Digital Health - Bulgaria | Statista Market Forecast

The Digital Health market in Bulgaria is expected to witness substantial growth in the coming years.
According to projections, the revenue in this market is set to reach US$129.30m by 2024.
Moreover, it is anticipated that the market will experience a steady annual growth rate of 9.06% (CAGR 2024-2029), resulting in a projected market volume of US$199.50m by 2029.
The average revenue per user (ARPU) is also expected to increase, reaching an estimated amount of US$59.07.
In comparison to other countries, United States is projected to generate the highest revenue in the Digital Health market, with an estimated value of US$47.12bn in 2024.
Furthermore, within the Digital Health market, the Digital Fitness & Well-Being sector is anticipated to be the largest, with a total revenue value of US$60.34m in 2024.
Bulgaria is experiencing a surge in telemedicine adoption, as the country's digital health market expands rapidly.

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

In Bulgaria, the Digital Health market is experiencing significant growth and development, driven by several key factors shaping the industry landscape in the country.

Customer preferences: Customers in Bulgaria are increasingly turning to digital health solutions for convenience, accessibility, and personalized care. The demand for online doctor consultations is on the rise as patients seek quick and efficient healthcare services. Additionally, the digital fitness and well-being sector is gaining popularity among health-conscious individuals looking for virtual workout options and wellness programs tailored to their needs.

Trends in the market: One prominent trend in the Bulgarian Digital Health market is the proliferation of mobile health apps and platforms offering a wide range of services, from symptom tracking to medication reminders. These digital tools are empowering users to take control of their health and well-being from the comfort of their homes. Moreover, the adoption of telemedicine solutions is facilitating remote consultations and monitoring, especially in rural areas with limited access to healthcare facilities.

Local special circumstances: Bulgaria's healthcare system faces challenges such as long waiting times, shortage of medical professionals, and uneven distribution of healthcare services across the country. In this context, digital health technologies are bridging the gap by providing virtual healthcare solutions that supplement traditional medical care. The government's initiatives to promote e-health and telemedicine services are also driving the integration of digital health into the national healthcare system.

Underlying macroeconomic factors: The growing penetration of smartphones and internet connectivity in Bulgaria is a key macroeconomic factor fueling the expansion of the Digital Health market. With increasing digital literacy and tech-savvy population, the adoption of digital health solutions is becoming more widespread. Furthermore, the COVID-19 pandemic has accelerated the digital transformation of healthcare services, prompting both providers and patients to embrace telehealth solutions as a safer alternative to in-person consultations.

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.