Prescription Drugs - Cyprus

Cyprus

In Cyprus, the Prescription Drugs market is anticipated to achieve a revenue of US$121.10m in 2024.
It is projected to witness an annual growth rate (CAGR 2024-2029) of 2.96%, leading to a market volume of US$140.10m by 2029.
Among countries worldwide, United States is expected to generate the highest revenue, reaching US$358.90bn in 2024.
When considering the total population, each person in Cyprus is estimated to generate a revenue of US$95.51 in 2024.
Cyprus has seen a significant increase in the demand for generic prescription drugs due to their lower cost compared to brand-name medications.

Key regions: Japan, China, Europe, Australia, Canada

Market

Region

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Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Cyprus has been experiencing steady growth in recent years.

Customer preferences: Customers in Cyprus have shown a growing preference for purchasing prescription drugs from pharmacies rather than other retail channels. This is primarily due to the convenience and accessibility offered by pharmacies, as well as the trust and expertise associated with pharmacists. Customers value the professional advice and guidance provided by pharmacists, especially when it comes to medication dosage and potential interactions. Additionally, the ability to have prescriptions filled and pick up medications in one location is highly appealing to customers.

Trends in the market: One prominent trend in the Prescription Drugs (Pharmacies) market in Cyprus is the increasing demand for generic drugs. Generic drugs are lower-cost alternatives to brand-name medications, and they have gained popularity among customers due to their affordability. As healthcare costs continue to rise, customers are looking for ways to save money on their medications, and choosing generic drugs is one way to achieve this. Pharmacies in Cyprus have responded to this trend by expanding their range of generic medications and offering competitive pricing. Another trend in the market is the growing focus on preventive healthcare. Customers are becoming more proactive in managing their health and are seeking out medications and supplements that can help prevent or manage chronic conditions. This has led to an increased demand for over-the-counter medications and health products in pharmacies. Pharmacies in Cyprus have capitalized on this trend by expanding their product offerings to include a wide range of vitamins, supplements, and other preventive healthcare products.

Local special circumstances: One unique aspect of the Prescription Drugs (Pharmacies) market in Cyprus is the presence of a large number of small, independent pharmacies. These pharmacies are often family-owned and have been serving their local communities for many years. Customers in Cyprus have a strong sense of loyalty towards these independent pharmacies, as they value the personal relationships and individualized care provided by the pharmacists. This has created a competitive advantage for these pharmacies, as they are able to differentiate themselves from larger chain pharmacies.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Cyprus can be attributed to several underlying macroeconomic factors. Firstly, the aging population in Cyprus has led to an increased demand for prescription medications. As people age, they are more likely to develop chronic conditions that require ongoing medication management. This has created a larger customer base for pharmacies, driving market growth. Secondly, the overall economic stability and increasing disposable income in Cyprus have contributed to the growth of the market. With more disposable income, customers are able to afford the medications they need and are willing to spend more on healthcare. This has allowed pharmacies to expand their product offerings and invest in modernizing their facilities, further attracting customers. In conclusion, the Prescription Drugs (Pharmacies) market in Cyprus is developing due to customer preferences for convenience and expertise, the growing demand for generic drugs and preventive healthcare, the presence of independent pharmacies, and underlying macroeconomic factors such as an aging population and increasing disposable income.

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.