Diabetes Care Devices - Sri Lanka

Revenue in the Diabetes Care Devices market market in Sri Lanka is anticipated to attain US$15.94m in 2024.
This revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 7.03%, leading to a market volume of US$22.39m by 2029.
In a global context, the largest revenue is expected to be generated the United States, with a figure of US$11.71bn in 2024.
In Sri Lanka, the growing prevalence of diabetes is driving a significant demand for innovative diabetes care devices, enhancing patient management and treatment outcomes.

Definition:
The Diabetes Care Devices market, a medical technology market, includes medical devices used in the management and treatment of diabetes. These devices range from blood glucose meters and continuous glucose monitoring systems to insulin pumps, insulin pens, and other related accessories. It is important to note that the market does not include pharmaceutical products used in the treatment of diabetes, such as insulin and oral hypoglycemic agents.

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), and governments (B2G). Revenues are allocated to the country where the money is spent.

Key players in the market include Medtronic, Abbott Laboratories, and Roche Diagnostics. Further information on the key players can be found in the Market Shares boxes.

Blood glucose monitoring devices
Insulin delivery devices

Diabetes drugs
Diabetes supplements

The Diabetes Care Devices Market in Sri Lanka is witnessing moderate growth, influenced by factors such as increasing prevalence of diabetes, rising health awareness, and the gradual adoption of advanced monitoring technologies among patients and healthcare providers.

Customer preferences: Consumers in Sri Lanka are increasingly favoring user-friendly diabetes care devices that integrate technology to simplify management of their condition. There is a growing preference for smart glucose monitoring systems that provide real-time data and insights, reflecting a shift towards proactive health management. Additionally, younger demographics are embracing mobile health applications that facilitate better tracking and communication with healthcare providers. This trend is further supported by rising health consciousness and a cultural emphasis on preventive care, driving innovation in diabetes management solutions.

Trends in the market: In Sri Lanka, the Diabetes Care Devices Market is experiencing a surge in demand for advanced glucose monitoring systems that harness digital technology for enhanced user experience. There is a notable shift towards devices that offer real-time data analytics, empowering patients to take charge of their health. Furthermore, mobile health applications are gaining traction among younger consumers, promoting better adherence to treatment and seamless communication with healthcare providers. This trend underscores a growing emphasis on preventive care and health awareness, presenting significant opportunities for industry stakeholders to innovate and expand their product offerings in the diabetes management sector.

Local special circumstances: In Sri Lanka, the Diabetes Care Devices Market is influenced by unique geographical and cultural factors, including a diverse population with varying dietary habits and lifestyle choices. The prevalence of traditional medicine alongside modern healthcare creates a dual approach to diabetes management, where patients often seek holistic solutions. Additionally, the regulatory landscape encourages local manufacturers to innovate and adapt devices to meet specific regional needs, such as affordability and accessibility, ensuring that advanced glucose monitoring systems align with the country's healthcare goals.

Underlying macroeconomic factors: The Diabetes Care Devices Market in Sri Lanka is significantly influenced by macroeconomic factors, including the overall economic stability of the country, foreign direct investment, and healthcare spending. Rising disposable incomes and urbanization are driving demand for advanced diabetes management solutions, while government initiatives aimed at improving healthcare accessibility further stimulate market growth. Additionally, global trends such as increasing diabetes prevalence and advancements in medical technology encourage local manufacturers to innovate. However, fluctuating currency rates and import tariffs can impact the affordability of imported devices, challenging market performance.

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.