Vaccines - Sri Lanka | Statista Market Forecast

The Vaccines market in Sri Lanka is estimated to witness a significant growth in revenue, with projections indicating that it will reach a staggering US$62.91m by 2024.
This growth is expected to continue at a steady pace, with an annual growth rate (CAGR 2024-2029) of -12.97%.
As a result, the market volume is predicted to reach US$31.40m by 2029.
In a global context, it is noteworthy that United States is anticipated to generate the highest revenue in the Vaccines market, with an estimated value of US$29.12bn in 2024.
This demonstrates the dominance of the United States in the global Vaccines market.
The Sri Lankan government has implemented a comprehensive vaccination program to combat the spread of infectious diseases in the country.

Definition:
This market covers vaccines against infectious diseases. They help to prevent diseases, usually through active immunization. Vaccines against infectious diseases transmitted by viruses (e.g., hepatitis A and B or COVID-19) and bacteria (e.g., typhoid fever or meningococcus) are included.

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: Pfizer, GlaxoSmithKline, Merck & Co, Sanofi, Moderna, AstraZeneca

Vaccines against infectious diseases
Prophylactic and therapeutic vaccines
Flu vaccines
COVID-19 vaccines

Sera and gammaglobulins
Antivirals
Antibiotics

The demand for vaccines in Sri Lanka has been increasing steadily in recent years due to various factors.

Customer preferences: Sri Lankan customers are increasingly becoming aware of the importance of vaccines in preventing diseases. This has led to an increase in demand for vaccines, especially among parents who want to protect their children from diseases. In addition, the government's efforts to promote vaccination programs have also contributed to the rise in demand for vaccines.

Trends in the market: The vaccines market in Sri Lanka is expected to grow due to the increasing demand for vaccines. The market is dominated by multinational companies that offer a wide range of vaccines. However, there is also a growing trend towards the use of locally produced vaccines. This is due to the fact that local manufacturers are able to produce vaccines at a lower cost, making them more affordable for consumers.

Local special circumstances: One of the challenges facing the vaccines market in Sri Lanka is the lack of awareness among some segments of the population. This is particularly true in rural areas where access to healthcare is limited. In addition, there is also a lack of infrastructure in some areas, making it difficult to distribute vaccines to remote locations.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, which has led to an increase in disposable income among consumers. This, in turn, has led to an increase in demand for healthcare services, including vaccines. In addition, the government's efforts to improve healthcare infrastructure and promote vaccination programs have also contributed to the growth of the vaccines market in Sri Lanka.In conclusion, the vaccines market in Sri Lanka is expected to continue to grow in the coming years due to increasing awareness among consumers and government initiatives to promote vaccination programs. However, there are also challenges that need to be addressed, such as improving access to healthcare in rural areas and increasing awareness among the population.

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.

As of March 2023, more than 13 billion COVID-19 vaccine doses had been administered worldwide. Wide-spread vaccine availability, increasing herd immunity, and lower case numbers led to renewed hope and a feeling of normality in 2023. However, especially during the winter seasons and with the potential emergence of new variants of the virus (like Omicron in 2021-2022), tracking of coronavirus cases repeatedly becomes a focus for the public. Thus, there is a level of uncertainty about what developments the winter season 2023/2024 might bring.