The global market for mobile health smartphone applications exploded last year, growing seven-fold to $718 million, according to a new report.

Still, the mobile health market is in its “embryonic” state, meaning it’s nowhere close to reaching its potential, according to the report from research2guidance.

At a high level, the reasons behind the huge surge in mobile health growth are rather obvious: an increase in demand for health apps from a world that’s buying more and more smartphones, and, on the supply side, a doubling of the number of mobile health apps available to the public.

“A majority of the major healthcare companies have discovered mHealth applications as an innovative way to promote and deliver healthcare services and products,” according to research2guidance.

A summary of the report highlighted one big-company mobile health app in particular: Sanofi-Aventis’ iBGStar diabetes monitoring app.

The app received U.S. regulatory approval in December and is marketed as the first and only blood glucose meter that connects directly to the iPhone or iPod Touch.

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