Digital Health - Taiwan

Taiwan

The Digital Health market in Taiwan is expected to experience significant growth in the coming years.
By 2024, revenue in this market is projected to reach a staggering US$455.00m.
This growth is expected to continue at an annual rate of 6.72% from 2024 to 2029, resulting in a projected market volume of US$629.90m by the end of that period.
The average revenue per user (ARPU) in Taiwan's Digital Health market is expected to be US$44.28.
This indicates that each user in Taiwan is expected to contribute a substantial amount to the overall revenue of the market.
In comparison to other countries, United States is projected to generate the highest revenue in the Digital Health market, with an estimated value of US$47,120.00m by 2024.
This showcases the dominance of the Chinese market in the digital health industry.
Among the various markets within the Digital Health market, Digital Fitness & Well-Being is expected to be the largest contributor to revenue.
In 2024, this market is projected to generate a total revenue value of US$327.40m.
This highlights the growing importance of fitness and well-being in the digital health industry.
Taiwan has emerged as a leading hub for digital health innovation, with a strong focus on telemedicine and AI-powered healthcare solutions.

Key regions: United States, China, Japan, Asia, Europe

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Analyst Opinion

Taiwan's Digital Health market is experiencing significant growth and development, driven by various factors influencing consumer behavior and the healthcare industry in the region.

Customer preferences: Consumers in Taiwan are increasingly prioritizing convenience and accessibility when it comes to healthcare services. The demand for digital fitness and well-being solutions is on the rise as individuals seek ways to monitor and improve their health from the comfort of their homes. Online doctor consultations are gaining popularity among busy urban dwellers who value time efficiency and avoiding long wait times at physical clinics. Additionally, the digital treatment and care segment is seeing traction as patients look for more personalized and efficient healthcare options.

Trends in the market: In Taiwan, there is a growing trend towards the adoption of wearable devices and health tracking apps to monitor fitness levels, sleep patterns, and overall well-being. This trend is fueled by the increasing health consciousness among the population and the desire to take proactive steps towards leading a healthier lifestyle. Moreover, the shift towards telemedicine and virtual consultations is reshaping the healthcare landscape in Taiwan, making it more convenient for individuals to seek medical advice and treatment without the need for in-person visits. The digital treatment and care sector is also evolving with the integration of AI-driven solutions for diagnostics and personalized treatment plans.

Local special circumstances: Taiwan's unique healthcare system, which combines both traditional Chinese medicine and Western medicine practices, creates a diverse market for digital health solutions. The emphasis on preventive care and holistic approaches to health in Taiwan influences the adoption of digital fitness and well-being tools that cater to both physical and mental wellness. Additionally, the tech-savvy population in Taiwan, with high smartphone penetration rates and internet usage, contributes to the rapid uptake of digital health services in the country.

Underlying macroeconomic factors: The government support for digital health initiatives and the promotion of telehealth services in Taiwan play a crucial role in driving the growth of the market. Policies aimed at expanding access to healthcare services and improving the quality of care through technology adoption create a favorable environment for digital health companies to thrive. Moreover, the increasing healthcare expenditure in Taiwan and the rising prevalence of chronic diseases among the population underscore the need for innovative digital solutions to address these healthcare challenges effectively.

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.