Digital Treatment & Care - Sri Lanka

  • 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 12.02%, 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$29,910.00m 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.

Key regions: Japan, India, United States, Canada, Italy

 
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Analyst Opinion

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.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Users
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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