Market Insights Health Medical Technology

Medical Devices - Cyprus

Cyprus

The Medical Devices market market in Cyprus is expected to achieve a revenue of US$111.90m in 2024.
Among the various markets, the largest share belongs to Cardiology_Devices, which is projected to reach a market volume of US$16.21m in 2024.
Looking ahead, the market is anticipated to exhibit a steady annual growth rate of 6.64% (CAGR 2024-2029), resulting in a market volume of US$154.30m by the year 2029.
When compared globally, the United States is forecasted to generate the highest revenue, with an estimated value of US$179.80bn in 2024.
Cyprus is experiencing a growing demand for advanced medical devices, driven by its aging population and increasing healthcare expenditure.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Cyprus has been experiencing steady growth in recent years, driven by customer preferences for advanced and innovative healthcare solutions.

Customer preferences: Customers in Cyprus have shown a growing preference for medical devices that offer advanced technology and improved patient outcomes. There is a strong demand for devices that are easy to use, portable, and provide accurate and reliable results. Additionally, customers are increasingly seeking devices that are cost-effective and can be used in home healthcare settings.

Trends in the market: One of the key trends in the Medical Devices market in Cyprus is the increasing adoption of digital health technologies. This includes wearable devices, remote patient monitoring systems, and telemedicine solutions. These technologies enable healthcare providers to remotely monitor patients' health and provide timely interventions, leading to improved patient outcomes and reduced healthcare costs. Another trend in the market is the growing focus on preventive healthcare. There is a rising awareness among customers about the importance of early detection and prevention of diseases. This has led to an increased demand for screening and diagnostic devices, such as blood glucose monitors, cholesterol testing kits, and blood pressure monitors.

Local special circumstances: Cyprus has a well-developed healthcare system, with a strong emphasis on primary care. The government has been investing in the modernization of healthcare facilities and the adoption of advanced medical technologies. This has created a favorable environment for the growth of the Medical Devices market in the country. Furthermore, Cyprus is a popular destination for medical tourism, attracting patients from neighboring countries for various medical treatments. This has contributed to the demand for high-quality medical devices and technologies in the country.

Underlying macroeconomic factors: The growth in the Medical Devices market in Cyprus is supported by favorable macroeconomic factors. The country has a stable economy with a high standard of living, which enables customers to afford advanced healthcare solutions. Additionally, the government has implemented healthcare reforms to improve access to healthcare services and promote the use of medical technologies. In conclusion, the Medical Devices market in Cyprus is witnessing steady growth, driven by customer preferences for advanced and innovative healthcare solutions. The adoption of digital health technologies and the focus on preventive healthcare are key trends in the market. The country's well-developed healthcare system, popularity as a medical tourism destination, and favorable macroeconomic factors are contributing to the growth of the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.