Digital Treatment & Care - Cyprus

Cyprus

The Digital Treatment & Care market in Cyprus is expected to generate a revenue of US$16.53m by 2024.
The market is projected to grow at an annual growth rate of 4.19%, resulting in a market volume of US$19.48m by 2028.
The user penetration is forecasted to be 31.00% in 2024 and is expected to reach 32.74% by 2028.
The average revenue per user (ARPU) is estimated to be US$43.07.
In comparison to other countries, in the United States is anticipated to generate the highest revenue, amounting to US$24,240.00m in 2024.
Cyprus is experiencing a surge in the adoption of digital treatment and care solutions, revolutionizing the healthcare industry on the island.

Key regions: Japan, India, United States, Canada, Italy

Definition:

The Digital Treatment & Care market includes devices and apps that help users monitor and analyze lifestyle-related aspects and improve their overall health. It includes user and revenue trends for four categories: digital care management, connected Biosensors, and online pharmacies.

Structure:

The Digital Treatment & Care market is divided into four markets:

Connected Biosensors: Biosensors that collect information on a variety of health parameters and vital signs of an individual (blood pressure, temperature, blood glucose, weight) by reading or measuring this data and transmitting it via electrical signals.

Digital Care Management: Various apps that help users monitor/detect/analyze physical health conditions. Contraception and fertility apps provide users with guidelines on self-care, family planning, and birth control, raise their awareness, and offer monitoring functions. Medication checker apps provide users with useful dosage intake guidelines, drug interaction information, and personal medication records.

Online Pharmacies: Over-the-counter medicine that can be purchased without a medical prescription through online sales channels. The market comprises analgesics, cold and cough medication, digestives and intestinal remedies, skin treatment products, and vitamins and minerals.

Digital Therapeutics (DTx): Software-based therapeutic interventions that deliver evidence-based therapeutic content to patients to prevent, manage, or treat a medical condition. DTx can be used to treat a wide range of conditions, including chronic diseases, mental health disorders, and substance use disorders.

Additional Information:

The digital care management user base includes paying and non-paying customers. The revenue figures only include revenues generated from paid apps offering premium options and from in-app purchases; revenues from app downloads and advertising are not included. The data only reflects B2C revenues; B2B and C2C revenues are not covered.

Market

Region

Region comparison

Currency

Analyst Opinion

The Digital Treatment & Care market in Cyprus is experiencing significant growth and development.

Customer preferences: Customers in Cyprus are increasingly turning to digital solutions for their treatment and care needs. The convenience and accessibility offered by digital platforms such as contraception/fertility apps, medication checker apps, online pharmacies, and smart health devices are appealing to the tech-savvy population. Moreover, the ability to monitor health metrics and receive personalized recommendations through these digital tools is driving customer preferences towards digital treatment and care solutions.

Trends in the market: In Cyprus, there is a noticeable trend towards the adoption of smart health devices such as smart thermometers, smart blood glucose meters, and smart blood pressure meters. These devices enable individuals to track their health parameters in real-time and share the data with healthcare providers for remote monitoring and timely interventions. Additionally, the increasing popularity of social alarms for the elderly population is contributing to the growth of the Digital Treatment & Care market in Cyprus, as it provides a sense of security and safety for the elderly living alone.

Local special circumstances: Cyprus has a growing aging population, which is creating a demand for innovative healthcare solutions that can cater to the unique needs of the elderly. The use of social alarms and digital therapeutics tailored for the elderly demographic is gaining traction in the market. Furthermore, the relatively high smartphone penetration rate in Cyprus is facilitating the adoption of digital treatment and care solutions among the population, making it easier for individuals to access healthcare services remotely.

Underlying macroeconomic factors: The healthcare sector in Cyprus is undergoing digital transformation to improve efficiency and quality of care. The government is increasingly investing in digital health initiatives to enhance healthcare delivery and patient outcomes. This supportive regulatory environment is encouraging healthcare providers and tech companies to innovate and collaborate in offering advanced digital treatment and care solutions to the population. Additionally, the growing awareness about preventive healthcare measures and the benefits of early intervention are driving the demand for digital tools that promote proactive health management in Cyprus.

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.