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Although there is no clear consensus on what constitutes specialized journalism, health journalism is widely understood as fulfilling a civic role by translating complex medical and scientific information into accessible narratives for the public. This study maps the landscape of Portuguese health magazines between 1993 and 2025, analyzing their circulation patterns and thematic orientations. Drawing on longitudinal data and content classification, the findings identify three distinct phases in the sector's evolution. The first phase (1993-2006) is marked by expansion and editorial specialization, with a growing number of publications targeting niche audiences such as parents, women, and fitness-oriented readers. The second phase (2007-2016) reflects a period of contraction, characterized by declining circulation figures and the gradual disappearance of several titles, in line with wider economic pressures affecting the media industry. The third phase (2017 onwards) reveals a context of structural fragility, shaped by digital transition, audience fragmentation, and instability in media ownership.