Antiviral Drugs - Sri Lanka | Statista Market Forecast

The revenue projected for the Antiviral Drugs market in Sri Lanka is expected to reach US$8.69m in 2024.
This indicates a positive growth trend, as the revenue is predicted to show an annual growth rate (CAGR 2024-2029) of -0.98%.
By 2029, the market volume is estimated to reach US$8.28m.
When compared globally, it is worth noting that United States is projected to generate the highest revenue in the Antiviral Drugs market, with a staggering US$30.64bn in 2024.
Sri Lanka's pharmaceutical industry is witnessing a surge in demand for locally produced antiviral drugs due to increased awareness and the government's focus on healthcare.

Definition:
The Antiviral Drugs market includes treatments against viruses and virus-induced conditions, such as human immunodeficiency viruses (HIV), hepatitis B and C viruses (HBV and HCV), and Ebola. Therapies for the coronavirus disease 2019 (COVID-19), caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), are also included. HIV therapies also encompass highly active antiretroviral therapies (HAART) and post-exposure prophylaxis. In contrast to antibiotics, antivirals do not destroy the virus but rather inhibit its development.

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: Gilead Sciences, GlaxoSmithKline, Johnson & Johnson, AbbVie, Merck

HIV
Hepatitis B and hepatitis C
Ebola
COVID-19

Vaccines
Antibiotics
Immunosuppressants
In vitro diagnostics and rapid tests

Antiviral drugs have become increasingly important in the medical industry due to the rise of viral infections worldwide. Sri Lanka, being a developing country, has seen a steady increase in the demand for antiviral drugs over the years.

Customer preferences: Customers in Sri Lanka have shown a preference for antiviral drugs that are easily accessible and affordable. Due to the high cost of healthcare in the country, customers tend to opt for generic versions of antiviral drugs rather than branded ones. Additionally, customers prefer antiviral drugs that are effective against a wide range of viral infections.

Trends in the market: The antiviral drugs market in Sri Lanka has seen a significant increase in demand due to the COVID-19 pandemic. With the number of COVID-19 cases rising in the country, the demand for antiviral drugs has increased exponentially. Apart from COVID-19, there has been an increase in the number of cases of dengue fever, influenza, and other viral infections in the country. This has also contributed to the growth of the antiviral drugs market in Sri Lanka.

Local special circumstances: Sri Lanka has a tropical climate, which makes it a breeding ground for mosquitoes that transmit dengue fever. This has led to a high incidence of dengue fever in the country, which in turn has contributed to the growth of the antiviral drugs market. Additionally, the country has a high population density, which increases the risk of viral infections spreading rapidly.

Underlying macroeconomic factors: Sri Lanka has a developing economy, which means that the cost of healthcare is relatively high. As a result, customers tend to opt for generic versions of antiviral drugs rather than branded ones. Additionally, the government has taken steps to reduce the cost of healthcare in the country by introducing price controls on certain essential drugs, including antiviral drugs. This has made antiviral drugs more affordable for customers in Sri Lanka.

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.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.