Oncology Drugs - Cyprus

Cyprus

The Oncology Drugs market in Cyprus is projected to reach a revenue of US$31.06m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 14.10%, resulting in a market volume of US$52.65m by 2028.
In comparison to other countries worldwide, United States will generate the most revenue, with US$114,600.00m in 2024.
Cyprus has witnessed a surge in the demand for advanced targeted therapies in the field of oncology drugs.

Key regions: Germany, India, United Kingdom, China, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The demand for oncology drugs in Cyprus has been on the rise in recent years.

Customer preferences: Cypriots are increasingly looking for more targeted and personalized treatment options, leading to a rise in demand for oncology drugs. Patients are also seeking drugs with fewer side effects and a higher success rate in treating cancer.

Trends in the market: The oncology drugs market in Cyprus is experiencing a shift towards more innovative and advanced treatments such as immunotherapy and targeted therapy. This is driven by the increasing prevalence of cancer cases in the country, as well as the growing awareness and acceptance of these treatments among patients and healthcare providers.

Local special circumstances: Cyprus has a high incidence of certain types of cancer, such as prostate and breast cancer, which has led to a growing demand for drugs that specifically target these types of cancer. Additionally, the country has a large elderly population, who are more susceptible to cancer and require specialized treatment options.

Underlying macroeconomic factors: The increasing demand for oncology drugs in Cyprus is also influenced by broader macroeconomic factors such as the country's growing economy and rising healthcare spending. The government has also implemented policies to improve cancer care and treatment options, which has contributed to the growth of the oncology drugs market. However, the market is also facing challenges such as the high cost of some of these drugs, which can limit access for certain patients.

Methodology

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.