Anti-Hypertensive Drugs - Sri Lanka

Sri Lanka

Highlights

The revenue generated by the Anti-Hypertensive Drugs market in Sri Lanka is predicted to reach US$4.34m in the year 2024.
Furthermore, it is expected that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of -2.79%, leading to a market volume of US$3.77m by the year 2029.
Comparatively, United States is projected to generate the highest revenue in this market, amounting to US$12.29bn in 2024.
Sri Lanka's anti-hypertensive drug market is witnessing a surge in demand due to the rising prevalence of hypertension among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Anti-Hypertensive Drugs market in Sri Lanka has been steadily growing in recent years, driven by various factors such as aging population and changing lifestyle habits.

Customer preferences: Sri Lankan customers are increasingly becoming health-conscious and aware of the risks associated with hypertension. As a result, they are more willing to seek medical treatment and adhere to prescribed medication. Additionally, the preference for generic drugs over branded drugs due to affordability is also contributing to the growth of the Anti-Hypertensive Drugs market.

Trends in the market: The Anti-Hypertensive Drugs market in Sri Lanka is witnessing a shift towards combination therapy, where patients are prescribed a combination of two or more drugs to control their blood pressure. This trend is driven by the need for more effective treatment options and the convenience of taking a single pill instead of multiple pills. Another trend in the market is the increasing use of fixed-dose combination drugs, where two or more drugs are combined in a single pill.

Local special circumstances: Sri Lanka has a rapidly aging population, with a significant proportion of the population over the age of 60. This demographic shift is driving the demand for Anti-Hypertensive Drugs as hypertension is more prevalent in older adults. Additionally, the prevalence of hypertension is higher in urban areas, which is where a majority of the population resides.

Underlying macroeconomic factors: The Sri Lankan government has been investing heavily in healthcare infrastructure, which has led to an increase in the availability of healthcare services and drugs. This has contributed to the growth of the Anti-Hypertensive Drugs market. Additionally, the growing economy and rising disposable incomes are enabling more people to afford healthcare and medication.In conclusion, the Anti-Hypertensive Drugs market in Sri Lanka is expected to continue growing in the coming years, driven by factors such as an aging population, increasing health awareness, and government investments in healthcare infrastructure. The trend towards combination therapy and fixed-dose combination drugs is also expected to continue, as patients seek more effective and convenient treatment options.

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.