The Cold & Cough Remedies market in Armenia is experiencing steady growth due to increasing customer preferences for over-the-counter remedies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Armenia are shifting towards over-the-counter remedies for cold and cough. This is primarily driven by convenience and accessibility, as customers prefer to self-medicate rather than visit a doctor for minor ailments. Additionally, over-the-counter remedies are often more affordable compared to prescription medications, making them a popular choice among customers.Trends in the Cold & Cough Remedies market in Armenia include a growing demand for natural and herbal remedies. Customers are increasingly seeking products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and organic products in the healthcare industry. Manufacturers are responding to this trend by introducing a wide range of natural and herbal remedies in the market.Another trend in the market is the increasing availability of cold and cough remedies in different forms such as tablets, syrups, and nasal sprays. This allows customers to choose the most convenient form of medication based on their preferences and needs. Manufacturers are expanding their product portfolios to cater to these diverse preferences, leading to a wider variety of options in the market.Local special circumstances in Armenia also contribute to the development of the Cold & Cough Remedies market. The country has a harsh winter climate, with cold temperatures and frequent snowfall. This leads to a higher incidence of cold and cough among the population, creating a constant demand for remedies. The prevalence of cold and cough during the winter months drives the sales of cold and cough remedies in Armenia.Underlying macroeconomic factors such as increasing disposable income and improving healthcare infrastructure also play a role in the growth of the Cold & Cough Remedies market in Armenia. As the economy continues to develop, more people have the means to afford healthcare products, including over-the-counter remedies. Additionally, the improving healthcare infrastructure ensures better availability and accessibility of cold and cough remedies across the country.In conclusion, the Cold & Cough Remedies market in Armenia is developing due to customer preferences for over-the-counter remedies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards over-the-counter remedies, growing demand for natural and herbal products, availability of different forms of medication, the harsh winter climate, increasing disposable income, and improving healthcare infrastructure all contribute to the growth of the market.
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.
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