In Vitro Diagnostics - Sri Lanka | Statista Market Forecast

The In Vitro Diagnostics market market in Sri Lanka is anticipated to achieve a revenue of US$47.17m in 2024.
This projection indicates a positive growth trend for the industry.
It is expected that the market will witness an annual growth rate (CAGR 2024-2029) of -2.22%, leading to a market volume of US$42.15m by 2029.
When comparing the global market, it is noteworthy that the United States is expected to generate the highest revenue, reaching a staggering US$30.10bn in 2024.
This highlights the dominant position of the United States in the In Vitro Diagnostics market industry.
Sri Lanka's in vitro diagnostics market is witnessing a growing demand for point-of-care testing due to its convenience and rapid results.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Sri Lanka is experiencing steady growth due to increasing customer preferences for advanced diagnostic technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the In Vitro Diagnostics market in Sri Lanka are shifting towards more accurate and efficient diagnostic technologies. Customers are increasingly demanding diagnostic tests that can provide quick and accurate results, allowing for early detection and treatment of diseases. This preference for advanced diagnostic technologies is driving the growth of the market, as healthcare providers and laboratories are investing in state-of-the-art equipment and testing kits to meet the demands of the customers. Trends in the In Vitro Diagnostics market in Sri Lanka include the adoption of point-of-care testing (POCT) devices and the integration of artificial intelligence (AI) in diagnostic processes. POCT devices allow for rapid testing and immediate results, eliminating the need for samples to be sent to a central laboratory for analysis. This trend is particularly beneficial in rural areas where access to healthcare facilities may be limited. Additionally, the integration of AI in diagnostic processes is enhancing the accuracy and efficiency of test results, leading to improved patient outcomes. Local special circumstances in Sri Lanka, such as a growing aging population and increasing prevalence of chronic diseases, are contributing to the development of the In Vitro Diagnostics market. As the population ages, the demand for diagnostic tests to detect age-related diseases such as cardiovascular diseases and diabetes is increasing. Furthermore, the rising prevalence of chronic diseases is driving the need for regular monitoring and early detection, further fueling the demand for In Vitro Diagnostics. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives to improve healthcare infrastructure, are also driving the growth of the In Vitro Diagnostics market in Sri Lanka. The government has been allocating significant funds to improve healthcare facilities and promote the adoption of advanced diagnostic technologies. This investment is creating opportunities for market players to expand their operations and introduce innovative diagnostic solutions to the country. In conclusion, the In Vitro Diagnostics market in Sri Lanka is developing due to customer preferences for advanced diagnostic technologies, emerging trends such as POCT devices and AI integration, local special circumstances including an aging population and rising prevalence of chronic diseases, and underlying macroeconomic factors such as increasing healthcare expenditure and government initiatives. These factors are driving the growth of the market and creating opportunities for market players to expand their presence in Sri Lanka.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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.

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.

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

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.