OTC Pharmaceuticals - Armenia | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$163.70m in 2024. The market is expected to grow annually by 7.14% (CAGR 2024-2029).
The market's largest segment is the segment Vitamins & Minerals with a market volume of US$42.79m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$58.92 are generated in 2024.
In the OTC Pharmaceuticals market, 2.7% of total revenue will be generated through online sales by 2024.

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.
For more information on the data displayed, use the info button next to the boxes.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Armenia is experiencing steady growth, driven by several key factors.

Customer preferences: Armenian customers are increasingly turning to over-the-counter (OTC) medications for their healthcare needs. This can be attributed to several factors, including convenience, accessibility, and cost-effectiveness. OTC medications are readily available in pharmacies and supermarkets, allowing customers to easily purchase them without a prescription. Additionally, OTC medications are often more affordable than prescription drugs, making them an attractive option for individuals seeking cost-effective healthcare solutions.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Armenia is the increasing demand for vitamins and dietary supplements. As people become more health-conscious, there is a growing interest in preventive healthcare measures. Vitamins and dietary supplements are seen as a way to support overall health and well-being, and consumers are willing to invest in these products. The market is also witnessing a rise in the demand for pain relievers and cold and flu medications, as these are common health issues faced by individuals in Armenia.

Local special circumstances: Armenia has a well-established pharmaceutical industry, with several local manufacturers producing OTC medications. This has led to a wide range of locally produced OTC products being available in the market. Local manufacturers often cater to the specific needs and preferences of Armenian consumers, offering products that are tailored to their requirements. This localization of products helps to boost the market and meet the demands of the local population.

Underlying macroeconomic factors: The overall economic growth and stability in Armenia have contributed to the development of the OTC Pharmaceuticals market. As the country's economy expands, disposable incomes are increasing, allowing individuals to spend more on healthcare products, including OTC medications. Additionally, the government's focus on healthcare and wellness initiatives has also played a role in driving the growth of the OTC Pharmaceuticals market. These factors, combined with the increasing awareness and acceptance of OTC medications, have created a favorable environment for the market's development. In conclusion, the OTC Pharmaceuticals market in Armenia is experiencing steady growth, driven by customer preferences for convenience and cost-effectiveness. The market is witnessing a rise in demand for vitamins and dietary supplements, as well as pain relievers and cold and flu medications. Local manufacturers play a significant role in meeting the specific needs of Armenian consumers, while the country's economic growth and government initiatives further contribute to the market's development.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.