Other Pharmaceuticals - Armenia

Armenia

The revenue in the Other Pharmaceuticals market in Armenia is estimated to reach US$57.71m by 2024.
This sector is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 4.77%, leading to a market volume of US$72.84m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with US$260.50bn in 2024.
Armenia is experiencing a surge in the demand for alternative pharmaceutical products, driven by a growing interest in natural remedies and traditional medicine.

Key regions: China, Europe, Australia, United States, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Armenia, a country located in the South Caucasus region of Eurasia, is witnessing a gradual development in the Other Pharmaceuticals market.

Customer preferences: Armenian customers are increasingly becoming health-conscious, which has led to a surge in demand for alternative medicines and supplements. The customers are inclined towards natural and organic products, which are believed to have fewer side-effects and are considered safer than synthetic drugs. Additionally, the aging population in Armenia is also contributing to the growth of the Other Pharmaceuticals market as they require medication for age-related health issues.

Trends in the market: The Other Pharmaceuticals market in Armenia is witnessing a trend towards the production of generic drugs. The local pharmaceutical companies are focusing on producing generic drugs as they are more affordable and accessible to the customers. Moreover, the government is also promoting the use of generic drugs as they are cost-effective and can help reduce the burden on the healthcare system.Another trend in the market is the rise of e-commerce platforms in the pharmaceutical industry. Online pharmacies are gaining popularity in Armenia as they provide a convenient and hassle-free way of purchasing medicines. Customers can easily compare prices and products, read reviews, and make informed decisions from the comfort of their homes.

Local special circumstances: Armenia has a small domestic pharmaceutical industry, which heavily relies on imports for raw materials and finished products. The country has a limited manufacturing capacity, and the local pharmaceutical companies are facing challenges in meeting the growing demand for medicines. The government is taking steps to address this issue by providing incentives to the local pharmaceutical companies to increase their production capacity.

Underlying macroeconomic factors: Armenia's economy heavily relies on the export of precious stones and metals, which account for a significant portion of the country's GDP. The pharmaceutical industry is a relatively small sector in Armenia, but it has the potential to contribute to the economy's growth. The government is focusing on developing the pharmaceutical industry by providing tax incentives and promoting foreign investment. Additionally, the country's strategic location between Europe and Asia makes it an attractive destination for pharmaceutical companies looking to expand their operations in the region.

Methodology

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.