Vaccines - Cyprus

Cyprus

In Cyprus, the revenue in the Vaccines market is expected to reach US$17.41m in 2024.
It is projected to show an annual growth rate (CAGR 2024-2029) of -1.65%, resulting in a market volume of US$16.02m by 2029.
When compared globally, United States is projected to generate the highest revenue in the Vaccines market, with US$29,120.00m in 2024.
Cyprus has seen an increase in the demand for vaccines due to a rise in awareness about the importance of immunization.

Key regions: Australia, Italy, France, South Korea, Brazil

Market

Region

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Currency

Analyst Opinion

The Vaccines market in Cyprus has been experiencing growth in recent years.

Customer preferences: There has been an increased demand for vaccines in Cyprus due to a growing awareness of the importance of preventive healthcare. Customers are now more informed about the benefits of vaccination and are willing to pay for it. Additionally, the COVID-19 pandemic has further increased the demand for vaccines, with more people seeking protection against the virus.

Trends in the market: One of the major trends in the vaccines market in Cyprus is the shift towards more advanced and innovative vaccines. Customers are now looking for vaccines that offer better protection and have fewer side effects. This has led to the development of new and improved vaccines, which are now available in the market. Another trend is the increasing preference for combination vaccines, which offer protection against multiple diseases in a single shot.

Local special circumstances: Cyprus has a relatively small population, which has made it easier for the government to manage the distribution of vaccines. Additionally, the country has a well-established healthcare system, which has helped to ensure that vaccines are administered safely and efficiently. The government has also been proactive in promoting vaccination, which has helped to increase awareness and demand for vaccines.

Underlying macroeconomic factors: Cyprus has a relatively high GDP per capita, which means that people have more disposable income to spend on healthcare. Additionally, the country has a high level of healthcare expenditure, which has helped to drive growth in the vaccines market. The government has also been investing heavily in healthcare infrastructure, which has helped to improve access to vaccines and other healthcare services. Finally, the COVID-19 pandemic has led to increased government spending on healthcare, which has further boosted the vaccines 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.