OTC Pharmaceuticals - Sri Lanka

Sri Lanka

The OTC Pharmaceuticals market in Sri Lanka is projected to generate a revenue of US$230.00m in 2024.
This market is expected to experience an annual growth rate of 4.45% (CAGR 2024-2029).
Among the various markets within this market, the largest one is Analgesics, with a market volume of US$55.99m in 2024.
When compared globally, the in the United States leads in terms of revenue generation, with an estimated amount of US$41,240.00m in 2024.
In Sri Lanka, the per person revenue in the OTC Pharmaceuticals market is approximately US$10.48 in 2024, considering the total population figures.
Furthermore, it is predicted that 0.64% of the total revenue in the OTC Pharmaceuticals market will be generated through online sales by 2024.
Sri Lanka's OTC pharmaceutical market is experiencing a surge in demand for traditional Ayurvedic remedies.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals 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.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

The OTC Pharmaceuticals market in Sri Lanka is experiencing steady growth due to increasing customer preferences for self-medication, a rise in chronic diseases, and the country's improving healthcare infrastructure.

Customer preferences: Customers in Sri Lanka are increasingly turning to over-the-counter (OTC) pharmaceuticals for self-medication. This trend can be attributed to the convenience and accessibility of OTC products, as they can be purchased without a prescription. Additionally, customers are becoming more health-conscious and proactive in managing their own health, leading to a higher demand for OTC medications.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Sri Lanka is the increasing prevalence of chronic diseases. As the population ages and lifestyles change, the incidence of chronic conditions such as diabetes, hypertension, and respiratory diseases is on the rise. This has created a greater need for OTC medications that can help manage these conditions, such as antidiabetic drugs, antihypertensives, and respiratory medications.Another trend in the market is the growing popularity of herbal and natural OTC products. Sri Lanka has a rich tradition of using herbal remedies for various health conditions, and this preference is reflected in the OTC Pharmaceuticals market. Customers are increasingly seeking out herbal and natural alternatives to conventional medications, driven by a desire for more holistic and sustainable healthcare options.

Local special circumstances: Sri Lanka's healthcare infrastructure has been improving over the years, with increased access to healthcare facilities and a growing number of trained healthcare professionals. This has contributed to the growth of the OTC Pharmaceuticals market, as customers now have better access to healthcare information and advice, leading to increased confidence in self-medication.Additionally, the government of Sri Lanka has implemented policies to promote the use of generic drugs, which are often available as OTC products. This has made OTC medications more affordable and accessible to a wider population, further driving the growth of the market.

Underlying macroeconomic factors: Sri Lanka's growing middle class and increasing disposable income levels are key macroeconomic factors driving the growth of the OTC Pharmaceuticals market. As people's purchasing power increases, they are more willing to spend on healthcare products, including OTC medications. This trend is expected to continue as the country's economy develops and the middle class expands.Furthermore, the government's focus on improving healthcare and increasing healthcare expenditure has also contributed to the growth of the OTC Pharmaceuticals market. The government's efforts to strengthen the healthcare system and provide better access to healthcare services have created a favorable environment for the market to thrive.In conclusion, the OTC Pharmaceuticals market in Sri Lanka is experiencing growth due to increasing customer preferences for self-medication, a rise in chronic diseases, and the country's improving healthcare infrastructure. With the growing middle class and government initiatives to promote healthcare, the market is expected to continue its upward trajectory in the coming years.

Methodology

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.