COVID-19 Vaccines - Sri Lanka

Sri Lanka

Highlights

In Sri Lanka, the revenue in the COVID-19 Vaccines market is estimated to reach US$52.73m in the year 2024.
Looking ahead, it is expected that the market will witness a steady annual growth rate of -20.61% from 2024 to 2029.
This growth trajectory will result in a market volume of US$16.63m by the year 2029.
When compared globally, United States is projected to generate the highest revenue in the COVID-19 Vaccines market, with an estimated value of US$4.39bn in 2024.
Sri Lanka has seen a surge in demand for COVID-19 vaccines, with an increasing number of citizens seeking vaccination to safeguard public health.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The COVID-19 vaccines market in Sri Lanka has been developing rapidly in recent months, with an increasing demand for vaccines and a growing number of vaccines becoming available in the country.

Customer preferences: Like many other countries, Sri Lanka has prioritized the vaccination of vulnerable populations, including healthcare workers and the elderly. However, there has also been a growing demand for vaccines among the general population, as people seek to protect themselves and their families from the virus. This has led to long queues and high demand for vaccines, particularly in urban areas.

Trends in the market: One of the key trends in the COVID-19 vaccines market in Sri Lanka has been the increasing availability of vaccines. The government has been working to secure vaccines from a variety of sources, including the COVAX facility and bilateral agreements with other countries. This has led to a growing number of vaccines becoming available in the country, which in turn has helped to drive demand.Another trend in the market has been the growing interest in mRNA vaccines, such as those produced by Pfizer and Moderna. While these vaccines are more expensive and require ultra-cold storage, they are seen as highly effective and have been in high demand in many countries around the world. Sri Lanka has also expressed interest in acquiring mRNA vaccines, although the logistics of storage and distribution may pose a challenge.

Local special circumstances: One of the unique challenges facing the COVID-19 vaccines market in Sri Lanka is the country's geography. Sri Lanka is an island nation, which means that vaccines must be transported by sea or air. This can make logistics more challenging and may lead to delays or supply chain issues.Another challenge is the country's relatively low vaccination rate compared to other countries in the region. While Sri Lanka has made progress in vaccinating vulnerable populations, the overall vaccination rate is still relatively low. This may reflect a lack of trust in vaccines among some segments of the population, as well as logistical and supply chain issues.

Underlying macroeconomic factors: The COVID-19 vaccines market in Sri Lanka is influenced by a variety of macroeconomic factors, including the country's economic growth, government policies, and global supply chains. Sri Lanka's economy has been heavily impacted by the pandemic, with tourism and other industries suffering significant losses. The government has responded with a variety of policies aimed at supporting the economy, including stimulus measures and vaccination campaigns.At the same time, the global nature of the COVID-19 vaccines market means that Sri Lanka is affected by global supply chain issues and vaccine shortages. This has led to some uncertainty and volatility in the market, as well as challenges in securing vaccines for the population. Overall, the COVID-19 vaccines market in Sri Lanka is likely to continue to evolve rapidly in the coming months, as the country works to vaccinate its population and recover from the impacts of the pandemic.

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.