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 a new report from Allied Market Research. The market was valued at $10.5 billion in 2014.

Blood pressure monitors will hold the largest share of the device part of the market, followed by blood glucose monitors, and cardiac monitors. These three device segments account for 71 percent of the mobile health device market. The blood glucose tracking market will be the fastest growing device with a CAGR of 41 percent.

Within the mobile health services market, diagnostic, monitoring and treatment services hold 74 percent of the market as of last year. 

North America and Europe had the largest mobile health markets in 2014 -- they accounted for 67 percent of the market revenue last year. Allied Market Research added that in the North American mobile health segment, the US will lead during the forecasted period.

Some of the key factors affecting the growth of the mobile health market include growth in coverage of mobile cellular networks, increasing chronic conditions, and growing awareness among patient population in emerging economies. The research firm also notes some barriers including weak reimbursement coverage, uncertainty in government regulations in certain regions, and low adoption among aging populations.