Digital Health - Costa Rica | Statista Market Forecast

Costa Rica is projected to experience a significant growth in revenue within its Digital Health market.
By 2024, the projected revenue is estimated to reach US$103.40m.
This upward trend is expected to continue, with an annual growth rate (CAGR 2024-2029) of 8.77%.
As a result, the market volume is projected to reach a substantial value of US$157.40m by 2029.
On average, each user is expected to contribute a revenue of US$50.95.
When compared globally, United States is set to generate the highest revenue in the Digital Health market, with an impressive amount of US$47.12bn in 2024.
However, with Costa Rica, the largest market is Digital Fitness & Well-Being, which is expected to reach a total revenue value of US$58.03m in 2024.
This showcases the country's strong presence and potential in the Digital Health market industry.
Costa Rica's digital health market is thriving, with an increasing number of telemedicine platforms providing accessible healthcare services to its population.

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

Costa Rica has seen a significant rise in the Digital Health market, with a growing focus on digital fitness and well-being, online doctor consultations, and digital treatment and care services.

Customer preferences: Costa Rican consumers are increasingly looking for convenient and accessible healthcare solutions, which has led to a surge in demand for digital health services. The ease of access to healthcare professionals and the ability to monitor health and fitness levels remotely are key factors driving the adoption of digital health solutions in the country.

Trends in the market: One of the notable trends in the Costa Rican Digital Health market is the increasing popularity of online doctor consultations. Patients are opting for virtual appointments for non-emergency medical issues, saving time and avoiding long waiting times at traditional healthcare facilities. Moreover, the digital fitness and well-being sector is witnessing a boom, with a growing number of individuals using fitness apps and wearables to track their physical activity and overall health.

Local special circumstances: Costa Rica's strong focus on environmental sustainability and eco-friendly practices is influencing the Digital Health market in the country. There is a growing demand for digital health solutions that promote sustainable living and eco-conscious choices. This unique emphasis on sustainability sets Costa Rica apart from other markets and is shaping the development of digital health offerings in the country.

Underlying macroeconomic factors: The increasing internet penetration and smartphone usage in Costa Rica are playing a crucial role in the expansion of the Digital Health market. With more people gaining access to digital technologies, the reach of digital health services is widening across the country. Additionally, the government's initiatives to promote telemedicine and digital healthcare solutions are further fueling the growth of the market. These macroeconomic factors are creating a conducive environment for the continued evolution of the Digital Health sector in Costa Rica.

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.