Pharmaceuticals - Sri Lanka

Sri Lanka

The Pharmaceuticals market in Sri Lanka is expected to witness a significant growth in the coming years.
By 2024, the projected revenue in this market is estimated to reach an impressive amount of US$291.00m.
among the various markets within the Pharmaceuticals market, Oncology Drugs hold the largest market share.
It is projected that by 2024, the market volume for Oncology Drugs will reach US$38.67m.
This indicates the importance and demand for these drugs in Sri Lanka.
Looking ahead, the Pharmaceuticals market in Sri Lanka is expected to continue its growth trajectory.
With an anticipated annual growth rate of -0.05% from 2024 to 2029, the market volume is projected to reach US$290.30m by 2029.
This steady growth is a positive indication for the pharmaceutical industry in Sri Lanka.
It is worth mentioning that in a global comparison, United States is expected to generate the highest revenue in the Pharmaceuticals market.
In 2024 alone, the projected revenue for the United States is an astounding US$630.30bn.
This highlights the dominance of the United States in the global pharmaceutical industry.
Overall, the Pharmaceuticals market in Sri Lanka is poised for growth and presents lucrative opportunities for businesses operating in this sector.
Sri Lanka's pharmaceutical market is experiencing a surge in demand for herbal and traditional medicine products.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

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: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Sri Lanka has been experiencing steady growth in recent years.

Customer preferences: Sri Lankan customers are increasingly seeking out pharmaceutical products that are affordable and of high quality. They are also becoming more interested in natural and herbal remedies.

Trends in the market: One of the major trends in the Pharmaceuticals market in Sri Lanka is the increasing demand for generic drugs. This is due to the fact that they are more affordable than brand-name drugs. Additionally, there has been a rise in the production of natural and herbal remedies in the country. This is partly due to the country's abundance of medicinal plants and herbs.

Local special circumstances: Sri Lanka has a long history of using medicinal plants and herbs for the treatment of various ailments. As a result, there is a strong tradition of natural and herbal remedies in the country. Additionally, the government has been implementing policies to promote the local production of pharmaceuticals in order to reduce the country's reliance on imported drugs.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, which has led to an increase in the country's overall healthcare spending. Additionally, the government has been investing in the country's healthcare infrastructure in order to improve access to healthcare services for its citizens. These factors have contributed to the growth of the Pharmaceuticals market in Sri Lanka.

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.