Digital Treatment & Care - Sri Lanka

The Digital Treatment & Care market in Sri Lanka is projected to witness a substantial increase in revenue, reaching US$39.20m by the year 2024.
With an expected annual growth rate (CAGR 2024-2029) of 12.01%, the market volume is projected to reach US$69.14m by 2029.
In terms of user penetration, it is anticipated to be 6.12% in 2024 and is expected to rise to 7.70% by 2029.
This indicates a growing adoption of digital treatment and care solutions in Sri Lanka.
The average revenue per user (ARPU) is estimated to amount to US$29.19.
This metric reflects the amount of revenue generated per user in the market.
When comparing the global market, United States is projected to generate the highest revenue, with an estimated US$29.91bn in 2024.
This highlights the dominant position of the United States in the digital treatment and care market worldwide.
Sri Lanka's digital treatment and care market is rapidly growing with the adoption of telemedicine and mobile health apps.

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.

Contraception and fertility apps
Medication checker apps
Smart blood pressure meters
Smart thermometers
Smart glucose meters
Natural and synthetic agents
Analgesics (e.g., aspirin, paracetamol)
Cough and cold remedies (e.g., Vicks VapoRub)
Vitamins and minerals
Skin treatment products
Care phones/social alarms

Health tracking devices
Fitness apps
Sleeping apps
Mood improvement apps
Health tracking apps
Fitness wearables
Fitness apps
Motion trackers

The Digital Treatment & Care market in Sri Lanka is experiencing significant growth and development, driven by various factors influencing the healthcare industry in the country.

Customer preferences: Consumers in Sri Lanka are increasingly turning to digital solutions for their healthcare needs, seeking convenience, accessibility, and efficiency. The rising adoption of smartphones and internet connectivity has made digital treatment and care options more accessible to a larger portion of the population. With the growing awareness of the importance of health monitoring and management, there is a shift towards utilizing digital tools such as medication checker apps, smart thermometers, and online pharmacies.

Trends in the market: One notable trend in the Sri Lankan market is the increasing popularity of contraception/fertility apps among women of reproductive age. These apps offer a discreet and convenient way to track menstrual cycles, ovulation, and fertility windows, empowering women to take control of their reproductive health. Additionally, the demand for smart blood glucose meters and smart blood pressure meters is on the rise among individuals managing chronic conditions such as diabetes and hypertension. These digital devices provide real-time monitoring and data tracking, enabling users to proactively manage their health.

Local special circumstances: In Sri Lanka, the healthcare infrastructure faces challenges such as limited access to healthcare facilities in remote areas and a shortage of healthcare professionals. This has created a gap in healthcare services, driving the need for innovative solutions like telemedicine platforms and digital therapeutics. The government's efforts to promote digital health initiatives and improve healthcare accessibility further support the growth of the Digital Treatment & Care market in the country.

Underlying macroeconomic factors: The growing middle-class population in Sri Lanka, coupled with increasing disposable incomes, is fueling the demand for quality healthcare services and products. As the country undergoes rapid urbanization and digitalization, there is a growing acceptance of digital treatment and care solutions among the population. Furthermore, the evolving regulatory environment and supportive policies for digital healthcare technologies are encouraging investments in the sector, fostering market growth and development in Sri Lanka.

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.

This report presents a comprehensive analysis and additional information on the Digital market, in a PDF format.