Digital Health - Cyprus

Cyprus

The Digital Health market in Cyprus is expected to experience significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$30.50m.
This growth is driven by an anticipated annual growth rate (CAGR 2024-2028) of 4.86%, resulting in a projected market volume of US$36.87m by 2028.
The average revenue per user (ARPU) is expected to be approximately US$50.48.
In comparison to other countries, in China is projected to generate the highest revenue in the Digital Health market, with an estimated revenue of US$53,070.00m in 2024.
However, it is important to note that this figure is for the global market and not specific to in Cyprus.
Within the Digital Health market, the largest market segment in terms of revenue is Digital Treatment & Care.
In 2024, this market segment is expected to have a total revenue value of US$16.53m.
This indicates the growing importance and popularity of digital fitness and well-being solutions in Cyprus.
Cyprus is experiencing a surge in telemedicine adoption, allowing patients to receive remote healthcare services conveniently.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Digital Health market in Cyprus is experiencing significant growth and innovation across its digital fitness and well-being, online doctor consultation, and digital treatment and care sub-markets.

Customer preferences: Customers in Cyprus are increasingly seeking convenient and accessible healthcare solutions, leading to a growing demand for digital health services. The shift towards online doctor consultations and digital treatment options is driven by the need for flexibility and efficiency in managing health and well-being.

Trends in the market: In Cyprus, there is a noticeable trend towards embracing digital fitness and well-being platforms, with a rising number of individuals turning to mobile apps and wearable devices to track their health metrics and exercise routines. The online doctor consultation sector is also expanding rapidly, providing patients with the opportunity to receive medical advice and prescriptions remotely. Moreover, the digital treatment and care segment is evolving with the introduction of virtual therapy sessions and remote monitoring tools.

Local special circumstances: Cyprus's unique geographical landscape, with many remote and isolated areas, contributes to the popularity of digital health services. The convenience of accessing healthcare resources from anywhere at any time is particularly appealing to individuals living in rural regions or those with limited mobility. Additionally, the country's strong focus on technological advancements and digital infrastructure further supports the growth of the Digital Health market in Cyprus.

Underlying macroeconomic factors: The increasing digitalization of healthcare services in Cyprus is influenced by various macroeconomic factors, including the government's initiatives to promote e-health solutions and improve overall healthcare accessibility. Additionally, the changing demographics and rising healthcare costs are driving individuals to seek more cost-effective and efficient ways to manage their health, leading to the expansion of the Digital Health market in the country.

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.