Digital Treatment & Care - Iceland

Iceland

The projected revenue in the Digital Treatment & Care market in Iceland is expected to reach US$4.68m in 2024.
This indicates a positive growth trend with an annual growth rate (CAGR 2024-2028) of 7.11%.
As a result, the market volume is projected to reach US$6.16m by 2028.
User penetration, which represents the percentage of the population using these services, is estimated to be 47.01% in 2024 and is expected to increase to 52.54% by 2028.
This demonstrates a growing interest and adoption of digital treatment and care solutions among the population of Iceland.
The average revenue per user (ARPU) is projected to be US$28.47.
This metric indicates the average amount of revenue generated per user in Iceland, highlighting the potential profitability of the market segment.
In global comparison, it is worth noting that in the United States is expected to generate the highest revenue in the Digital Treatment & Care market, amounting to US$24,240.00m in 2024.
This showcases the significant market presence and potential of the United States in this industry.
Iceland is at the forefront of digital treatment and care in the digital health market, leveraging its advanced technology infrastructure and commitment to innovation.

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 Iceland is experiencing significant growth and innovation across various sub-markets.

Customer preferences: In Iceland, there is a growing preference for digital solutions in healthcare, driven by the tech-savvy population that values convenience and efficiency. Consumers are increasingly turning to digital treatment and care options for managing their health and wellness needs.

Trends in the market: One notable trend in the Icelandic market is the increasing popularity of contraception/fertility apps among women. These apps offer a convenient and discreet way to track fertility cycles and manage contraception, appealing to individuals seeking non-invasive family planning solutions. Additionally, the demand for smart thermometers and smart blood pressure meters is on the rise as more Icelanders prioritize proactive health monitoring and seek tools to manage chronic conditions from the comfort of their homes.

Local special circumstances: Iceland's small population size and dispersed geography present unique challenges and opportunities for the Digital Treatment & Care market. The country's remote locations and limited healthcare infrastructure make digital healthcare solutions particularly appealing for increasing access to quality care. Additionally, Iceland's strong focus on innovation and technology adoption creates a fertile ground for digital treatment and care providers to thrive in the market.

Underlying macroeconomic factors: The Icelandic government's investments in healthcare technology and digital infrastructure play a crucial role in driving the growth of the Digital Treatment & Care market. By prioritizing digital health initiatives and fostering a supportive regulatory environment, Iceland is paving the way for increased adoption of digital treatment and care solutions across the country. Additionally, the country's high per capita income levels and robust healthcare system contribute to the willingness of consumers to invest in digital health tools for personalized care.

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.