Other Vaccines - Sri Lanka

Sri Lanka

Highlights

In Sri Lanka, the revenue in the Other Vaccines market is forecasted to reach US$10.18m in 2024.
This projection indicates an anticipated annual growth rate (CAGR 2024-2029) of 7.73%, leading to a market volume of US$14.77m by 2029.
When comparing globally, United States is expected to generate the highest revenue, amounting to US$24.73bn in 2024.
Sri Lanka is witnessing an increasing demand for other vaccines, driven by a growing awareness about the importance of immunization among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Vaccines market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: The Sri Lankan population is becoming increasingly aware of the importance of vaccines in preventing diseases. This has led to a growing demand for vaccines in general, including those in the Other Vaccines category. Additionally, the government has been actively promoting vaccination programs, further increasing the demand for vaccines.

Trends in the market: One of the major trends in the Other Vaccines market in Sri Lanka is the increasing adoption of new and innovative vaccines. Sri Lankan consumers are becoming more open to trying out new vaccines that offer better protection against diseases. As a result, manufacturers are introducing new and improved vaccines to cater to this demand.Another trend in the market is the growth of the private healthcare sector. Private hospitals and clinics are increasingly offering vaccination services, which is driving the growth of the Other Vaccines market. Additionally, the COVID-19 pandemic has further accelerated this trend, as people are seeking out private healthcare options for fear of contracting the virus in public hospitals.

Local special circumstances: One of the unique factors in the Sri Lankan market is the prevalence of certain diseases that are not as common in other countries. For example, Sri Lanka has a high incidence of dengue fever, which has led to a growing demand for vaccines against the disease. Additionally, the country has a large population of migrant workers who require vaccinations before they can travel to other countries for work.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, which has led to an increase in disposable income levels. This, in turn, has led to a growing demand for healthcare services, including vaccination services. Additionally, the government has been investing in the healthcare sector, which has further boosted the growth of the Other Vaccines market. However, the COVID-19 pandemic has had a negative impact on the Sri Lankan economy, which may affect the growth of the market in the short term.

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.