The demand for dermatological drugs in Cyprus has been on a steady rise in recent years.
Customer preferences: The growing awareness of the importance of skincare among the Cypriot population is one of the key factors driving the demand for dermatological drugs. Additionally, the rise in disposable income has enabled consumers to spend more on high-end skincare products and treatments.
Trends in the market: One of the notable trends in the Cypriot dermatological drugs market is the increasing demand for natural and organic products. Consumers are increasingly seeking products that are free from harmful chemicals and have minimal environmental impact. This trend is in line with the global shift towards more sustainable and eco-friendly practices.Another trend in the market is the growing popularity of online channels for purchasing dermatological drugs. E-commerce platforms have made it easier for consumers to access a wider range of products and compare prices, leading to increased competition among manufacturers.
Local special circumstances: Cyprus has a hot and sunny climate, which makes it particularly prone to skin damage and conditions such as sunburn and skin cancer. As a result, there is a high demand for skincare products that offer protection from the harmful effects of the sun.
Underlying macroeconomic factors: The Cypriot economy has been steadily recovering from the 2013 financial crisis, with GDP growth averaging around 4% in recent years. This has led to an increase in disposable income and consumer spending, which has in turn driven the demand for dermatological drugs.In conclusion, the demand for dermatological drugs in Cyprus is being driven by a combination of factors such as growing awareness of skincare, increasing disposable income, and the local climate. Manufacturers who are able to cater to the changing preferences of consumers and adapt to the shifting market trends are likely to succeed in this growing market.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.
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