare systems.

Some of the other factors responsible for substantial market growth include low cost and convenience of medical devices, technological innovations, integration of wireless technologies, and affordability of smartphones, government initiatives and increasing lifestyle diseases. Factors such as lower adoption due to lower accuracy, nascent technology in underdeveloped economies, limited reimbursement coverage, lack of technological awareness among the ageing population and uncertainty in government regulations are restricting market growth to a certain extent.

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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 mHealth market. On contrary, the lower accuracy of the devices, technology's 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 a certain extent.

The growth of mHealth device market is mainly attributed to the high revenue generated from blood glucose meters, cardiac monitors and BP monitors, which collectively accounted for 5/7th of the global mHealth devices revenue in 2015. This is attributed to the growing number of cardiac and BP disorders. BP monitors is the highest revenue generating segment in global mHealth devices market, whereas, blood glucose monitor is the fastest growing segment. Cardiac monitors market is the third largest segment growing with a CAGR of 37.5% during the forecast period.

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