Digital Health - Sri Lanka

Sri Lanka

The Digital Health market in Sri Lanka is predicted to achieve a revenue of €72.21m by the year 2024.
This projection indicates an annual growth rate of 7.80% (CAGR 2024-2029), resulting in a market volume of €105.10m by 2029.
The average revenue per user (ARPU) is estimated to be €31.71.
In comparison to other countries, United States is expected to generate the highest revenue in the Digital Health market, amounting to €43,240.00m in 2024.
Furthermore, the Digital Treatment & Care market will be the largest market, with a total revenue value of €35.98m in 2024.
In Sri Lanka, the digital health market is witnessing a surge in telemedicine services, enabling remote healthcare access.

Key regions: United States, China, Japan, Asia, Europe

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Analyst Opinion

The Digital Health market in Sri Lanka is experiencing rapid growth and development, driven by various factors shaping the healthcare landscape in the country.

Customer preferences: Consumers in Sri Lanka are increasingly seeking convenient and accessible healthcare solutions, leading to a growing preference for digital health services. The convenience of online doctor consultations, digital fitness and well-being platforms, and digital treatment and care options aligns well with the busy lifestyles of individuals in urban areas. Moreover, the younger demographic in Sri Lanka, who are tech-savvy and value efficiency, are driving the demand for digital health services.

Trends in the market: One prominent trend in the Sri Lankan Digital Health market is the rise of telemedicine and online doctor consultations. This trend is fueled by the limited number of healthcare professionals in rural areas, making it challenging for residents to access quality healthcare services. As a result, virtual consultations provide a viable solution to bridge this gap and ensure healthcare accessibility for all Sri Lankans. Additionally, the increasing prevalence of chronic diseases in the country is driving the demand for digital treatment and care solutions that offer continuous monitoring and management of health conditions.

Local special circumstances: Sri Lanka's unique geographical landscape, with remote rural areas and densely populated urban centers, presents a challenge for traditional healthcare delivery. Digital health technologies offer a way to overcome these challenges by providing healthcare services remotely, reaching individuals who may have limited access to physical healthcare facilities. The government's initiatives to promote telehealth services and digital health solutions further support the growth of the market in Sri Lanka.

Underlying macroeconomic factors: The increasing penetration of smartphones and internet connectivity in Sri Lanka is a key macroeconomic factor driving the growth of the Digital Health market. With more people gaining access to digital devices, the adoption of digital health services becomes more widespread across the country. Additionally, the rising healthcare expenditure and focus on improving healthcare infrastructure contribute to the favorable environment for the development of digital health solutions in Sri Lanka.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from 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 GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. 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, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.