Diagnostic Imaging Devices - Sri Lanka

The projected revenue in the Diagnostic Imaging Devices market market in Sri Lanka is estimated to reach US$26.85m in 2024.
This reflects an annual growth rate (CAGR 2024-2029) of -1.73%, leading to a market volume of US$24.60m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$11.93bn in 2024.
Sri Lanka's diagnostic imaging device market is witnessing a surge in demand, driven by the growing healthcare infrastructure and increasing prevalence of chronic diseases.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

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: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Sri Lanka is experiencing significant growth due to several factors.

Customer preferences: Customers in Sri Lanka are increasingly seeking advanced diagnostic imaging devices that offer accurate and detailed results. They prefer devices that are compact, portable, and easy to use, as this allows for greater accessibility and convenience, especially in rural areas where healthcare infrastructure may be limited. Additionally, customers are also looking for devices that offer a wide range of imaging modalities, such as X-ray, ultrasound, and MRI, to cater to diverse medical needs.

Trends in the market: One of the key trends in the Diagnostic Imaging Devices market in Sri Lanka is the increasing adoption of digital imaging technology. Digital imaging devices provide higher resolution images, faster processing times, and the ability to store and transmit images electronically. This trend is driven by the need for more accurate and efficient diagnosis, as well as the growing demand for telemedicine services in the country. Furthermore, there is a growing trend towards the integration of artificial intelligence (AI) and machine learning algorithms in diagnostic imaging devices. These technologies enable automated image analysis, faster interpretation of results, and improved diagnostic accuracy.

Local special circumstances: Sri Lanka has a rapidly aging population, which is driving the demand for diagnostic imaging devices. As the elderly population increases, there is a greater need for early detection and diagnosis of age-related diseases, such as cardiovascular diseases and cancer. Diagnostic imaging devices play a crucial role in the early detection, monitoring, and treatment of these diseases. Additionally, the country's growing medical tourism industry is also contributing to the demand for diagnostic imaging devices. Medical tourists often seek high-quality healthcare services, including advanced diagnostic imaging, at a lower cost compared to their home countries.

Underlying macroeconomic factors: The Sri Lankan government has been investing heavily in healthcare infrastructure and facilities, including the procurement of diagnostic imaging devices. This investment is aimed at improving the accessibility and quality of healthcare services across the country. Furthermore, the growing middle-class population in Sri Lanka, coupled with increasing disposable incomes, is driving the demand for better healthcare services, including advanced diagnostic imaging. The government's focus on improving healthcare services and the rising disposable incomes are expected to fuel the growth of the Diagnostic Imaging Devices market in Sri Lanka in the coming years.

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.