Digital Health - Latvia | Statista Market Forecast

The revenue in the Digital Health market in Latvia is projected to reach US$50.00m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.33%, resulting in a projected market volume of US$71.22m by 2029.
The average revenue per user (ARPU) is expected to amount to US$52.37.
In global comparison, United States is expected to generate the most revenue in the Digital Health market with US$47.12bn in 2024.
The largest market in Latvia will be Digital Fitness & Well-Being, with a total revenue value of US$33.91m in 2024.
Latvia is emerging as a hub for innovative digital health startups, leveraging its strong technology infrastructure and skilled workforce.

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

Latvia is experiencing a notable shift towards digital health solutions, with increasing adoption of digital fitness and well-being, online doctor consultations, and digital treatment and care services.

Customer preferences: Latvian consumers are showing a growing interest in digital health services due to the convenience and accessibility they offer. The ease of monitoring fitness goals, accessing healthcare professionals remotely, and receiving treatment online aligns with the modern lifestyle preferences of many individuals in Latvia. Moreover, the younger demographic, which is more tech-savvy, is particularly inclined towards digital health solutions.

Trends in the market: One prominent trend in the Latvian digital health market is the rise of telemedicine and online doctor consultations. This trend is fueled by the need for efficient healthcare services, especially in rural areas where access to medical facilities may be limited. The convenience of consulting with healthcare providers from the comfort of one's home is driving the adoption of these digital services. Additionally, the increasing focus on preventive healthcare and overall well-being is boosting the demand for digital fitness and wellness apps among Latvian consumers.

Local special circumstances: Latvia's relatively small population and geographic distribution present a unique opportunity for digital health providers to reach a wide audience. The country's well-developed IT infrastructure and high internet penetration rate further support the growth of the digital health market. Additionally, the government's initiatives to promote e-health solutions and improve healthcare accessibility are creating a conducive environment for digital health innovation in Latvia.

Underlying macroeconomic factors: The increasing healthcare expenditures in Latvia, coupled with the growing burden of chronic diseases, are driving the demand for more efficient and cost-effective healthcare solutions. Digital health technologies offer a way to address these challenges by providing remote monitoring, personalized treatment plans, and timely medical interventions. Moreover, the evolving regulatory landscape and favorable reimbursement policies for telemedicine services are encouraging investment and innovation in the digital health sector 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.

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.