Digital Health - North Macedonia

North Macedonia

The Digital Health market in North Macedonia is expected to reach a projected revenue of US$19.65m in 2024.
This market segment is anticipated to show a steady annual growth rate (CAGR 2024-2028) of 4.06%, resulting in a projected market volume of US$23.04m by 2028.
The average revenue per user (ARPU) is expected to amount to US$23.98.
When compared globally, in China is projected to generate the highest revenue in the Digital Health market, amounting to US$53,070.00m in 2024.
With North Macedonia, the largest market within the Digital Health market will be Digital Fitness & Well-Being, with a total revenue value of US$12.88m in 2024.
North Macedonia is experiencing a surge in telemedicine adoption, with virtual consultations becoming increasingly popular among its citizens.

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

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Analyst Opinion

The Digital Health market in North Macedonia is witnessing a significant growth trajectory, driven by various factors shaping the healthcare landscape in the country.

Customer preferences: In North Macedonia, customers are increasingly inclined towards digital health solutions due to the convenience and accessibility they offer. The younger population, in particular, is more tech-savvy and comfortable with utilizing online platforms for fitness tracking, virtual consultations with healthcare providers, and accessing digital treatment options.

Trends in the market: One notable trend in the Digital Health market in North Macedonia is the rising popularity of digital fitness and well-being applications. With the increasing awareness about the importance of leading a healthy lifestyle, more individuals are turning to digital platforms to monitor their fitness goals, nutrition intake, and overall well-being. This trend is in line with global patterns of shifting towards preventive healthcare measures. Moreover, online doctor consultation services are gaining traction in North Macedonia, especially in rural areas where access to healthcare facilities may be limited. The convenience of consulting with a healthcare provider remotely is driving the adoption of telemedicine services across the country. Additionally, the digital treatment and care segment is also evolving, with more healthcare providers offering online therapy sessions and digital monitoring tools for chronic disease management.

Local special circumstances: North Macedonia's healthcare system faces challenges such as uneven distribution of healthcare facilities, shortage of medical professionals in certain regions, and long waiting times for in-person consultations. In this context, the emergence of digital health solutions presents an opportunity to bridge the gap and improve healthcare access for the population. The government's initiatives to promote e-health technologies and telemedicine services are further propelling the growth of the Digital Health market in the country.

Underlying macroeconomic factors: The growing penetration of smartphones and internet connectivity in North Macedonia is a key macroeconomic factor driving the expansion of the Digital Health market. As more individuals gain access to mobile devices and high-speed internet, the potential user base for digital health solutions continues to expand. Additionally, the increasing healthcare expenditure in the country, coupled with the focus on enhancing healthcare infrastructure, creates a conducive environment for the development of innovative digital health technologies and services.

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 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.