Other Medical Devices - Sri Lanka

Sri Lanka

Highlights

The revenue of the Other Medical Devices market market in Sri Lanka is forecasted to reach US$69.96m by the year 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of -2.57%, leading to a market volume of US$61.41m by 2029.
When compared globally, the United States is projected to generate the highest revenue in this market, amounting to US$58.90bn by 2024.
Sri Lanka's market for other medical devices in the medical technology sector is witnessing a surge in demand for innovative and cost-effective solutions to enhance healthcare access in remote areas.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Medical Devices market in Sri Lanka is witnessing significant growth and development driven by various factors.

Customer preferences: Customers in Sri Lanka are increasingly demanding advanced and innovative medical devices that can improve the quality of healthcare services. They are looking for devices that are user-friendly, cost-effective, and provide accurate and reliable results. Additionally, customers are also seeking devices that are portable and can be easily used in remote areas with limited access to healthcare facilities.

Trends in the market: One of the key trends in the Other Medical Devices market in Sri Lanka is the adoption of digital health technologies. With the increasing penetration of smartphones and internet connectivity, there is a growing demand for mobile health applications and wearable devices that can monitor and track health conditions. These devices provide real-time data and enable healthcare professionals to remotely monitor patients, leading to improved patient outcomes and reduced healthcare costs. Another trend in the market is the increasing focus on preventive healthcare. Sri Lanka is witnessing a rise in non-communicable diseases such as diabetes, cardiovascular diseases, and cancer. This has led to a shift in healthcare priorities towards preventive measures and early diagnosis. As a result, there is a growing demand for medical devices that can facilitate early detection and monitoring of these diseases, such as glucose monitors, blood pressure monitors, and cancer screening devices.

Local special circumstances: Sri Lanka has a rapidly aging population, which is driving the demand for medical devices. As the elderly population increases, there is a greater need for devices that can assist in managing chronic conditions and improving the quality of life for the elderly. This includes devices such as mobility aids, hearing aids, and assistive technologies.

Underlying macroeconomic factors: The growing economy of Sri Lanka is also contributing to the development of the Other Medical Devices market. With increasing disposable incomes and a rising middle class, more people are able to afford medical devices and invest in their healthcare. Additionally, the government's focus on improving healthcare infrastructure and expanding access to healthcare services is creating opportunities for the growth of the market. In conclusion, the Other Medical Devices market in Sri Lanka is experiencing growth and development driven by customer preferences for advanced and innovative devices, the adoption of digital health technologies, the focus on preventive healthcare, the aging population, and the growing economy. These factors are shaping the market and creating opportunities for both local and international medical device manufacturers.

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.