Multiple Sclerosis Drugs - Sri Lanka

Sri Lanka

Highlights

The Multiple Sclerosis Drugs market in Sri Lanka is expected to witness a significant increase in revenue, reaching US$4.16m by 2024.
This projection indicates a positive growth trend for the market.
Furthermore, it is estimated that the market will continue to expand at an annual growth rate of -1.57% from 2024 to 2029.
This steady growth is anticipated to result in a market volume of US$3.84m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue in the Multiple Sclerosis Drugs market, with a staggering US$11.77bn expected in 2024.
This indicates the dominance of the United States in this market.
Sri Lanka's growing healthcare sector is witnessing an increased demand for innovative multiple sclerosis drugs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Multiple Sclerosis Drugs market in Sri Lanka has been experiencing steady growth in recent years.

Customer preferences: Patients suffering from Multiple Sclerosis (MS) in Sri Lanka prefer drugs that are effective in managing their symptoms, have minimal side effects, and are affordable. They also prefer drugs that are easily accessible and available in their local pharmacies.

Trends in the market: The market for MS drugs in Sri Lanka has been growing steadily due to an increase in the number of diagnosed cases of MS. This can be attributed to a growing awareness of the disease among the general population and an increase in the availability of diagnostic tools. The market has also seen the introduction of new drugs that are more effective in managing the symptoms of MS and have fewer side effects. Additionally, there has been an increase in the number of international pharmaceutical companies entering the Sri Lankan market, which has led to increased competition and lower prices for MS drugs.

Local special circumstances: The Sri Lankan government provides free healthcare to its citizens, but the quality of care can vary depending on the region. Patients with MS may face challenges in accessing specialized care and treatment options, particularly in rural areas. Additionally, there is a lack of public awareness about MS, which can lead to delays in diagnosis and treatment.

Underlying macroeconomic factors: Sri Lanka has a growing economy, but its healthcare system is still developing. The government has increased its investment in healthcare in recent years, but there is still a need for more resources and infrastructure to support the growing demand for healthcare services. The cost of MS drugs in Sri Lanka is relatively high compared to other countries in the region, which can be a barrier to access for some patients. However, the government has implemented price controls on certain drugs to make them more affordable for patients.

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.