Medical Technology

The projected revenue in the Medical Technology market market in Sri Lanka is estimated to reach US$273.60m in 2024.
Among the various markets in this market, Medical Devices is expected to be the largest, with a projected market volume of US$226.50m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -1.14%, leading to a market volume of US$258.40m by 2029.
It is worth noting that in a global context, the United States is anticipated to generate the highest revenue, amounting to US$211.10bn in 2024.
Sri Lanka's medical technology market is witnessing a surge in demand for advanced diagnostic equipment and telemedicine solutions.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Sri Lanka is experiencing significant growth and development due to various factors.

Customer preferences: In Sri Lanka, there is a growing demand for advanced medical technology and equipment. The population is becoming more aware of the benefits of modern healthcare solutions and is increasingly seeking high-quality medical services. As a result, there is a rising demand for medical devices, diagnostic equipment, and other medical technologies that can provide accurate and efficient healthcare solutions.

Trends in the market: One of the key trends in the Medical Technology market in Sri Lanka is the adoption of digital health solutions. With the increasing penetration of smartphones and internet connectivity, there is a growing interest in telemedicine, remote patient monitoring, and other digital health platforms. These solutions not only provide convenience to patients but also help in improving healthcare outcomes by enabling early detection and timely intervention. Another trend in the market is the focus on preventive healthcare. Sri Lanka has been witnessing a rise in non-communicable diseases such as diabetes, cardiovascular diseases, and cancer. This has led to an increased emphasis on preventive healthcare measures and early diagnosis. Medical technology companies are developing innovative screening tools and diagnostic devices to cater to this demand.

Local special circumstances: Sri Lanka has a well-established healthcare system with a strong infrastructure. The government has been investing in the development of healthcare facilities and promoting medical tourism. This has led to an increased demand for advanced medical technology and equipment to cater to both local and international patients.

Underlying macroeconomic factors: The growing middle-class population in Sri Lanka, coupled with rising disposable incomes, is driving the demand for better healthcare services. As people become more financially capable, they are willing to spend more on their healthcare needs, including medical technology. Furthermore, the government's focus on improving healthcare access and quality is also contributing to the growth of the Medical Technology market. The government has implemented various initiatives to enhance healthcare services, including the establishment of specialized medical centers and the introduction of health insurance schemes. These initiatives are creating a conducive environment for the adoption of advanced medical technology. In conclusion, the Medical Technology market in Sri Lanka is witnessing significant growth and development due to increasing customer preferences for advanced healthcare solutions, the adoption of digital health platforms, and the focus on preventive healthcare. The local special circumstances, such as a well-established healthcare system and government initiatives, along with underlying macroeconomic factors like a growing middle-class population and rising disposable incomes, are further fueling the market's growth.

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.