Oncology Drugs - Sri Lanka | Statista Market Forecast

In Sri Lanka, the revenue in the Oncology Drugs market is estimated to reach US$38.67m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.32%, leading to a market volume of US$47.78m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$103.90bn in 2024.
Sri Lanka's oncology drug market is experiencing a surge in demand due to an increase in cancer prevalence and the government's focus on improving healthcare infrastructure.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

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: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The Oncology Drugs market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: Patients in Sri Lanka are increasingly seeking more effective and targeted treatments for cancer. As a result, there has been a growing demand for innovative and advanced oncology drugs that can provide better outcomes and fewer side effects.

Trends in the market: The Sri Lankan government has been taking steps to improve access to cancer treatment, including the introduction of new drugs and the expansion of cancer treatment facilities. This has led to an increase in the number of patients seeking treatment and a corresponding rise in demand for oncology drugs. In addition, there has been a growing trend towards personalized medicine, with doctors and patients increasingly opting for targeted therapies that are tailored to the specific needs of the patient.

Local special circumstances: Sri Lanka has a rapidly aging population, which has contributed to an increase in the incidence of cancer. In addition, there is a lack of public awareness about cancer prevention and early detection, which has led to many cases being diagnosed at an advanced stage. This has further increased the demand for effective oncology drugs.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, which has led to an increase in healthcare spending. This has enabled the government to invest in improving cancer treatment facilities and expanding access to oncology drugs. In addition, there has been a growing trend towards medical tourism in Sri Lanka, with patients from neighboring countries seeking treatment in the country. This has further driven demand for oncology drugs and other cancer treatments.Overall, the Oncology Drugs market in Sri Lanka is expected to continue to grow in the coming years, driven by increasing demand for effective and targeted cancer treatments, as well as ongoing government investment in cancer treatment facilities and access to oncology drugs.

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.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.