Other OTC Pharmaceuticals (Pharmacies) - Sri Lanka

Sri Lanka

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$18.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.40%, resulting in a market volume of US$21.20m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$0.86 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Sri Lanka has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Sri Lanka are increasingly seeking convenience and accessibility when it comes to purchasing over-the-counter (OTC) pharmaceutical products. This has led to a rise in the number of pharmacies and retail outlets across the country, making it easier for consumers to access the medications they need. Additionally, there is a growing demand for natural and herbal remedies, as consumers become more health-conscious and seek alternative options for their healthcare needs.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Sri Lanka is the increasing popularity of online pharmacies. With the rise of e-commerce and the convenience it offers, more and more consumers are turning to online platforms to purchase their OTC medications. This trend is particularly prevalent among the younger generation who are tech-savvy and value the convenience of online shopping. Another trend in the market is the growing awareness and demand for generic medications. Generic drugs are more affordable than their branded counterparts and offer the same therapeutic benefits. As healthcare costs continue to rise, consumers in Sri Lanka are looking for cost-effective options without compromising on quality, leading to an increase in the demand for generic OTC pharmaceuticals.

Local special circumstances: Sri Lanka has a rapidly aging population, which has led to an increased demand for OTC pharmaceutical products. As people age, they are more likely to require medications for various health conditions, such as chronic diseases and age-related ailments. This demographic shift has created a significant market opportunity for pharmacies and OTC pharmaceutical manufacturers in Sri Lanka. Additionally, the government of Sri Lanka has been implementing various healthcare initiatives to improve access to affordable healthcare services for its citizens. This includes the promotion of generic medications and the expansion of healthcare infrastructure, which has further fueled the growth of the Other OTC Pharmaceuticals market in the country.

Underlying macroeconomic factors: The Sri Lankan economy has been experiencing steady economic growth in recent years, which has positively impacted the OTC Pharmaceuticals market. Rising disposable incomes and an expanding middle class have led to an increase in healthcare spending, including the purchase of OTC pharmaceutical products. Furthermore, the government's focus on improving healthcare infrastructure and increasing access to affordable healthcare has also contributed to the growth of the market. In conclusion, the Other OTC Pharmaceuticals market in Sri Lanka is experiencing growth due to changing customer preferences, emerging trends such as the rise of online pharmacies and the demand for generic medications, as well as local special circumstances such as an aging population and government healthcare initiatives. The underlying macroeconomic factors, including steady economic growth and rising disposable incomes, have also played a significant role in the development of the market.

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.