Anti-Rheumatic Drugs - Sri Lanka

Sri Lanka

The Anti-Rheumatic Drugs market in Sri Lanka is anticipated to witness a significant boost in revenue, with projections indicating a staggering amount of US$5.52m by the year 2024.
Looking ahead, this market is expected to maintain a steady growth rate, with a Compound Annual Growth Rate (CAGR) of -1.96% from 2024 to 2029.
Consequently, the market volume is estimated to reach an impressive US$5.00m by the end of 2029.
When compared to other countries worldwide, it is noteworthy that United States is predicted to generate the highest revenue in the Anti-Rheumatic Drugs market, amounting to a substantial US$34,700.00m in 2024.
Sri Lanka's growing elderly population and increasing prevalence of rheumatoid arthritis are driving the demand for anti-rheumatic drugs in the country.

Key regions: Germany, United States, India, Japan, United Kingdom

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Analyst Opinion

The Anti-Rheumatic Drugs market in Sri Lanka has been steadily growing in recent years, driven by a combination of factors such as changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: One of the main customer preferences in Sri Lanka is the demand for affordable and effective drugs. Patients suffering from rheumatoid arthritis and other rheumatic diseases are looking for treatments that are not only effective but also affordable. In addition, there is a growing awareness among patients about the importance of early diagnosis and treatment, which has led to an increase in demand for anti-rheumatic drugs.

Trends in the market: One of the major trends in the Anti-Rheumatic Drugs market in Sri Lanka is the increasing use of biologics. Biologics are a new class of drugs that are derived from living organisms and are highly effective in treating rheumatic diseases. These drugs are becoming increasingly popular among patients due to their effectiveness and fewer side effects.Another trend in the market is the increasing use of combination therapies. Combination therapies involve the use of two or more drugs to treat rheumatic diseases. This approach has been shown to be more effective than using a single drug, and is becoming increasingly popular among patients.

Local special circumstances: One of the local special circumstances that is driving the growth of the Anti-Rheumatic Drugs market in Sri Lanka is the high prevalence of rheumatic diseases in the country. Sri Lanka has one of the highest rates of rheumatic diseases in the world, with over 5% of the population suffering from these conditions. This high prevalence has led to an increase in demand for anti-rheumatic drugs in the country.

Underlying macroeconomic factors: The underlying macroeconomic factors that are driving the growth of the Anti-Rheumatic Drugs market in Sri Lanka include the country's growing economy and increasing healthcare expenditure. Sri Lanka's economy has been growing steadily in recent years, which has led to an increase in disposable income among the population. This, in turn, has led to an increase in healthcare expenditure, including spending on anti-rheumatic drugs.In conclusion, the Anti-Rheumatic Drugs market in Sri Lanka is growing steadily, driven by a combination of factors such as changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing use of biologics and combination therapies, as well as the high prevalence of rheumatic diseases in the country, are some of the major trends driving the growth of the market.

Methodology

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.