Medical - Europe

Europe

The Medical market in Europe is expected to witness significant growth in the coming years.
In 2022, the total revenue in this market is projected to reach US$185.90m.
This growth trend is expected to continue with an annual growth rate of 11.47% (CAGR 2022-2027), resulting in a projected market volume of US$345.60m by 2027.
Within the Medical market, revenue from in-app purchases (IAP) is projected to reach US$92.78m in 2022, indicating a growing trend of consumers investing in these digital services.
Additionally, revenue from paid app downloads is projected to reach US$14.69m in 2022, highlighting the willingness of consumers to pay for premium medical applications.
Moreover, advertising revenue in the Medical market is expected to see a significant increase, reaching US$78.39m in 2022.
This suggests a growing interest from advertisers to reach the Medical market's audience.
Furthermore, the number of downloads in the Medical market is projected to reach 40.19m downloads in 2022, indicating a strong demand for medical applications.
Currently, the average revenue per download is expected to amount to US$4.63.
In a global comparison, it is noteworthy that in the United States generates the highest revenue in the Medical market, with an estimated US$485.00m in 2022.
This demonstrates the dominant position of the United States in the global medical industry.

Key regions: United States, Asia, Europe, South Korea, Japan

Market

Region

Region comparison

Currency

Analyst Opinion

Since the start of Apple, Inc.'s App Store in 2008 with around 500 apps, mobile apps have come to dominate the digital economy and have quickly outpaced the demand for desktop applications. As of 2021, the Apple App Store and Google Play Store had more than 5 million apps combined. Because many apps from the West are not available in China, many new app stores have emerged there. Digital lifestyles around the world now depend on adopting mobile apps, especially when it comes to social networking. The games industry has also been thoroughly transformed by the app revolution and is demonstrated by the fact that the games category is the largest and highest-grossing app category.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenue from in-app purchases, revenue from the purchase of apps, and revenue from advertising, as well as the number of downloads for each app category.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use market data from independent databases and third-party sources, current trends, and reported performance indicators of top market players. In addition, we use relevant key market indicators and data from country-specific associations, such as smartphone users and mobile broadband connections. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward apps.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.