Sri Lanka: Diagnostic Equipment Market 2025

Diagnostic Equipment Market Size in Sri Lanka

In 2021, the Sri Lankan diagnostic equipment market decreased by -22.9% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, continues to indicate a perceptible expansion. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Diagnostic Equipment Exports

Exports from Sri Lanka

In 2021, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a modest expansion. The pace of growth was the most pronounced in 2014 when exports increased by 318%. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, diagnostic equipment exports skyrocketed to $X in 2021. Overall, exports posted pronounced growth. The pace of growth was the most pronounced in 2014 when exports increased by 132% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for diagnostic equipment exports from Sri Lanka, with a 62% share of total exports. Moreover, diagnostic equipment exports to the UK exceeded the volume sent to the second major destination, Singapore (X units), threefold. The third position in this ranking was held by Maldives (X units), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+9.3% per year) and Maldives (-10.4% per year).

In value terms, the largest markets for diagnostic equipment exported from Sri Lanka were Singapore ($X), the UK ($X) and Maldives ($X), with a combined 63% share of total exports. India, Japan, Germany and Switzerland lagged somewhat behind, together comprising a further 23%.

Japan, with a CAGR of +20.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average diagnostic equipment export price stood at $X per unit in 2021, which is down by -34% against the previous year. Overall, the export price, however, enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 236%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Diagnostic Equipment Imports

Imports into Sri Lanka

In 2021, overseas purchases of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -23.3% to X units, falling for the second year in a row after two years of growth. In general, imports, however, posted measured growth. The most prominent rate of growth was recorded in 2015 when imports increased by 63% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, diagnostic equipment imports declined significantly to $X in 2021. Overall, imports, however, continue to indicate a moderate increase. The growth pace was the most rapid in 2019 with an increase of 79%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

China (X units), Singapore (X units) and Japan (X units) were the main suppliers of diagnostic equipment imports to Sri Lanka, together comprising 33% of total imports. The Netherlands, the United States, South Korea, Germany, Austria, Canada, Hong Kong SAR, the UK, India and Italy lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +18.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest diagnostic equipment suppliers to Sri Lanka were the United States ($X), China ($X) and Japan ($X), together comprising 44% of total imports. These countries were followed by South Korea, the Netherlands, Austria, Hong Kong SAR, Germany, Canada, Singapore, India, the UK and Italy, which together accounted for a further 21%.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of +17.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average diagnostic equipment import price stood at $X per unit in 2021, surging by 2.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 18%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+22.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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