General & Plastic Surgery Devices - Sri Lanka

The projected revenue in the General & Plastic Surgery Devices market market in Sri Lanka is expected to reach US$13.26m in 2024.
Furthermore, it is anticipated that the revenue will exhibit an annual growth rate of -1.08% (CAGR 2024-2029), leading to a market volume of US$12.56m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$9.84bn in 2024.
Sri Lanka's General & Plastic Surgery Devices market is witnessing a growing demand for advanced technology and innovative solutions.

Definition:
The General & Plastic Surgery Devices market represents medical devices designed for general and plastic surgery procedures, such as disposable surgical supplies, open surgery instruments, minimally invasive surgery instruments.

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: Medtronic, Johnson & Johnson, Becton Dickinson, Conmed Corporation. Further information on the key players can be found in the Market Shares boxes.

Disposable surgical supplies
Open surgery instruments
Minimally invasive surgery instruments

Services (i.e., treatment expenses)
Blood and transplants derived from the human body
In vitro diagnostics
Diagnostic imaging

The General & Plastic Surgery Devices market in Sri Lanka is experiencing steady growth due to increasing customer preferences for aesthetic procedures and advancements in technology.

Customer preferences: Customers in Sri Lanka are increasingly opting for cosmetic surgeries and procedures to enhance their physical appearance. This trend can be attributed to several factors such as changing beauty standards, increased awareness about cosmetic procedures, and the influence of social media. As a result, there is a growing demand for general and plastic surgery devices in the country.

Trends in the market: One of the major trends in the General & Plastic Surgery Devices market in Sri Lanka is the adoption of minimally invasive procedures. These procedures offer several benefits such as shorter recovery time, reduced scarring, and lower risk of complications. As a result, there is a growing demand for devices that enable minimally invasive surgeries, such as laser devices, injectables, and non-surgical cosmetic treatments. Another trend in the market is the increasing use of technology in surgical procedures. Advancements in technology have led to the development of innovative devices that provide better outcomes and improved patient experience. For example, the use of 3D imaging technology allows surgeons to plan surgeries more accurately and achieve desired results. Additionally, the introduction of robotic-assisted surgery has revolutionized the field of plastic surgery, enabling precise and less invasive procedures.

Local special circumstances: Sri Lanka has a growing medical tourism industry, with many international patients visiting the country for cosmetic surgeries and procedures. This trend has contributed to the growth of the General & Plastic Surgery Devices market in the country, as healthcare facilities strive to meet the demands of both domestic and international patients. The presence of well-equipped hospitals and skilled healthcare professionals further enhances the attractiveness of Sri Lanka as a medical tourism destination.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Sri Lanka have played a significant role in the growth of the General & Plastic Surgery Devices market. As people have more disposable income, they are willing to spend on aesthetic procedures to enhance their appearance. Additionally, the government's focus on healthcare infrastructure development and the promotion of medical tourism have created a favorable environment for the growth of the General & Plastic Surgery Devices market. In conclusion, the General & Plastic Surgery Devices market in Sri Lanka is witnessing growth due to increasing customer preferences for aesthetic procedures, the adoption of minimally invasive procedures, advancements in technology, the growth of medical tourism, and the country's economic development. These factors are expected to continue driving the growth of the market 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.