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Overview of General Hospital Consumables and Cardiovascular Products Market in Sri Lanka
Frost & Sullivan, Dec 2008, Pages: 61
This Frost & Sullivan research service titled Overview of General Hospital Consumables and Cardiovascular Products Market in Sri Lanka provides key market trends, market size and market share, competitive structure, market drivers, market restraints, industry challenges, technology trends, and market forecasts. In this research, Frost & Sullivan's expert analysts thoroughly examine the following applications: general hospital consumables and cardiovascular products in Sri Lanka.
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Market Overview
Future Prospects for the General Hospital Consumables and Cardiovascular Products Market in Sri Lanka Look Promising Driven by Superior Healthcare Infrastructure
General hospital consumables or disposable medical device and cardiovascular products are a vital aspect of the total medical device industry. The hospital disposable market has been growing steadily over the last few years with good growth prospects. Disposable needles, syringes, IV catheters, stents, and angiographic catheters have the highest demand in the disposable and cardiovascular medical device markets.
“In 2006, Sri Lanka’s total expenditure on health per capita was almost $213.0, of which nearly 50.0 percent of the total healthcare expenditure came from the government,” say the analysts of this research. “Traditionally, the government has provided free healthcare services for immediate and major medical problems, including maternity and geriatric care, through its network of an estimated 619 hospitals throughout the country.” The budget of the Sri Lankan Health Ministry is growing at the rate of 5 percent per year. However, with an increased budget, the state pharmaceutical corporation has issued many tenders in the recent past for the purchase of a wide range of medical equipment. The Sri Lankan government has also been conducting several free cardiac surgery programs of late, boosting the sales of cardiovascular products.
International Companies to Strategically Price Their Products and Reach Out to Their Customers Better by Employing a Competing Field Force
The private sector that contributes mainly to outpatient services is also a significant component of the Sri Lanka healthcare system. There has been an increase in the number of private hospitals, coming up beyond Colombo. Additionally, favorable socioeconomic factors such as the human development index (HDI = 0.74) with a life expectancy of 72.5 years, a literacy rate of over 90.0 percent, increased healthcare expenditure and free cardiac programs from the government are some of the key factors driving the growth of the medical devices industry in Sri Lanka. The Sri Lankan market for these product segments is expected to grow at a rate of 8.0 to 10.0 percent annually for at least the next five years. Cardiology has gained wider acceptance trend in the recent past because of rising awareness among patients about minimally invasive surgery and significant growth in the number of trained interventional cardiologists. With the government’s decision to absorb all medical graduates into the state health system until 2009, the number of medical officers employed is steadily rising. About 3,000 new patients undergo cardiac-related procedures every year, continuously boosting the cardiovascular products market. Additionally, the consumption of general hospital disposables is expected to rise, especially during the current war between the Liberation Tigers of Tamil Eelam (LTTE) and the government.
“Though the government is making efforts to provide a better healthcare infrastructure, the political scenario has become very unpredictable due to the war between the LTTE and the government, resulting in the diversion of some government funds towards war,” explain the analysts. “This is indirectly taking a toll on the expenditures for healthcare”. International competitors face stiff competition in terms of product pricing because of increased competition from inexpensive imports. Major international participants do not have a dedicated field force to promote their products directly to hospitals as only distributors promote products. With added competition from inexpensive imports, it becomes imperative for international companies to strategically price their products and try to reach out to their customers in a better manner by employing a competing field force. With promising future prospects for the general hospital consumables and cardiovascular products market, international participants can look forward to establishing a dedicated sales and marketing team to capitalize on growth potential. The medical fraternity is hoping the political tension due to the war will end sooner so that the government can continue in its efforts to enhance healthcare by diverting war funds toward public welfare. Furthermore, Sri Lanka is sitting on a significant tsunami fund, part of which is still being used for healthcare expenses.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
General hospital consumables
- Needles
- Syringes
- IV Catheters
Cardiovascular products
- Angiographic catheters
- PTCA balloons
- Bypass surgery products
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