Digestive & Intestinal Remedies (Pharmacies) - Sri Lanka

Revenue in the Digestives & Intestinal Remedies market is projected to reach US$25.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.03%, resulting in a market volume of US$32.90m by 2029.
In global comparison, most revenue will be generated China (US$3.37bn in 2024).
In relation to total population figures, per person revenues of US$1.17 are generated in 2024.

Definition:
The Digestives and Intestinal Remedies market encompasses a range of over-the-counter (OTC) natural and synthetic digestive agents and remedies designed to address gastrointestinal concerns. These products are available through pharmacies and are provided in various forms such as pills, powder, capsules, liquids, solutions, suspensions, drops, and suppositories. The market excludes prescription medications, substances contravening state regulations, or items not explicitly categorized as digestive medications (e.g., pain relievers). Notable among the best-selling products in this category are Perenterol, Iberogast, Dulcolax, and Buscopan Plus. This market exclusively covers product sales through pharmacies.

Additional information:
The Digestives and Intestinal Remedies market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Natural and synthetic agents
Digestive medicines
Remedies against gastrointestinal complaints

Prescription medicines
Homeopathic remedies
Tea

The Digestive & Intestinal Remedies (Pharmacies) market in Sri Lanka is experiencing steady growth and development in recent years.

Customer preferences: Customers in Sri Lanka have shown a growing preference for digestive and intestinal remedies in recent years. This can be attributed to several factors, including an increasing awareness of digestive health and the importance of maintaining a healthy gut. Additionally, the changing dietary habits and the consumption of spicy and oily foods in Sri Lanka have led to an increase in digestive issues among the population. As a result, there is a greater demand for remedies that can provide relief from common digestive problems such as indigestion, bloating, and acidity.

Trends in the market: One of the key trends in the Digestive & Intestinal Remedies (Pharmacies) market in Sri Lanka is the growing popularity of natural and herbal remedies. Many consumers are opting for natural alternatives to traditional pharmaceutical products, as they are perceived to be safer and have fewer side effects. This trend is also influenced by the cultural preference for traditional Ayurvedic medicine in Sri Lanka, which emphasizes the use of natural ingredients for healing and wellness. Another trend in the market is the increasing availability and accessibility of digestive and intestinal remedies. Pharmacies in Sri Lanka are expanding their product offerings to cater to the growing demand for these remedies. Additionally, online pharmacies and e-commerce platforms have made it easier for consumers to purchase these products from the comfort of their homes, further driving the market growth.

Local special circumstances: Sri Lanka has a rich tradition of Ayurvedic medicine, which has influenced the preference for natural remedies in the country. Ayurveda, an ancient system of medicine, focuses on holistic healing and emphasizes the importance of maintaining a healthy digestive system. This cultural preference for natural remedies has contributed to the growth of the Digestive & Intestinal Remedies (Pharmacies) market in Sri Lanka.

Underlying macroeconomic factors: The growing middle class in Sri Lanka, coupled with increasing disposable incomes, has also contributed to the growth of the market. As people have more purchasing power, they are willing to spend on healthcare products that can improve their overall well-being. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also played a role in driving the growth of the Digestive & Intestinal Remedies (Pharmacies) market in Sri Lanka. In conclusion, the Digestive & Intestinal Remedies (Pharmacies) market in Sri Lanka is witnessing steady growth due to increasing customer preferences for natural remedies, the availability and accessibility of these products, the cultural preference for Ayurvedic medicine, and the underlying macroeconomic factors such as the growing middle class and government initiatives.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.