Digital Health - Baltics | Statista Market Forecast

The Digital Health market in the Baltics is expected to witness significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$181.80m.
This growth is anticipated to continue at an annual growth rate of 7.99%, resulting in a projected market volume of US$266.90m by 2029.
The average revenue per user (ARPU) is also predicted to rise to US$57.74.
In comparison to other countries, United States is projected to generate the highest revenue in the Digital Health market, amounting to US$47.12bn in 2024.
This showcases the immense potential and market size of United States in the digital health industry.
Among the various markets, Digital Fitness & Well-Being is expected to emerge as the largest market, with a total revenue value of US$109.10m in 2024.
This market encompasses various digital health solutions aimed at promoting fitness and overall well-being.
The Baltics, with its growing digital health market, is poised to benefit from these advancements and contribute to the global landscape of Digital Health market.
The Baltics are at the forefront of digital health innovation, with a strong focus on telemedicine and remote patient monitoring.

Definition:

The Digital Health market refers to the use of technology to improve health and healthcare delivery. It includes the Digital Fitness & Well-Being, Online Doctor Consultations, and Digital Treatment & Care markets.

Structure:

The Digital Health market is divided into three markets:

Digital Fitness & Well-Being: This market includes fitness trackers, health and wellness coaching, and tools that help individuals monitor and improve their health and well-being.
Online Doctor Consultations: This market includes telemedicine and other digital tools that allow patients to consult with doctors remotely.
Digital Treatment & Care: This market includes digital tools that are used to diagnose, treat, and manage medical conditions. It includes the Connected Biosensors and Digital Care Management markets.

Additional Information:

The growth of the Digital Health market is driven by factors such as increasing smartphone penetration, improved internet connectivity, and the growing need to curb healthcare costs. The market is also supported by government initiatives to spread digitalization across the healthcare sector. Key players in the market are introducing advanced applications to enhance the user experience and integrate with other digital platforms. The COVID-19 pandemic has accelerated the adoption of digital health solutions, particularly in the Online Doctor Consultations market.

Digital fitness and well-being
Fitness trackers
Connected Biosensors
Digital care management
Online pharmacies
Online doctor consultations
Health and wellness coaching
Digital treatment and care

Smart clothing
Smart shoes
Smart eyewear

The Digital Health market in Baltics is experiencing significant growth and development, driven by various factors shaping the healthcare landscape in the region.

Customer preferences: Customers in the Baltics are increasingly seeking convenient and accessible healthcare solutions, leading to a growing demand for digital health services. The ease of scheduling online doctor consultations, monitoring fitness and well-being digitally, and receiving treatment and care remotely aligns with the preferences of tech-savvy consumers in the region.

Trends in the market: In the Baltics, there is a noticeable trend towards embracing digital fitness and well-being solutions. Mobile apps and wearable devices that track health metrics and provide personalized recommendations are gaining popularity among individuals looking to proactively manage their health. Moreover, the convenience of online doctor consultations is driving the adoption of telemedicine services, especially in remote areas where access to healthcare facilities may be limited.

Local special circumstances: The Baltic countries, comprising Estonia, Latvia, and Lithuania, share a common interest in leveraging technology to improve healthcare outcomes. Estonia, known for its advanced digital infrastructure and e-health initiatives, serves as a frontrunner in digital health innovation within the region. This tech-savvy environment fosters a conducive ecosystem for digital health startups and solutions to thrive, contributing to the overall growth of the market in the Baltics.

Underlying macroeconomic factors: The Digital Health market in the Baltics is also influenced by macroeconomic factors such as government support for digital healthcare initiatives and investments in technology infrastructure. As policymakers recognize the potential of digital health to enhance the efficiency and effectiveness of the healthcare system, there is a concerted effort to promote the adoption of digital solutions across the region. This supportive regulatory environment and financial backing play a crucial role in driving the expansion of the Digital Health market in the Baltics.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. 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.

Additional notes:

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

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.

Over 1.3 billion people will use digital health in 2024. This includes using fitness trackers and smartwatches, online doctor consultations, or any other digital treatment and care use. The utilization of digital health, particularly telemedicine, increased significantly during the COVID-19 pandemic as alternatives to physical appointments were required. Wearables such as smartwatches have been popular for some years, and still undergo steady growth. The digital health market was worth around 172 billion U.S. dollars in 2024, with a forecast for future growth.