Prescription Drugs - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue in the Prescription Drugs market is forecasted to reach US$132.00m in 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of -0.64%, leading to a market volume of US$127.80m by 2029.
When compared globally, United States is projected to generate the highest revenue in the Prescription Drugs market, amounting to US$358.90bn in 2024.
In terms of per person revenues, in Sri Lanka is expected to generate US$6.01 in 2024.
The market for prescription drugs in Sri Lanka is experiencing a significant increase in demand for traditional herbal remedies.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Sri Lanka is experiencing steady growth due to various factors.

Customer preferences: Customers in Sri Lanka have a growing demand for prescription drugs due to the increasing prevalence of chronic diseases and the aging population. As people live longer, there is a greater need for medications to manage their health conditions. Additionally, the rising awareness about the importance of healthcare and the availability of a wider range of prescription drugs have also contributed to the growing demand.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Sri Lanka is the shift towards online pharmacies. With the advancement of technology and the increasing penetration of the internet, more and more people are opting to purchase their prescription drugs online. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for customers. Another trend in the market is the increasing focus on generic drugs. Generic drugs are more affordable compared to branded drugs, and they offer the same therapeutic benefits. As a result, customers in Sri Lanka are opting for generic drugs as a cost-effective alternative. This trend is further supported by government initiatives to promote the use of generic drugs to reduce healthcare costs.

Local special circumstances: Sri Lanka has a well-established healthcare system with a network of pharmacies across the country. These pharmacies play a crucial role in providing access to prescription drugs to the population. The government has implemented regulations to ensure the quality and safety of prescription drugs, which has built trust among customers.

Underlying macroeconomic factors: The growing economy of Sri Lanka has contributed to the development of the Prescription Drugs (Pharmacies) market. As people's disposable income increases, they are willing to spend more on healthcare, including prescription drugs. Additionally, the government's focus on improving healthcare infrastructure and increasing healthcare expenditure has also supported the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Sri Lanka is developing due to the increasing demand for prescription drugs, the shift towards online pharmacies, the focus on generic drugs, the well-established healthcare system, and the growing economy. These factors are expected to continue driving the growth of the market in the coming years.

Methodology

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.