Inpatient Care - Armenia

Armenia

The Armenian Inpatient Care market is expected to witness a significant surge in revenue, reaching a projected value of US$488.80m in 2024.
This growth is anticipated to continue steadily with an annual growth rate of 6.90% from 2024 to 2029, resulting in a substantial market volume of US$682.50m by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Inpatient Care market, with an estimated value of US$731.40bn in 2024.
This highlights the dominant position held by United States in this sector.
Armenia's inpatient care market is witnessing a surge in demand due to an aging population and a growing prevalence of chronic diseases.

Key regions: United States, Germany, Brazil, United Kingdom, Japan

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Analyst Opinion

Armenia, a small country in the South Caucasus region, has been experiencing a steady growth in its healthcare sector. One of the crucial components of this sector is the Inpatient Care market, which has been showing promising trends in recent years.

Customer preferences: Armenians have traditionally had a preference for inpatient care services due to cultural and social factors. Families tend to take care of their sick and elderly members at home, but when the condition worsens, they prefer to have them admitted to a hospital. Moreover, the country's aging population has been a significant driver of the demand for inpatient care services.

Trends in the market: The Inpatient Care market in Armenia has been growing at a steady pace due to various factors. Firstly, the government has been investing heavily in the healthcare sector, which has resulted in the construction of new hospitals and the modernization of existing ones. This has increased the capacity of the healthcare system, and as a result, the number of patients admitted to hospitals has also increased. Secondly, the rising prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases has led to an increase in demand for inpatient care services. Finally, the market has also witnessed an increase in medical tourism, with patients from neighboring countries such as Georgia and Iran coming to Armenia for medical treatment.

Local special circumstances: Armenia has a unique healthcare system, which is a combination of both public and private sectors. The government provides free healthcare services to its citizens, but the quality of these services is often substandard. As a result, many Armenians prefer to pay for private healthcare services, which are of a higher quality. This has led to the growth of the private healthcare sector, which includes hospitals, clinics, and diagnostic centers. The Inpatient Care market in Armenia is dominated by private hospitals, which offer better facilities and services than public hospitals.

Underlying macroeconomic factors: Armenia's economy has been growing steadily in recent years, with a focus on developing its service sector. The healthcare sector has been identified as a priority area for development, and the government has been investing heavily in this sector. The country's strategic location, between Europe and Asia, has also made it an attractive destination for medical tourism. The government has been promoting medical tourism as a means of generating revenue for the country, and this has led to an increase in the number of foreign patients coming to Armenia for medical treatment. Additionally, the country has a well-educated and skilled workforce, which has contributed to the growth of the healthcare sector.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, 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 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.