Hospitals - Cyprus

Cyprus

The Hospitals 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$1,042.00m in 2024.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 3.03% between 2024 and 2029.
This growth trajectory will result in a market volume of US$1,210.00m by 2029.
When comparing these figures globally, it is noteworthy that in the United States is expected to generate the highest revenue in the Hospitals market, with an estimated value of US$1,501.00bn in 2024.
This highlights the significant scale of the market in the United States compared to other countries.
To provide a more insightful perspective, the per person revenue generated in Cyprus in 2024 is estimated to be US$821.60.
This figure demonstrates the economic significance of the Hospitals market in relation to the country's population.
Overall, these projections indicate a promising future for the Hospitals market in Cyprus, with substantial revenue growth expected in the coming years.
Cyprus is witnessing a rise in private hospital investments, attracting medical tourists seeking high-quality healthcare services.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The healthcare industry in Cyprus has experienced significant growth in recent years, with the hospitals market being a major contributor to this growth.

Customer preferences: Customer preferences have shifted towards more advanced medical treatments and procedures, leading to an increase in demand for private hospitals that offer high-quality services. Patients are willing to pay more for better healthcare services, leading to the growth of the private hospitals market.

Trends in the market: The hospitals market in Cyprus has seen an increase in the number of private hospitals, with many of them being established in the last few years. This growth is attributed to the increase in demand for private healthcare services. The private hospitals offer a range of services, including advanced diagnostic and treatment options, which are not available in public hospitals. This has led to an increase in the number of patients opting for private hospitals.

Local special circumstances: Cyprus is a popular destination for medical tourism, with many patients from neighboring countries seeking medical treatment in Cyprus. The country's warm climate, proximity to Europe, and high-quality healthcare services make it an attractive destination for medical tourists. This has contributed to the growth of the private hospitals market, as many of these patients opt for private hospitals.

Underlying macroeconomic factors: The growth of the hospitals market in Cyprus is also attributed to the country's strong economy. Cyprus has experienced steady economic growth in recent years, leading to an increase in disposable income. This has enabled more people to afford private healthcare services, leading to an increase in demand for private hospitals. Additionally, the government has implemented policies to support the growth of the healthcare industry, including tax incentives for private hospitals and investments in healthcare infrastructure. These policies have created a conducive environment for the growth of the hospitals market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, 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.