Pharmacies - Cyprus

Cyprus

In Cyprus, the revenue in the Pharmacies market is projected to reach US$235.20m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 2.69%, resulting in a market volume of US$268.60m by 2029.
When compared globally, United States generates the highest revenue with US$387.30bn in 2024.
In terms of per person revenues, in Cyprus generates US$185.40 in 2024.
Cyprus is experiencing a growing trend of pharmacies offering personalized health consultations and services to meet the needs of its population.

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

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Analyst Opinion

The Pharmacies market in Cyprus is experiencing steady growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Cyprus, customers value convenience and accessibility when it comes to purchasing pharmaceutical products. They prefer to have easy access to a wide range of medications and healthcare products, as well as professional advice from pharmacists. Customers also appreciate pharmacies that offer additional services such as home delivery and online ordering.

Trends in the market: One of the key trends in the Pharmacies market in Cyprus is the increasing demand for over-the-counter (OTC) medications and health supplements. This can be attributed to the growing awareness of self-care and preventive healthcare among the population. Customers are becoming more proactive in managing their health and are seeking out products that can help them maintain their well-being. Another trend in the market is the rising popularity of natural and organic healthcare products. Customers are becoming more conscious of the ingredients used in pharmaceutical and healthcare products, and are opting for natural alternatives. This trend is also influenced by the global shift towards sustainable and eco-friendly products.

Local special circumstances: Cyprus has a high proportion of elderly population, which drives the demand for pharmaceutical products and healthcare services. The elderly often have multiple health conditions and require regular medication, creating a steady demand for pharmacies. Additionally, Cyprus is a popular tourist destination, attracting visitors from around the world. This influx of tourists contributes to the demand for pharmacies, as visitors may require medications or healthcare products during their stay.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Cyprus contribute to the growth of the Pharmacies market. As people have more financial resources, they are willing to spend on healthcare and wellness products. Additionally, the government in Cyprus has implemented policies to support the healthcare sector, including the expansion of healthcare infrastructure and the promotion of preventive healthcare. In conclusion, the Pharmacies market in Cyprus is developing in response to customer preferences for convenience and accessibility, as well as trends such as the demand for OTC medications and natural healthcare products. The local special circumstances, such as the aging population and tourism, also play a role in driving the market. Furthermore, the underlying macroeconomic factors of economic stability and government support contribute to the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.