The mobile health market is expected to grow to $21.5 billion by 2018 with a compound annual growth rate (CAGR) of 54.9 percent, according to a new report from BCC Research. The global mobile health market reached $1.5 billion in 2012. The European market is growing the fastest and will surpass the current global market leader, North America, by 2018.

BCC says new technologies in the mobile health market will be driven by developing smartphone technologies, improvements in wireless coverage, and increasing demand for remote patient monitoring.

"mHealth solutions can help to rapidly improve healthcare access in developing countries and maintain quality healthcare services in the face of increased patient burden in the developed countries," BCC healthcare analyst Dr. C. L. Barton said in a statement. "In addition, mHealth technologies can provide companies with a competitive advantage in the increasingly competitive pharmaceutical environment."

BCC Research released a report earlier this year that predicted the global market for EHR-compatible wireless patient monitoring devices and mobile-enabled EHR software would hit $23.5 billion by 2018. The report also said that market was valued at $9.6 billion in 2012 and $11.2 billion in 2013.