Other Pharmaceuticals - Cyprus

Cyprus

The revenue in the Other Pharmaceuticals market of Cyprus is forecasted to reach US$67.54m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.99%, leading to a market volume of US$82.14m by 2029.
In terms of global comparison, United States is expected to generate the highest revenue, amounting to US$260.50bn in 2024.
The pharmaceutical industry in Cyprus is experiencing a surge in demand for alternative medications and supplements.

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

Market

Region

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Currency

Analyst Opinion

The demand for other pharmaceuticals in Cyprus has been on the rise in recent years.

Customer preferences: Customers in Cyprus have been increasingly turning towards alternative medicine and natural remedies, leading to a surge in demand for other pharmaceutical products. This trend is in line with the global shift towards natural and holistic healthcare options.

Trends in the market: The other pharmaceuticals market in Cyprus has seen a significant increase in demand for products such as vitamins, minerals, and supplements. This can be attributed to the growing awareness among consumers about the benefits of preventive healthcare. Additionally, the rise of e-commerce platforms has made it easier for consumers to access these products, further driving the growth of the market.

Local special circumstances: Cyprus has a large elderly population, which has been a key driver of demand for other pharmaceutical products. With an increasing number of people looking to maintain their health and wellbeing in their later years, the demand for products that support healthy aging has been on the rise.

Underlying macroeconomic factors: The growth of the other pharmaceuticals market in Cyprus can be attributed to several underlying macroeconomic factors. These include the country's strong healthcare infrastructure, increasing disposable income among consumers, and a growing awareness about the benefits of preventive healthcare. Additionally, the government's efforts to promote the use of natural and alternative medicines have also contributed to the growth of the market.

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.