Other OTC Pharmaceuticals - Sri Lanka

Sri Lanka

Highlights

In Sri Lanka, the revenue generated in the market Other OTC Pharmaceuticals amounted to US$23.58m in 2024.
It is projected that this market will experience an annual growth rate of 0.02% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in this market, with US$7.17bn in 2024.
Looking at the per person figures, in 2024, the revenue generated per person is US$1.07.
Sri Lanka's Other OTC Pharmaceuticals market is witnessing a surge in demand for traditional herbal remedies.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals market in Sri Lanka is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Sri Lanka are driving the growth of the Other OTC Pharmaceuticals market. Consumers in the country are increasingly seeking self-care options for minor ailments and health concerns. They prefer to have access to over-the-counter medications that can be purchased without a prescription. This preference for convenience and accessibility is contributing to the growth of the market.Trends in the market are also playing a role in its development. The healthcare industry in Sri Lanka is evolving, with a focus on improving access to healthcare services and promoting self-care. As a result, there is a growing demand for over-the-counter medications that can be easily obtained by consumers. Additionally, there is an increasing awareness among the population about the benefits of self-medication for minor ailments, which is further driving the demand for Other OTC Pharmaceuticals.Local special circumstances in Sri Lanka are contributing to the growth of the Other OTC Pharmaceuticals market. The country has a well-established healthcare system, with a network of pharmacies and drugstores that offer a wide range of over-the-counter medications. This easy accessibility to over-the-counter drugs is encouraging consumers to opt for self-medication, thereby driving the growth of the market. Additionally, the government of Sri Lanka has implemented policies and regulations to promote the availability of over-the-counter medications, further supporting the growth of the market.Underlying macroeconomic factors are also influencing the development of the Other OTC Pharmaceuticals market in Sri Lanka. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved standards of living. As a result, consumers have more purchasing power and are willing to spend on healthcare products, including over-the-counter medications. This favorable economic environment is creating opportunities for the growth of the market.In conclusion, the Other OTC Pharmaceuticals market in Sri Lanka is developing due to customer preferences for self-care options, trends in the market towards accessibility and convenience, local special circumstances that support the availability of over-the-counter medications, and underlying macroeconomic factors such as economic growth and increased disposable income. These factors are driving the growth of the market and are expected to continue to do so in the future.

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.