Key regions: Japan, India, Italy, Brazil, South Korea
Armenia, a small country in the South Caucasus region, has been witnessing a steady growth in the demand for anti-hypertensive drugs in recent years.
Customer preferences: Armenians are increasingly becoming health-conscious and are taking preventive measures to avoid chronic diseases such as hypertension. The aging population and the rise in obesity rates have also contributed to the growing demand for anti-hypertensive drugs in the country. Patients are looking for effective and affordable drugs that can help them manage their blood pressure levels.
Trends in the market: The anti-hypertensive drugs market in Armenia is dominated by branded drugs, but there is a growing trend towards the use of generic drugs. The government has been promoting the use of generic drugs to reduce healthcare costs and increase accessibility to medicines. This has led to the entry of new players in the market, resulting in increased competition and lower prices. Additionally, there has been a shift towards combination therapies that offer multiple benefits in a single pill, improving patient compliance and convenience.
Local special circumstances: Armenia has a universal healthcare system that provides free medical care to all citizens. However, the system is underfunded and lacks resources, leading to long waiting times and limited access to medicines. Private healthcare providers are emerging as an alternative option, especially for those who can afford to pay for better quality care. This has created a dual market for anti-hypertensive drugs, with both public and private sectors co-existing.
Underlying macroeconomic factors: Armenia’s economy is heavily dependent on remittances from Armenian diaspora, which account for a significant portion of the country’s GDP. The COVID-19 pandemic has disrupted the flow of remittances, leading to a decline in disposable income and purchasing power. This has affected the affordability of medicines, including anti-hypertensive drugs. However, the government has implemented measures to support the healthcare sector and ensure the availability of essential medicines, including anti-hypertensive drugs. The long-term impact of the pandemic on the economy and healthcare sector remains to be seen.
Data coverage:
Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.Modeling approach / Market size:
Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.
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