Pharmacies - Sri Lanka | Statista Market Forecast

The Pharmacies market in Sri Lanka is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is estimated to reach US$767.00m Sri_Lankan Rupees in 2024.
This indicates a positive trend in the market's performance.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of -2.74% from 2024 to 2029, resulting in a market volume of US$667.50m Sri_Lankan Rupees by the end of 2029.
This signifies a steady expansion of the Pharmacies market in Sri Lanka.
When compared globally, it is noteworthy that United States is expected to generate the highest revenue in the Pharmacies market, reaching a staggering US$387.30bn Sri_Lankan Rupees in 2024.
This highlights the dominance of the United States in this market.
In terms of per person revenues, in Sri Lanka is expected to generate approximately US$34.95 Sri_Lankan Rupees per individual in 2024.
This metric showcases the economic impact of the Pharmacies market on the country's population.
Overall, the Pharmacies market in Sri Lanka is projected to experience substantial growth, with significant revenue potential.
The market's performance should be monitored closely to leverage its potential for economic development and improved access to healthcare services.
The pharmacy market in Sri Lanka is experiencing a surge in demand for traditional Ayurvedic remedies.

Definition:
Pharmacies are physical or digital places where mainly pharmaceuticals and medical products are sold. Additionally, they also sell other items that are generally found in a pharmacy, such as food supplements, cosmetic products, and other health-related goods. A large proportion of pharmaceuticals are only available on prescription; the rest of the product range of pharmacies is sold over the counter (OTC). Besides selling products, pharmacies also advise customers, inform them about undesirable effects of the products, and detect possible interactions with other medicines.

Structure:
The Pharmacies market consists of two markets: Prescriptions Drugs and OTC Products. The Prescription Drugs market covers all products – mainly pharmaceuticals – that are only available on prescription. The OTC Products market comprises all products that are sold over the counter (OTC), including pharmaceuticals, medical devices, and other items that are generally found in a pharmacy.

Additional information:
The KPIs shown include revenue, revenue growth, average revenue per pharmacy, average revenue per capita, number of pharmacies, pharmacy density, users, and the online sales share for the OTC Products market. Revenues are generated through offline and online spending by (B2C) consumers and include VAT. B2B and B2G sales as well as other pharmaceutical sales through hospitals or retail stores, such as supermarkets, are not included.
For more information on the data displayed, use the info button next to the boxes.

Prescription pharmaceuticals
Prescription medical products
OTC pharmaceuticals
OTC medical products
Pharmacy-usual items

Services such as vaccinations
Sales through hospitals or retail stores

The Pharmacies market in Sri Lanka is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Pharmacies market in Sri Lanka are evolving, with consumers increasingly seeking convenience and accessibility in their healthcare needs. This has led to a rise in the demand for pharmacies that offer extended operating hours, multiple locations, and a wide range of products and services. Additionally, customers are placing greater importance on the availability of trained and knowledgeable pharmacists who can provide personalized advice and recommendations. Trends in the Pharmacies market in Sri Lanka are also contributing to its development. One notable trend is the increasing focus on preventive healthcare and wellness. As more people become aware of the importance of maintaining good health, there is a growing demand for pharmacies that offer a range of vitamins, supplements, and other wellness products. Furthermore, the rising prevalence of chronic diseases such as diabetes and hypertension is driving the demand for pharmacies that specialize in providing medications and services for these conditions. Local special circumstances in Sri Lanka are influencing the development of the Pharmacies market. The country's aging population is a significant factor, as older individuals tend to have higher healthcare needs and require regular access to medications. Additionally, the government's efforts to improve healthcare infrastructure and expand access to healthcare services are creating opportunities for the growth of pharmacies. Underlying macroeconomic factors are also playing a role in the development of the Pharmacies market in Sri Lanka. The country's economic growth and increasing disposable income levels are enabling more people to afford healthcare products and services. As a result, there is a greater demand for pharmacies that offer a wide range of affordable and quality medications. In conclusion, the Pharmacies market in Sri Lanka is experiencing growth and development due to evolving customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for convenience and accessibility, the focus on preventive healthcare and wellness, the aging population, and the country's economic growth are all contributing to the expansion of the Pharmacies market in Sri Lanka.

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.