OTC Pharmaceuticals - Cyprus

Cyprus

Revenue in the OTC Pharmaceuticals market amounts to US$92.52m in 2024. The market is expected to grow annually by 5.77% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$21.11m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$72.94 are generated in 2024.
In the OTC Pharmaceuticals market, 6.2% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Analyst Opinion

The OTC Pharmaceuticals market in Cyprus has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Cyprus have played a significant role in the growth of the OTC Pharmaceuticals market. Consumers in Cyprus have shown a preference for self-medication and over-the-counter products for common ailments and minor health issues. This preference can be attributed to factors such as convenience, cost-effectiveness, and the ease of access to OTC medications in pharmacies and supermarkets.

Additionally, the increasing awareness and education about self-care and self-medication have also contributed to the rise in demand for OTC pharmaceuticals in Cyprus. Trends in the market further support the growth of the OTC Pharmaceuticals market in Cyprus. One notable trend is the increasing availability and variety of OTC products in the market.

Pharmaceutical companies are expanding their product portfolios to include a wider range of OTC medications, catering to the diverse needs of consumers. This trend is driven by the growing demand for OTC products and the recognition of the potential for revenue growth in this market segment. Additionally, technological advancements and the rise of e-commerce have made it easier for consumers to access and purchase OTC pharmaceuticals, further fueling market growth.

Local special circumstances also contribute to the development of the OTC Pharmaceuticals market in Cyprus. The country's small population and geographic size create a favorable environment for OTC pharmaceutical sales. The relatively small market size allows for better market penetration and distribution, enabling pharmaceutical companies to reach a larger proportion of the population.

Furthermore, the high prevalence of tourism in Cyprus provides an additional boost to the OTC Pharmaceuticals market. Tourists often rely on OTC medications for minor health issues during their stay, contributing to increased sales and market growth. Underlying macroeconomic factors also play a role in the growth of the OTC Pharmaceuticals market in Cyprus.

The country's stable economy and increasing disposable income levels have allowed consumers to spend more on healthcare, including OTC medications. Additionally, the aging population in Cyprus has led to a higher demand for OTC pharmaceuticals, as older individuals often require more frequent access to medications for chronic conditions and general health maintenance. In conclusion, the OTC Pharmaceuticals market in Cyprus is developing due to customer preferences for self-medication, the availability of a wide range of OTC products, local special circumstances such as the small market size and tourism, and underlying macroeconomic factors such as a stable economy and an aging population.

These factors have contributed to the steady growth of the market and are likely to continue driving its development in the future.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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.

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. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.