OTC Pharmaceuticals - Cyprus

Cyprus

Revenue in the OTC Pharmaceuticals market in Cyprus amounts to US$92.52m in 2024.
The market is expected to grow annually by 5.77% (CAGR 2024-2029).
The largest market within the OTC Pharmaceuticals market market in Cyprus is Other OTC Pharmaceuticals, with a market volume of US$21.11m in 2024.
In global comparison, the in the United States generates the most revenue with US$41,240.00m in 2024.
In relation to the total population of Cyprus, per person revenues of US$72.94 are generated in 2024.
Online sales are expected to contribute 6.16% of the total revenue in the OTC Pharmaceuticals market in Cyprus by 2024.
Cyprus is witnessing a growing trend in the OTC Pharmaceuticals market, with an increasing demand for herbal and natural remedies.

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

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Currency

Analyst Opinion

The OTC Pharmaceuticals market in Cyprus has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: In Cyprus, consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of OTC products compared to prescription medications. Additionally, the increasing awareness and understanding of self-care and preventive healthcare practices have also contributed to the growing demand for OTC pharmaceuticals in Cyprus.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Cyprus is the increasing demand for vitamins, minerals, and supplements (VMS) products. This trend can be attributed to the growing health consciousness among consumers, who are seeking ways to improve their overall well-being and prevent illnesses. The demand for VMS products is further fueled by the aging population in Cyprus, as older individuals often require additional nutritional support. Another trend in the market is the rising demand for OTC pain relief medications. Cyprus has a high prevalence of musculoskeletal disorders, such as arthritis, which often require pain management. Additionally, the increasing sedentary lifestyle and desk-bound jobs have led to a rise in cases of back pain and other related conditions. As a result, there is a growing demand for OTC pain relief medications to alleviate these symptoms.

Local special circumstances: One of the unique aspects of the OTC Pharmaceuticals market in Cyprus is the influence of traditional and natural remedies. Cyprus has a rich history of herbal medicine and traditional healing practices, which continue to be popular among certain segments of the population. As a result, there is a demand for OTC pharmaceutical products that incorporate natural ingredients and align with traditional remedies.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Cyprus can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed individuals to allocate more of their budget towards healthcare and wellness products, including OTC pharmaceuticals. Additionally, the government in Cyprus has implemented policies to promote the development of the healthcare sector, which has further supported the growth of the OTC Pharmaceuticals market. In conclusion, the OTC Pharmaceuticals market in Cyprus is experiencing growth due to customer preferences for convenience and self-care, as well as the increasing demand for VMS products and pain relief medications. The influence of traditional remedies and favorable macroeconomic factors also contribute to the market's development. As the population continues to prioritize their health and well-being, the demand for OTC pharmaceuticals is expected to continue growing in Cyprus.

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.