Hospitals - Sri Lanka

Sri Lanka

The Hospitals market in Sri Lanka is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$1,204.00m in 2024.
Furthermore, it is anticipated that the revenue will experience a compound annual growth rate (CAGR) of -1.68% from 2024 to 2029, resulting in a market volume of US$1,106.00m by 2029.
In comparison to other countries, in the United States is expected to generate the highest revenue in the Hospitals market, reaching a staggering US$1,501.00bn in 2024.
This highlights the dominant position of the United States in the global market.
To put the revenue figures into perspective, in 2024, the per person revenue generated in Sri Lanka's Hospitals market amounts to US$54.85.
This indicates the average revenue generated per individual in the country's population.
Sri Lanka's hospital market is experiencing an increasing demand for advanced medical technology and a growing emphasis on specialized healthcare services.

Key regions: United States, China, Germany, Japan, Europe

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Analyst Opinion

The healthcare industry in Sri Lanka has been growing rapidly over the past few years with a focus on improving the quality of healthcare services across the country. As a result, the Hospitals market has also seen significant growth in recent years.

Customer preferences: Customers in Sri Lanka are becoming more aware of the importance of quality healthcare services and are willing to pay for it. They are increasingly seeking out hospitals that offer modern facilities, state-of-the-art medical equipment, and highly qualified medical professionals. Patients are also looking for hospitals that provide personalized care and a comfortable environment, which has led to an increase in demand for private hospitals.

Trends in the market: The Hospitals market in Sri Lanka is seeing a trend towards consolidation with larger hospitals acquiring smaller ones. This trend is driven by the need to improve efficiency, reduce costs, and increase market share. Another trend is the increasing use of technology in healthcare services, such as telemedicine, which allows patients to consult with medical professionals remotely. This has become particularly important during the COVID-19 pandemic.

Local special circumstances: One of the unique challenges facing the Hospitals market in Sri Lanka is the shortage of qualified medical professionals, particularly in rural areas. This has led to a concentration of healthcare services in urban areas, which can be a barrier to access for patients living in rural areas. Another challenge is the high cost of healthcare services, which can be a barrier to access for lower-income patients.

Underlying macroeconomic factors: The growth of the Hospitals market in Sri Lanka is driven by several macroeconomic factors, including the country's growing population, increasing urbanization, and rising income levels. The government has also been investing in healthcare infrastructure, which has helped to improve the quality of healthcare services across the country. However, the country's healthcare system still faces challenges, particularly in terms of access to healthcare services for all segments of the population.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, 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.