OTC Products - Cyprus

Cyprus

In Cyprus, the revenue in the OTC Products market is forecasted to reach US$114.00m by 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2028) of 2.45%, ultimately leading to a market volume of US$125.60m by 2028.
When compared globally, the highest revenue is projected to be generated China, amounting to US$74.91bn in 2024.
Considering the total population figures, per person revenues of US$89.91 are anticipated in 2024.
Cyprus has seen a significant increase in the demand for OTC skincare products, driven by the country's warm climate and tourism industry.

Key regions: Europe, Germany, Canada, Japan, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Cyprus is developing steadily, driven by customer preferences for convenient and accessible healthcare products, as well as local special circumstances and underlying macroeconomic factors.

Customer preferences: In Cyprus, customers prefer to purchase over-the-counter (OTC) products from pharmacies due to the convenience and accessibility they offer. Pharmacies are often located in residential areas and city centers, making it easy for customers to access the products they need. Additionally, customers value the professional advice and guidance provided by pharmacists, who can recommend suitable OTC products for common health issues.

Trends in the market: One noticeable trend in the OTC Products (Pharmacies) market in Cyprus is the increasing demand for natural and herbal remedies. Customers are becoming more health-conscious and are seeking alternative treatments for common ailments. This trend aligns with the global shift towards natural and organic products, as consumers are becoming more aware of the potential side effects of synthetic medications. Another trend in the market is the rising popularity of online pharmacies. With the increasing use of technology and the convenience of online shopping, customers in Cyprus are turning to online platforms to purchase their OTC products. Online pharmacies offer a wide range of products and often provide competitive prices, attracting customers who prefer the convenience of doorstep delivery.

Local special circumstances: Cyprus has a high elderly population, which contributes to the demand for OTC products. As people age, they often require more healthcare products to manage various health conditions. This demographic trend has led to an increased demand for OTC products such as vitamins, supplements, and mobility aids. Furthermore, Cyprus is a popular tourist destination, attracting visitors from around the world. Tourists often rely on pharmacies to purchase OTC products for minor health issues during their stay. This influx of tourists contributes to the overall demand for OTC products in the country.

Underlying macroeconomic factors: The stable economic growth in Cyprus has positively influenced the OTC Products (Pharmacies) market. As the economy improves, consumers have more disposable income to spend on healthcare products. This has led to an increased demand for OTC products, as customers are willing to invest in their health and well-being. Additionally, the government in Cyprus has implemented policies to promote the use of generic medications, which are often available as OTC products. This has made healthcare more affordable for consumers, encouraging them to purchase OTC products instead of seeking prescription medications. In conclusion, the OTC Products (Pharmacies) market in Cyprus is developing due to customer preferences for convenience and accessibility, as well as the increasing demand for natural remedies and the popularity of online pharmacies. Local special circumstances, such as the elderly population and tourism, also contribute to the market's growth. The stable economic growth and government policies promoting generic medications further support the development of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.