Digital Health - Sri Lanka | Statista Market Forecast

Revenue in the Digital Health market is projected to reach US$78.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.96%, resulting in a projected market volume of US$115.40m by 2029.
The average revenue per user (ARPU) is expected to amount to US$52.56.
In global comparison, most revenue will be generated United States (US$47.12bn in 2024).
The market's largest market will be Digital Treatment & Care with a total revenue value of US$39.20m in 2024.

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 is experiencing significant growth due to the increasing demand for healthcare solutions that provide convenience, accessibility, and improved patient outcomes. Customer preferences: Customers in the Digital Health market are increasingly seeking solutions that allow them to access healthcare services remotely, such as telemedicine and remote patient monitoring. They also prefer digital solutions that provide personalized and proactive healthcare, such as wearable devices and mobile health apps. Trends in the market: One of the major trends in the Digital Health market is the adoption of telemedicine services. Telemedicine allows patients to consult with healthcare professionals remotely, reducing the need for in-person visits and providing convenience. This trend has been accelerated by the COVID-19 pandemic, as it has highlighted the importance of remote healthcare services. Another trend in the market is the increasing use of wearable devices for health monitoring. These devices, such as fitness trackers and smartwatches, allow individuals to track their physical activity, heart rate, sleep patterns, and other health metrics. The data collected by these devices can be used by healthcare professionals to monitor patients remotely and provide personalized healthcare recommendations. Local special circumstances: In certain countries, the Digital Health market is influenced by local regulations and infrastructure. For example, in countries with limited access to healthcare facilities, digital health solutions can provide a means for individuals to access healthcare services remotely. In addition, countries with aging populations may have a higher demand for digital health solutions that can help manage chronic conditions and provide remote monitoring. Underlying macroeconomic factors: The growth of the Digital Health market is driven by several macroeconomic factors. One of the key factors is the increasing healthcare expenditure worldwide. As healthcare costs rise, there is a growing need for cost-effective solutions that can improve healthcare outcomes and reduce the burden on healthcare systems. Another macroeconomic factor is the increasing penetration of smartphones and internet connectivity. The widespread availability of smartphones and internet access has made it easier for individuals to access digital health solutions, such as mobile health apps and telemedicine services. Furthermore, the COVID-19 pandemic has also played a role in driving the growth of the Digital Health market. The pandemic has highlighted the importance of remote healthcare services and has accelerated the adoption of digital health solutions globally. In conclusion, the Digital Health market is growing rapidly due to customer preferences for convenient and accessible healthcare solutions. The adoption of telemedicine services and wearable devices for health monitoring are major trends in the market. Local regulations and infrastructure, as well as underlying macroeconomic factors such as healthcare expenditure and smartphone penetration, also influence the growth of the market.

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 market. 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 Health 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.