Pharmacy Usual Items - Sri Lanka

Sri Lanka

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$408.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -11.18%, resulting in a market volume of US$226.00m by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$18.62 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Sri Lanka has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Sri Lanka have shifted towards a greater emphasis on health and wellness. As consumers become more health-conscious, there has been an increased demand for pharmacy usual items such as vitamins, supplements, and over-the-counter medications. This change in customer preferences has driven the growth of the market, as individuals seek to take control of their own health and well-being. Trends in the market have also played a role in its development. The rise of e-commerce has made it easier for consumers to access pharmacy usual items, with online retailers offering a wide range of products at competitive prices. This has increased convenience and choice for consumers, further driving the growth of the market. Additionally, there has been a growing trend towards natural and organic products, as individuals seek out more sustainable and environmentally-friendly options. This has led to an increase in the availability of natural and organic pharmacy usual items in the market. Local special circumstances in Sri Lanka have also contributed to the growth of the Pharmacy Usual Items market. The country has a large aging population, with a significant number of individuals requiring regular medication and healthcare products. This has created a steady demand for pharmacy usual items, as individuals seek to manage their health conditions and improve their quality of life. Additionally, the government has implemented policies to promote healthcare and wellness, which has further boosted the market for pharmacy usual items. Underlying macroeconomic factors have also played a role in the development of the market. Sri Lanka has experienced steady economic growth in recent years, with an expanding middle class and increasing disposable income. This has allowed consumers to spend more on healthcare products and pharmacy usual items, driving the growth of the market. Furthermore, the country has a well-developed healthcare system, with a strong network of pharmacies and healthcare providers. This infrastructure has supported the growth of the Pharmacy Usual Items market, as consumers have easy access to a wide range of products. Overall, the Pharmacy Usual Items market in Sri Lanka is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As individuals become more health-conscious and seek out convenient and sustainable options, the demand for pharmacy usual items is expected to continue to grow in the coming years.

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.