Anti-Diabetes Drugs - Cyprus

Cyprus

In Cyprus, the revenue in the Anti-Diabetes Drugs market is anticipated to achieve US$11.47m in 2024.
It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 7.37%, leading to a market volume of US$16.37m by 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to US$37,840.00m in 2024.
Cyprus is witnessing a rising demand for innovative anti-diabetes drugs, as the government focuses on improving healthcare infrastructure and increasing awareness about diabetes management.

Key regions: India, Australia, Italy, Europe, Brazil

Market

Region

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Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Cyprus has been witnessing significant growth in recent years.

Customer preferences: As in many countries, the prevalence of diabetes in Cyprus has been on the rise due to changing lifestyles and an aging population. This has led to an increased demand for anti-diabetes drugs in the country. Patients in Cyprus tend to prefer oral medications over insulin injections, which has resulted in a greater demand for oral anti-diabetes drugs.

Trends in the market: One of the major trends in the Anti-Diabetes Drugs market in Cyprus is the increasing use of generic drugs. Generic drugs are typically cheaper than their branded counterparts, and this has made them increasingly popular among patients in Cyprus. In addition, there has been a growing trend towards self-monitoring of blood glucose levels, which has led to an increased demand for blood glucose monitoring devices.

Local special circumstances: Cyprus has a relatively small population, and this has resulted in a limited number of players in the Anti-Diabetes Drugs market. However, the market is highly competitive, with several multinational companies operating in the country. The government of Cyprus has been taking steps to control healthcare costs, which has led to increased pressure on drug prices.

Underlying macroeconomic factors: The economy of Cyprus has been recovering in recent years, and this has led to increased spending on healthcare. In addition, the government has been implementing healthcare reforms to improve the quality of care and reduce costs. These factors have contributed to the growth of the Anti-Diabetes Drugs market in Cyprus.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.