Orthopedic Prosthetics Market Overview in Cyprus
Market Overview
In 2019, after three years of growth, there was significant decline in the Cypriot orthopedic prosthetics market, when its value decreased by -
% to $. In general, consumption showed a deep setback. The growth pace was the most rapid in 2014 with an increase of % y-o-y. Cyprus consumption peaked at $ in 2008; however, from 2009 to 2019, consumption remained at a lower figure.
% to $. In general, consumption showed a deep setback. The growth pace was the most rapid in 2014 with an increase of % y-o-y. Cyprus consumption peaked at $ in 2008; however, from 2009 to 2019, consumption remained at a lower figure.Consumption
In 2019, consumption of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) decreased by -% to tonnes, falling for the second consecutive year after two years of growth. Overall, consumption saw a deep reduction. The most prominent rate of growth was recorded in 2014 when the consumption volume increased by % y-o-y. Over the period under review, consumption reached the maximum volume at tonnes in 2008; however, from 2009 to 2019, consumption remained at a lower figure.
The revenue of the orthopedic prosthetics market in Cyprus dropped notably to $ in 2019, with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a abrupt decline. The pace of growth was the most pronounced in 2014 with an increase of % y-o-y. Cyprus consumption peaked at $ in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.
% to tonnes, falling for the second consecutive year after two years of growth. Overall, consumption saw a deep reduction. The most prominent rate of growth was recorded in 2014 when the consumption volume increased by % y-o-y. Over the period under review, consumption reached the maximum volume at tonnes in 2008; however, from 2009 to 2019, consumption remained at a lower figure.The revenue of the orthopedic prosthetics market in Cyprus dropped notably to $
in 2019, with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a abrupt decline. The pace of growth was the most pronounced in 2014 with an increase of % y-o-y. Cyprus consumption peaked at $ in 2008; however, from 2009 to 2019, consumption failed to regain the momentum.Market Forecast
Depressed by shrinking demand for orthopedic prosthetics in Cyprus, the market is expected to continue its downward consumption trend over the next decade. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from 2019 to , which is projected to depress the market volume to tonnes by the end of .
% for the period from 2019 to , which is projected to depress the market volume to tonnes by the end of .Trade Balance
Cyprus remains a net importer of orthopedic prosthetics; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
tonnes, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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