Digital Health - Panama | Statista Market Forecast

The Digital Health market in Panama is set to witness a robust growth trajectory.
By 2024, the projected revenue is estimated to reach US$86.21m.
This growth is anticipated to continue at an annual growth rate of 9.76% (CAGR 2024-2029), resulting in a projected market volume of US$137.30m by 2029.
The average revenue per user (ARPU) is expected to be US$50.87.
In comparison to other countries, United States is projected to generate the highest revenue in the Digital Health market, with an estimated amount of US$47.12bn in 2024.
However, it is worth noting that in Panama is poised to make significant strides in this sector.
Among the various markets within Digital Health market, the Digital Fitness & Well-Being market is expected to be the largest, with a total revenue value of US$51.24m in 2024.
This indicates a strong demand for digital health solutions in Panama, emphasizing the country's commitment to enhancing wellness and overall health through technological advancements.
Panama is experiencing a surge in telemedicine adoption, as the country embraces digital health solutions to improve access to healthcare services.

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

The Digital Health market in Panama is witnessing significant growth and evolution, driven by various factors shaping the healthcare landscape in the country.

Customer preferences: Panamanian consumers are increasingly seeking convenient and accessible healthcare solutions, leading to a growing demand for digital fitness and well-being platforms, online doctor consultations, and digital treatment and care services. The convenience of accessing healthcare services from the comfort of their homes or on-the-go aligns with the preferences of modern-day consumers looking for efficient and time-saving solutions.

Trends in the market: In Panama, the Digital Health market is experiencing a surge in digital fitness and well-being platforms, catering to the population's increasing focus on personal health and wellness. Online doctor consultations are also gaining traction as they offer a convenient way for individuals to seek medical advice without the need for in-person visits. Moreover, digital treatment and care services are becoming more prevalent, providing patients with remote monitoring and management of their health conditions.

Local special circumstances: Panama's unique geographical landscape, with its diverse regions and some remote areas, contributes to the popularity of digital health solutions in the country. The digital infrastructure development and increasing internet penetration rates further support the adoption of telehealth services, making healthcare more accessible to a larger population. Additionally, the government's focus on improving healthcare services and promoting technological advancements in the sector are driving the growth of the Digital Health market in Panama.

Underlying macroeconomic factors: The growing middle-class population in Panama, coupled with increasing disposable incomes, is fueling the demand for quality healthcare services, including digital health solutions. Moreover, the rising prevalence of chronic diseases and the need for efficient healthcare management are propelling the adoption of digital health technologies in the country. Additionally, the COVID-19 pandemic has accelerated the acceptance of telehealth services and digital solutions, further boosting the Digital Health market in Panama.

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.