Endoscopic Devices - Sri Lanka | Statista Market Forecast

Revenue in the Endoscopic Devices market market in Sri Lanka is anticipated to attain US$17.12m in 2024.
It is expected that revenue will exhibit an annual growth rate (CAGR 2024-2029) of 2.08%, culminating in a market volume of US$18.98m by 2029.
In a global context, the majority of revenue is projected to be generated the United States, which is expected to reach US$10.39bn in 2024.
Sri Lanka's healthcare sector is increasingly adopting advanced endoscopic devices, driven by a growing emphasis on minimally invasive surgical techniques and improved patient outcomes.

Definition:
The Endoscopic Devices market, a medical technology market, includes the sale of endoscopic devices. Endoscopy involves the use of an endoscope to examine the inside of a hollow organ or body cavity. The market includes various types of endoscopes, such as gastroscopes, laparoscopes, bronchoscopes, and colonoscopes.

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 Olympus Corporation, Boston Scientific Corporation, and Stryker Corporation. Further information on the key players can be found in the Market Shares boxes.

Endoscopic devices
Implants such as stents

pharmaceuticals for endoscopic procedure

The Endoscopic Devices Market within the Medical Devices sector in Sri Lanka is experiencing mild growth, influenced by factors such as increased healthcare investments, a growing aging population, and enhanced awareness of minimally invasive procedures among medical professionals and patients.

Customer preferences: Consumers in Sri Lanka are showing a growing preference for minimally invasive surgical options, spurred by increased awareness of the benefits of endoscopic procedures. This shift is influenced by the aging population, who often seek less painful alternatives and quicker recovery times. Additionally, urbanization and the rise of health-conscious lifestyles are driving demand for advanced endoscopic devices. Patients are increasingly valuing technological innovations that enhance safety and efficacy in diagnostic and therapeutic procedures, reflecting a broader trend towards personalized healthcare solutions.

Trends in the market: In Sri Lanka, the Endoscopic Devices Market is experiencing a significant shift towards advanced minimally invasive surgical techniques, driven by patient demand for quicker recovery and reduced pain. Hospitals are increasingly adopting cutting-edge endoscopic technologies, enhancing diagnostic accuracy and therapeutic effectiveness. Additionally, the rise in healthcare awareness among the urban population is fostering a preference for innovative medical solutions. This trend is prompting manufacturers to invest in research and development, leading to more tailored products that meet evolving patient needs, ultimately shaping a competitive landscape for industry stakeholders.

Local special circumstances: In Sri Lanka, the Endoscopic Devices Market is shaped by a unique blend of geographical and cultural factors, alongside regulatory influences. The country's diverse terrain and urban-rural divide create distinct healthcare access challenges, prompting a demand for portable and efficient endoscopic solutions. Culturally, there is an increasing acceptance of minimally invasive procedures, supported by rising health literacy among the population. Regulatory frameworks are evolving to encourage innovation, enabling faster approvals for advanced medical technologies, which in turn fosters a more dynamic market environment.

Underlying macroeconomic factors: The Endoscopic Devices Market in Sri Lanka is significantly influenced by macroeconomic factors such as national economic stability, healthcare funding, and foreign investment trends. As the country navigates economic recovery post-pandemic, increased government focus on healthcare infrastructure is facilitating market growth. Additionally, shifts in fiscal policies aimed at enhancing public health expenditure are supporting the adoption of advanced medical technologies. Global economic trends, including supply chain dynamics and pricing fluctuations of medical devices, further impact local market performance. Moreover, rising healthcare demands driven by lifestyle-related diseases underscore the urgent need for innovative endoscopic solutions, enhancing overall market prospects.

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.