Market Insights Health Medical Technology

Medical Devices - Sri Lanka

Sri Lanka

The Medical Devices market market in Sri Lanka is expected to achieve a revenue of US$226.50m in 2024.
Among the various markets within this market, Cardiology_Devices is projected to hold the largest share with a market volume of US$32.95m in the same year.
Looking ahead, the market is anticipated to exhibit a compound annual growth rate of -0.93% between 2024 and 2029 (CAGR 2024-2029).
This growth trajectory is predicted to result in a market volume of US$216.20m by 2029.
When comparing the revenue on a global scale, the United States is projected to generate the highest amount, with a staggering US$181.00bn in 2024.
Sri Lanka's medical device market is experiencing a growing demand for advanced imaging technologies to support its expanding healthcare infrastructure.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: Customers in Sri Lanka are increasingly demanding advanced and innovative medical devices to meet their healthcare needs. There is a growing preference for technologically advanced devices that offer accurate diagnosis and effective treatment options. Additionally, customers are seeking devices that are user-friendly, portable, and cost-effective.

Trends in the market: One of the key trends in the Sri Lankan Medical Devices market is the increasing adoption of digital health technologies. The use of telemedicine and remote monitoring devices has gained traction, especially in rural areas where access to healthcare facilities is limited. This trend is driven by the need for improved healthcare services and the increasing penetration of smartphones and internet connectivity in the country. Another trend in the market is the rising demand for minimally invasive surgical devices. These devices offer several advantages over traditional surgical procedures, such as reduced trauma, shorter recovery time, and lower healthcare costs. The growing awareness among patients and healthcare professionals about the benefits of minimally invasive procedures is driving the demand for such 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 higher prevalence of chronic diseases and age-related conditions, leading to a greater need for medical devices for diagnosis, treatment, and monitoring. Furthermore, the government of Sri Lanka has been focusing on improving the healthcare infrastructure and services in the country. This includes the expansion of healthcare facilities, the establishment of specialized medical centers, and the implementation of healthcare reforms. These initiatives are creating a favorable environment for the growth of the Medical Devices market in Sri Lanka.

Underlying macroeconomic factors: The economic growth in Sri Lanka has contributed to the development of the Medical Devices market. The increasing disposable income and improving living standards have led to a higher demand for quality healthcare services, including medical devices. Additionally, the government's focus on healthcare and the implementation of universal healthcare coverage have increased the accessibility and affordability of medical devices for the general population. This has further fueled the growth of the market. In conclusion, the Medical Devices market in Sri Lanka is experiencing significant growth due to customer preferences for advanced and innovative devices, the increasing adoption of digital health technologies, and the rising demand for minimally invasive surgical devices. The local special circumstances, such as the aging population and government initiatives to improve healthcare infrastructure, are also driving the market. The underlying macroeconomic factors, including economic growth and government healthcare reforms, are further contributing to the development of the market.

Methodology

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.