Digital Treatment & Care - Nordics

Nordics

The Digital Treatment & Care market in the Nordics is predicted to experience a substantial growth in revenue, reaching a staggering US$553.50m in 2024.
This growth is expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2028) of 5.81%.
As a result, the market volume is projected to reach an impressive US$693.70m by 2028.
In terms of user penetration, it is estimated that 36.06% of the population will be using digital treatment and care services in 2024.
However, this number is expected to increase significantly, reaching 40.75% by 2028.
The average revenue per user (ARPU) in the Nordics is expected to reach a noteworthy US$55.36.
When comparing the global market, it is worth noting that in the United States will generate the highest revenue, amounting to US$24,240.00m in 2024.
In the Nordics, there is a growing trend towards the adoption of digital treatment and care solutions, with a focus on enhancing efficiency and patient-centricity in healthcare delivery.

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 Nordics is experiencing significant growth and development, driven by various factors such as increasing digitalization, rising healthcare costs, and the growing prevalence of chronic diseases in the region.

Customer preferences: Customers in Nordics are increasingly turning to digital solutions for their treatment and care needs, seeking convenience, accessibility, and personalized healthcare options. The demand for contraception/fertility apps, medication checker apps, and online pharmacies is on the rise as individuals look for efficient ways to manage their health. Moreover, the adoption of smart devices like thermometers, blood glucose meters, and blood pressure monitors is gaining traction among tech-savvy consumers who value real-time health monitoring and data tracking.

Trends in the market: In the Nordics, there is a notable trend towards the use of digital therapeutics as a complement to traditional medical treatments. Patients are leveraging digital platforms for managing chronic conditions such as diabetes, hypertension, and mental health disorders. The market is witnessing the emergence of innovative solutions that offer remote monitoring, personalized interventions, and behavioral therapy to improve patient outcomes. Additionally, social alarms are becoming increasingly popular among the elderly population in Nordics, enabling them to live independently while having access to emergency assistance when needed.

Local special circumstances: One of the key special circumstances in the Nordics is the region's advanced healthcare infrastructure and strong focus on innovation. Countries like Sweden, Denmark, Norway, Finland, and Iceland have well-established digital health ecosystems supported by government initiatives, research institutions, and tech companies. This conducive environment fosters the development and adoption of digital treatment and care solutions, making Nordics a hub for healthcare innovation in Europe.

Underlying macroeconomic factors: The Nordics region boasts high levels of digital literacy, disposable income, and healthcare expenditure, creating a favorable market landscape for digital treatment and care providers. The well-developed regulatory framework, data privacy laws, and reimbursement policies further support the growth of the market. Additionally, the aging population in Nordics is driving the demand for remote monitoring and telehealth services, prompting healthcare providers to invest in digital solutions to meet the evolving needs of patients.

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.