Sensory Organ Drugs - Sri Lanka | Statista Market Forecast

The Sensory Organ Drugs market in Sri Lanka is projected to witness a revenue of US$4.95m by the year 2024.
It is expected to exhibit a steady annual growth rate of -5.78% from 2024 to 2029, resulting in a market volume of US$3.68m by the end of 2029.
In terms of global comparison, United States is anticipated to generate the highest revenue in this market, amounting to US$13.98bn in the year 2024.
Sri Lanka's growing interest in traditional Ayurvedic medicine is driving the demand for sensory organ drugs.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

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: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Sri Lanka has been experiencing a steady growth in recent years.

Customer preferences: Sri Lanka has a growing elderly population, which has resulted in an increase in the demand for sensory organ drugs. Additionally, there has been a rise in the number of people suffering from sensory organ-related diseases such as glaucoma and cataracts. This has led to an increase in the demand for drugs that can treat these conditions.

Trends in the market: The Sensory Organ Drugs market in Sri Lanka is expected to continue growing in the coming years. There has been an increase in the number of pharmaceutical companies that are investing in the development of new drugs for sensory organ-related diseases. This has resulted in an increase in the availability of drugs for these conditions. Additionally, there has been an increase in the number of healthcare facilities in Sri Lanka, which has made it easier for patients to access these drugs.

Local special circumstances: Sri Lanka has a well-established healthcare system that provides free healthcare to its citizens. This has made it easier for patients to access sensory organ drugs. Additionally, there has been an increase in the number of private healthcare facilities in Sri Lanka, which has made it easier for patients to access these drugs.

Underlying macroeconomic factors: Sri Lanka has a growing economy, which has resulted in an increase in the disposable income of its citizens. This has led to an increase in the demand for healthcare services, including sensory organ drugs. Additionally, the government of Sri Lanka has been investing heavily in the healthcare sector, which has resulted in an increase in the availability of healthcare facilities and 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.

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.