Analgesics - Sri Lanka | Statista Market Forecast

In Sri Lanka, the revenue generated in the Analgesics market in 2024 amounts to US$55.99m.
It is projected that the market will experience an annual growth rate of 5.13% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in this market, with US$7.24bn in 2024.
In terms of per person revenues, in 2024, each individual in Sri Lanka contributes US$2.55 to the overall revenue.
Sri Lanka's analgesics market is witnessing a surge in demand for traditional herbal remedies, reflecting the country's cultural preference for natural medicine.

Definition:
The Analgesics market comprises over-the-counter natural and synthetic non-opioid analgesics (only in approved low doses) like Paracetamol, Ibuprofen, Aspirin, Diclofenac and other pain-relieving preparations. Legislation on opioid analgesics differs from country to country. According to the respective state legislation, legal opioid analgesics are included. In Germany, Austria and Switzerland, for instance, opioid analgesics are only included if they are not limited by the narcotics law and do not require prescription. Analgesics are included in the form of pills, capsules, gels and ointments. Not included are prescription medicines (e.g. morphine), anesthetics and homeopathic remedies. Among the top-selling painkillers are Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol and ASS. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Additional information:
The Analgesics market comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

The Analgesics market in Sri Lanka is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in Sri Lanka are shifting towards a more health-conscious lifestyle, with an increasing focus on self-care and wellness. As a result, there is a growing demand for over-the-counter analgesics, such as pain relievers and fever reducers, as consumers seek quick and convenient solutions for common ailments. Additionally, there is a preference for natural and herbal remedies, which has led to the introduction of a variety of analgesics made from organic ingredients.Trends in the market include the rise of e-commerce and online platforms, which have made analgesics more accessible to consumers across the country. This has also facilitated the entry of new players in the market, leading to increased competition and product innovation. Furthermore, there is a growing awareness about the potential side effects of certain analgesics, prompting consumers to seek alternative options that are perceived to be safer and have fewer adverse effects.Local special circumstances in Sri Lanka, such as the prevalence of traditional medicine practices, have influenced the development of the analgesics market. Traditional remedies, including herbal medicines and Ayurvedic treatments, have a long history in the country and continue to be trusted by many consumers. This has created a niche market for analgesics that combine traditional ingredients with modern formulations, catering to the preferences of those who value the efficacy of traditional remedies.Underlying macroeconomic factors, such as increasing disposable income and a growing middle class, have also contributed to the growth of the analgesics market in Sri Lanka. As more people have the means to afford healthcare products, the demand for analgesics has risen. Additionally, the expanding healthcare infrastructure and improving access to healthcare services have further fueled the market growth.In conclusion, the Analgesics market in Sri Lanka is witnessing significant growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize self-care and wellness, there is a growing demand for over-the-counter analgesics, including natural and herbal remedies. The rise of e-commerce and online platforms has made analgesics more accessible, while the prevalence of traditional medicine practices has influenced the market dynamics. Furthermore, increasing disposable income and a growing middle class have contributed to the market expansion.

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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, using advanced statistical methods.

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. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.