Digital Treatment & Care - Latvia

The Digital Treatment & Care market in Latvia is projected to reach a revenue of US$12.31m in 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 8.22%, resulting in a projected market volume of US$18.28m by 2029.
The user penetration in Latvia is predicted to be 20.06% in 2024 and is expected to increase to 26.96% by 2029.
The average revenue per user (ARPU) is forecasted to be US$33.90.
In comparison to other countries, United States is projected to generate the highest revenue, with US$29.91bn in 2024.
Latvia is embracing digital treatment and care in the digital health market, with innovative solutions and a growing number of tech-savvy patients.

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 Latvia is experiencing significant growth and development, driven by various factors shaping the healthcare landscape in the country.

Customer preferences: In Latvia, there is a growing preference among consumers for digital health solutions that offer convenience, accessibility, and personalized care. The increasing adoption of smartphones and digital technologies has led to a shift towards using digital treatment and care services for managing health and wellness.

Trends in the market: One notable trend in the Latvian market is the rising popularity of medication checker apps and online pharmacies. These digital tools provide users with easy access to information about medications, potential interactions, and the ability to purchase medicines online. Additionally, there is a growing demand for smart health devices such as thermometers, blood glucose meters, and blood pressure monitors, as individuals seek to monitor their health parameters proactively.

Local special circumstances: Latvia's healthcare system is undergoing digital transformation, with the government implementing initiatives to promote the use of eHealth solutions and telemedicine services. This focus on digital healthcare is creating opportunities for companies offering digital treatment and care products in the market. Moreover, the country's aging population and increasing prevalence of chronic diseases are driving the need for innovative digital health solutions to improve patient outcomes and quality of care.

Underlying macroeconomic factors: The growing healthcare expenditure in Latvia, coupled with the rising awareness of the benefits of digital health technologies, is fueling the expansion of the Digital Treatment & Care market in the country. Additionally, regulatory reforms and policies supporting the integration of digital solutions in healthcare are contributing to the market's growth. Overall, the combination of changing consumer preferences, government initiatives, and economic factors is shaping the landscape of the Digital Treatment & Care market in Latvia.

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.