Anti-Diabetes Drugs - Sri Lanka | Statista Market Forecast

The Anti-Diabetes Drugs market in Sri Lanka is estimated to achieve a revenue of US$40.15m in the year 2024.
The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 4.56% from 2024 to 2029, leading to a market volume of US$50.17m by 2029.
It is worth noting that United States will generate the highest revenue globally in this market, with a projected revenue of US$37.84bn in 2024.
The demand for anti-diabetes drugs in Sri Lanka is rapidly increasing due to the rising prevalence of diabetes in the country.

Definition:
The Anti-Diabetes Drugs market covers drugs to treat the metabolism disorder diabetes mellitus. It includes insulin and non-insulinotropic drugs such as glucagen-like peptide-1 (GLP-1) receptor agonists and dipeptidyl peptidase-4 (DPP-4) inhibitors. While patients with type 1 diabetes require lifelong insulin therapy, type 2 diabetes can also be treated with medication.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novo Nordisk, Eli Lilly, Sanofi, Merck & Co

Drugs to treat diabetes mellitus (oral intake and injections)
Insulin
Non-insulinotropic anti-diabetic drugs

Drugs to treat other metabolic disorders or other autoimmune diseases
Lipid-lowering agents
Drugs to treat hypertension
Diagnostics
Devices such as continuous glucose monitors

The Anti-Diabetes Drugs market in Sri Lanka has been seeing steady growth in recent years.

Customer preferences: As in many other countries, there is a growing demand for anti-diabetes drugs in Sri Lanka. This is due to a number of factors, including an aging population, changing dietary habits, and increasingly sedentary lifestyles. Patients are also becoming more aware of the importance of managing their blood sugar levels, and are seeking out medications that can help them do so.

Trends in the market: One of the key trends in the Anti-Diabetes Drugs market in Sri Lanka is the increasing popularity of generic drugs. These medications are often more affordable than their brand-name counterparts, making them a more accessible option for patients who may not be able to afford the higher prices of branded drugs. At the same time, there is also a growing interest in newer, more innovative medications that can provide better results with fewer side effects.

Local special circumstances: One of the unique challenges facing the Anti-Diabetes Drugs market in Sri Lanka is the lack of a comprehensive healthcare system. While there are some public hospitals and clinics that provide free or low-cost care to patients, many people still struggle to access the medications they need. This has led to a thriving black market for drugs, with many patients turning to unlicensed sellers to obtain the medications they need.

Underlying macroeconomic factors: There are a number of macroeconomic factors that are driving the growth of the Anti-Diabetes Drugs market in Sri Lanka. One of the key drivers is the country's rapidly growing population, which is expected to reach 22 million by 2025. This is creating a large and growing market for healthcare products and services, including anti-diabetes drugs. Additionally, the country's strong economic growth and increasing urbanization are contributing to rising incomes and changing lifestyles, which in turn are driving demand for healthcare products and services.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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 market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

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

In 2021, diabetes mellitus caused an estimated 1.62 million deaths worldwide, making it the eighth leading cause of death. Furthermore, it is estimated that 537 million people are currently living with diabetes around the world, with this number projected to rise to some 783 million by the year 2045. Diabetes describes a group of metabolic diseases which cause high blood sugar levels. There are three types of diabetes: type 1 diabetes, type 2 diabetes, and gestational diabetes. However, the majority of diabetes cases are type 2, with an estimated 90 to 95 percent of diabetes cases in the United States type 2. Risk factors for type 2 diabetes include being overweight, being physically inactive, being 45 and older, and having prediabetes.