Digital Treatment & Care - Armenia

Armenia

In 2024, the projected revenue in the Digital Treatment & Care market in Armenia is expected to reach US$18.28m.
Furthermore, it is anticipated that there will be an annual growth rate of 8.42% (CAGR 2024-2029), resulting in a projected market volume of US$27.39m by 2029.
The user penetration is estimated to be 14.84% in 2024 and is projected to increase to 19.38% by 2029.
The average revenue per user (ARPU) is expected to be US$44.35.
In comparison to other countries, United States is expected to generate the highest revenue, amounting to US$29,910.00m in 2024.
Armenia's digital health market is rapidly expanding, with an increasing focus on digital treatment and care solutions.

Key regions: Japan, India, United States, Canada, Italy

Definition:

The Digital Treatment & Care market includes devices and apps that help users monitor and analyze lifestyle-related aspects and improve their overall health. It includes user and revenue trends for four categories: digital care management, connected Biosensors, and online pharmacies.

Structure:

The Digital Treatment & Care market is divided into four markets:

Connected Biosensors: Biosensors that collect information on a variety of health parameters and vital signs of an individual (blood pressure, temperature, blood glucose, weight) by reading or measuring this data and transmitting it via electrical signals.

Digital Care Management: Various apps that help users monitor/detect/analyze physical health conditions. Contraception and fertility apps provide users with guidelines on self-care, family planning, and birth control, raise their awareness, and offer monitoring functions. Medication checker apps provide users with useful dosage intake guidelines, drug interaction information, and personal medication records.

Online Pharmacies: Over-the-counter medicine that can be purchased without a medical prescription through online sales channels. The market comprises analgesics, cold and cough medication, digestives and intestinal remedies, skin treatment products, and vitamins and minerals.

Digital Therapeutics (DTx): Software-based therapeutic interventions that deliver evidence-based therapeutic content to patients to prevent, manage, or treat a medical condition. DTx can be used to treat a wide range of conditions, including chronic diseases, mental health disorders, and substance use disorders.

Additional Information:

The digital care management user base includes paying and non-paying customers. The revenue figures only include revenues generated from paid apps offering premium options and from in-app purchases; revenues from app downloads and advertising are not included. The data only reflects B2C revenues; B2B and C2C revenues are not covered.

Market

Region

Region comparison

Currency

Analyst Opinion

The Digital Treatment & Care market in Armenia is experiencing a significant growth trajectory as the adoption of digital health solutions continues to rise in the country.

Customer preferences: Armenian consumers are increasingly turning to digital treatment and care solutions due to the convenience and accessibility they offer. The younger population, in particular, is more inclined towards using digital contraception/fertility apps and online pharmacies for discreet and convenient access to healthcare services. Additionally, the growing awareness about the importance of monitoring health parameters such as blood glucose levels and blood pressure is driving the demand for smart devices like thermometers, blood glucose meters, and blood pressure monitors.

Trends in the market: In Armenia, there is a noticeable trend towards the use of smart health devices for self-monitoring and management of health conditions. The adoption of medication checker apps and social alarms is also on the rise as people seek tools to help them stay organized with their medication schedules and to provide assistance in case of emergencies. Moreover, the increasing penetration of smartphones and internet connectivity in Armenia is further fueling the growth of the digital treatment and care market.

Local special circumstances: Armenia's healthcare system faces challenges such as limited access to healthcare facilities in remote areas and long waiting times for medical appointments. In such a scenario, digital treatment and care solutions offer a viable alternative for people to manage their health effectively from the comfort of their homes. The government's initiatives to promote digital health technologies and telemedicine services are also contributing to the growth of the market in Armenia.

Underlying macroeconomic factors: The improving economic conditions in Armenia are enabling more people to afford digital health solutions, thereby driving the demand for products and services in the digital treatment and care market. Additionally, the government's focus on healthcare reforms and investments in technology infrastructure are creating a favorable environment for the growth of the digital health sector in the country.

Methodology

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.