Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Cyprus

Cyprus

The COVID-19 Vaccines market in Cyprus is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$9.98m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2024-2029) of -17.65%, leading to a market volume of US$3.78m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in this market, with a projected revenue of US$4,389,000.00k in 2024.
Cyprus is experiencing a surge in demand for COVID-19 vaccines, with an increasing number of citizens actively seeking vaccination to protect themselves and their communities.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

Cyprus, an island country located in the eastern Mediterranean, has been rolling out its COVID-19 vaccination program since late December 2020. The country has approved the use of several vaccines, including Pfizer-BioNTech, Moderna, AstraZeneca, and Johnson & Johnson. As a market data analyst, I have observed the following trends and developments in the COVID-19 vaccines market in Cyprus.

Customer preferences: The majority of Cypriots have shown a willingness to get vaccinated against COVID-19. According to a recent survey, around 70% of the population is willing to get vaccinated. The survey also found that people aged 55 and above are more likely to get vaccinated than younger age groups.

Trends in the market: The COVID-19 vaccines market in Cyprus has been developing at a steady pace. The demand for vaccines has been high, and the government has been working to ensure that there is an adequate supply of vaccines to meet the demand. The Pfizer-BioNTech vaccine has been the most widely used vaccine in the country. The government has also been administering the AstraZeneca vaccine, although there have been some concerns about its safety.

Local special circumstances: Cyprus is a small country with a population of around 1.2 million people. The country has a well-developed healthcare system, which has helped in the efficient rollout of the vaccination program. The government has been working closely with healthcare professionals to ensure that the vaccination program is carried out smoothly.

Underlying macroeconomic factors: The COVID-19 pandemic has had a significant impact on the Cypriot economy. The country's economy relies heavily on tourism, which has been severely affected by the pandemic. The government has been trying to revive the tourism sector by implementing measures such as the SafePass system, which allows vaccinated individuals to enter certain establishments. The vaccination program has been seen as a crucial step in reviving the economy by ensuring that the country is safe for tourists to visit. In conclusion, the COVID-19 vaccines market in Cyprus has been developing steadily, with high demand for vaccines and a willingness among the population to get vaccinated. The government has been working to ensure an adequate supply of vaccines, and the country's well-developed healthcare system has helped in the efficient rollout of the vaccination program. The vaccination program is seen as a crucial step in reviving the country's economy, which has been severely affected by the pandemic.

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.