OTC Pharmaceuticals - Sri Lanka

Sri Lanka

Revenue in the OTC Pharmaceuticals market amounts to US$230.00m in 2024. The market is expected to grow annually by 4.45% (CAGR 2024-2029).
The market's largest segment is the segment Analgesics with a market volume of US$55.99m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$10.48 are generated in 2024.
In the OTC Pharmaceuticals market, 0.6% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Sri Lanka is experiencing steady growth due to increasing customer preferences for self-medication, a growing middle class, and the availability of a wide range of OTC products.

Customer preferences: Customers in Sri Lanka are increasingly turning to OTC pharmaceuticals for self-medication. This trend is driven by a desire for convenience and cost-effectiveness. Many consumers prefer to treat minor ailments themselves rather than visit a doctor, especially for common conditions such as colds, headaches, and digestive issues. Additionally, the availability of a wide range of OTC products allows customers to choose the most suitable medication for their needs.

Trends in the market: The OTC Pharmaceuticals market in Sri Lanka is witnessing a shift towards natural and herbal remedies. Customers are becoming more conscious of the potential side effects of synthetic drugs and are seeking alternative options. As a result, there is a growing demand for herbal and Ayurvedic OTC products, which are perceived as safer and more sustainable. This trend is also influenced by cultural beliefs and traditions that emphasize the use of natural remedies for health and wellness.

Local special circumstances: Sri Lanka has a rich tradition of Ayurvedic medicine, which influences the preferences of local consumers. Ayurveda is a holistic system of medicine that focuses on the balance of mind, body, and spirit. Many Sri Lankans have grown up using Ayurvedic remedies and continue to rely on them for their healthcare needs. This cultural preference for natural and herbal treatments has contributed to the growth of the OTC Pharmaceuticals market in Sri Lanka.

Underlying macroeconomic factors: The growth of the middle class in Sri Lanka has led to increased purchasing power and discretionary spending. As a result, more people are able to afford OTC pharmaceuticals and are willing to invest in their health and well-being. The expanding middle class has created a larger consumer base for OTC products, driving market growth. Additionally, improvements in healthcare infrastructure and access to healthcare services have also contributed to the growth of the OTC Pharmaceuticals market in Sri Lanka. In conclusion, the OTC Pharmaceuticals market in Sri Lanka is developing due to customer preferences for self-medication, the availability of a wide range of OTC products, a shift towards natural and herbal remedies, the influence of Ayurvedic medicine, the growth of the middle class, and improvements in healthcare infrastructure. These factors are driving the steady growth of the market and creating opportunities for both local and international pharmaceutical companies.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.