Pharmaceuticals - Cyprus

Cyprus

In Cyprus, the revenue in the Pharmaceuticals market is expected to reach US$166.50m in 2024.
The largest market in the country is Oncology Drugs, with a projected market volume of US$28.15m in the same year.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 4.41%, leading to a market volume of US$206.60m by 2029.
When compared globally, United States is expected to generate the highest revenue, with a projected amount of US$630.30bn in 2024.
Cyprus is emerging as a hub for pharmaceutical research and development, attracting international companies and fostering local innovation.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The pharmaceuticals market in Cyprus has been experiencing steady growth in recent years.

Customer preferences: Customers in Cyprus have been showing a growing preference for generic drugs, which are more affordable than their branded counterparts. This trend is in line with the global shift towards generic drugs, as customers become more cost-conscious. Additionally, there has been an increased demand for over-the-counter (OTC) drugs, as customers seek to self-medicate for minor ailments.

Trends in the market: One of the key trends in the pharmaceuticals market in Cyprus is the increasing focus on research and development. Major pharmaceutical companies are investing heavily in R&D to develop new drugs and treatments. This trend is driven by the need to address unmet medical needs, as well as the potential for significant profits from successful new drugs. Another trend in the market is the increasing adoption of digital technologies, such as telemedicine and e-prescriptions. These technologies are improving access to healthcare services and making it easier for customers to obtain the medications they need.

Local special circumstances: Cyprus has a small population, which means that the pharmaceuticals market is relatively small compared to other countries. However, the country has a well-developed healthcare system and a high level of healthcare spending per capita. Additionally, the country's location at the crossroads of Europe, Asia, and Africa makes it an attractive market for pharmaceutical companies looking to expand their reach.

Underlying macroeconomic factors: One of the key macroeconomic factors driving the pharmaceuticals market in Cyprus is the country's aging population. As the population ages, there is an increased demand for healthcare services and medications to treat age-related illnesses. Additionally, the country's high level of healthcare spending is supported by its strong economy and high GDP per capita. Finally, Cyprus is a member of the European Union, which means that it is subject to EU regulations and standards for pharmaceuticals. This has helped to ensure the safety and quality of medications sold in the country.

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.