Digital Treatment & Care - Colombia

The Digital Treatment & Care market in Colombia is projected to witness a significant growth in revenue, reaching US$212.80m in 2024.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 8.26%, resulting in a projected market volume of US$316.30m by 2029.
The user penetration in Colombia is expected to be 17.23% in 2024 and is projected to increase to 21.12% by 2029.
This indicates a growing adoption of digital treatment and care solutions among the population.
The average revenue per user (ARPU) is expected to amount to US$23.59.
This highlights the potential for generating revenue from each user in the market.
In comparison to other countries, United States is projected to generate the highest revenue in the Digital Treatment & Care market, with an estimated revenue of US$29.91bn in 2024.
This showcases the dominance of the United States in the global market.
Colombia's digital health market is witnessing a surge in demand for telemedicine services, offering convenient access to healthcare for remote and underserved areas.

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.

Contraception and fertility apps
Medication checker apps
Smart blood pressure meters
Smart thermometers
Smart glucose meters
Natural and synthetic agents
Analgesics (e.g., aspirin, paracetamol)
Cough and cold remedies (e.g., Vicks VapoRub)
Vitamins and minerals
Skin treatment products
Care phones/social alarms

Health tracking devices
Fitness apps
Sleeping apps
Mood improvement apps
Health tracking apps
Fitness wearables
Fitness apps
Motion trackers

The Digital Treatment & Care market in Colombia is experiencing significant growth and development, driven by various factors influencing the adoption of digital health solutions in the country.

Customer preferences: Colombian consumers are increasingly turning to digital treatment and care solutions due to the convenience and accessibility they offer. With hectic lifestyles and a growing awareness of the importance of healthcare, individuals are seeking more convenient ways to manage their health. This shift in consumer behavior is fueling the demand for digital tools such as medication checker apps, online pharmacies, and smart health devices.

Trends in the market: One prominent trend in the Colombian market is the rising popularity of online pharmacies. Consumers appreciate the ease of ordering medications online and having them delivered to their doorstep, especially in urban areas where traffic congestion can be a major issue. Additionally, the use of contraception/fertility apps is gaining traction among tech-savvy Colombians who are looking for non-intrusive ways to track their reproductive health. Smart health devices such as smart thermometers, blood glucose meters, and blood pressure monitors are also seeing increased adoption in Colombia. These devices provide users with real-time health data that can be easily shared with healthcare providers, enabling better monitoring of chronic conditions and overall health management.

Local special circumstances: Colombia's healthcare system faces challenges such as limited access to healthcare in rural areas and long wait times in urban centers. As a result, digital treatment and care solutions are bridging the gap by providing remote access to healthcare services and empowering individuals to take control of their health. The government is also supporting the adoption of digital health technologies to improve healthcare outcomes and reduce the burden on the traditional healthcare system.

Underlying macroeconomic factors: The growing middle class in Colombia, coupled with increasing internet penetration and smartphone usage, is driving the demand for digital treatment and care solutions in the country. As disposable incomes rise and technology becomes more affordable, more Colombians are able to access and afford digital health tools. Additionally, the government's initiatives to promote digital innovation in healthcare are creating a favorable environment for the development of the digital treatment and care market in Colombia.

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.