Sri Lanka: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Sri Lanka

The Sri Lankan orthopedic prosthetics market fell sharply to $X in 2022, which is down by -53.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a noticeable shrinkage. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Orthopedic Prosthetics Exports

Exports from Sri Lanka

In 2022, approx. X units of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were exported from Sri Lanka; reducing by -19.2% compared with 2021. In general, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2020 with an increase of 832%. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics exports surged to $X in 2022. Overall, exports continue to indicate a deep setback. The growth pace was the most rapid in 2020 when exports increased by 469%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

South Korea (X units) was the main destination for orthopedic prosthetics exports from Sri Lanka, with a 94% share of total exports. Moreover, orthopedic prosthetics exports to South Korea exceeded the volume sent to the second major destination, Germany (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-1.7% per year) and Belgium (-7.9% per year).

In value terms, South Korea ($X) emerged as the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from Sri Lanka, comprising 98% of total exports. The second position in the ranking was held by Germany ($X), with a 1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-7.8% per year) and Belgium (+1.9% per year).

Export Prices by Country

In 2022, the average orthopedic prosthetics export price amounted to $X per unit, surging by 116% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+10.7%), while the prices for the other major destinations experienced mixed trend patterns.

Orthopedic Prosthetics Imports

Imports into Sri Lanka

In 2022, imports of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) into Sri Lanka shrank rapidly to X units, waning by -46.5% against 2021. In general, imports showed a noticeable slump. The pace of growth appeared the most rapid in 2018 when imports increased by 94%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, orthopedic prosthetics imports shrank dramatically to $X in 2022. Over the period under review, imports showed a perceptible downturn. The pace of growth was the most pronounced in 2019 when imports increased by 64%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of orthopedic prosthetics to Sri Lanka, accounting for a 43% share of total imports. Moreover, orthopedic prosthetics imports from the United States exceeded the figures recorded by the second-largest supplier, Ireland (X units), twofold. The third position in this ranking was held by India (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+15.5% per year) and India (-0.2% per year).

In value terms, the United States ($X), Ireland ($X) and India ($X) constituted the largest orthopedic prosthetics suppliers to Sri Lanka, together accounting for 87% of total imports. Japan, China, the UK, Germany, Switzerland, Vietnam and Hong Kong SAR lagged somewhat behind, together comprising a further 9.3%.

China, with a CAGR of +52.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average orthopedic prosthetics import price stood at $X per unit in 2022, waning by -22.2% against the previous year. Overall, the import price continues to indicate a pronounced descent. The pace of growth was the most pronounced in 2017 when the average import price increased by 27% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ireland ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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