Key regions: Australia, Italy, France, South Korea, Brazil
Armenia, a small landlocked country in the South Caucasus region, has been witnessing a steady growth in its vaccines market.
Customer preferences: The demand for vaccines in Armenia is driven by the need for immunization against various diseases. The country has a national immunization program that offers free vaccinations to its citizens. The program covers a range of diseases such as tuberculosis, polio, measles, and rubella. The government has been actively promoting the importance of vaccination, which has led to an increase in awareness among the population.
Trends in the market: The vaccines market in Armenia has been growing steadily, with an increasing number of pharmaceutical companies entering the market. The market is dominated by imported vaccines, with the majority of the vaccines being imported from Russia. However, there has been a growing trend of local production of vaccines in the country. The government has been encouraging local production of vaccines to reduce dependency on imports.
Local special circumstances: Armenia has a small population of around 3 million people, which limits the size of the vaccines market. The country also faces challenges such as a lack of infrastructure and limited resources. However, the government has been taking steps to address these challenges and improve the healthcare system in the country.
Underlying macroeconomic factors: Armenia has a developing economy with a growing healthcare sector. The country has been focusing on developing its pharmaceutical industry, which has led to an increase in the production of generic drugs. The government has also been implementing policies to attract foreign investment in the healthcare sector, which has led to the entry of international pharmaceutical companies in the market. The growing economy and increasing healthcare spending are expected to drive the growth of the vaccines market in Armenia in the coming years.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
