Pharmacies - Armenia

Armenia

Armenia's Pharmacies market is estimated to achieve a revenue of US$259.30m in 2024.
This projection suggests a steady annual growth rate (CAGR 2024-2029) of 3.10%, leading to a market volume of US$302.00m by 2029.
When compared to other countries worldwide, United States is expected to generate the highest revenue, reaching US$387.30bn in 2024.
In terms of per capita figures, in Armenia is projected to generate a revenue of US$93.33 per person in 2024.
The pharmacy market in Armenia is experiencing a growing demand for natural and traditional medicine products.

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

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Analyst Opinion

The Pharmacies market in Armenia has been experiencing significant growth in recent years, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Armenian Pharmacies market have been shifting towards a greater demand for convenience and accessibility. Customers are increasingly looking for pharmacies that offer a wide range of products, including over-the-counter medications, health supplements, personal care items, and even some grocery items. They also prefer pharmacies that provide additional services such as health consultations, medication delivery, and online ordering options. This shift in customer preferences has led to the emergence of larger pharmacies with a more comprehensive range of products and services. One of the key trends in the Armenian Pharmacies market is the growing popularity of generic drugs. Generic drugs are more affordable alternatives to brand-name medications and offer the same therapeutic benefits. The rising healthcare costs and increasing awareness about the effectiveness of generic drugs have led to an increased demand for these products. Pharmacies in Armenia have responded to this trend by expanding their range of generic medications and offering them at competitive prices. Another trend in the Armenian Pharmacies market is the integration of technology. Pharmacies are increasingly adopting digital solutions such as online ordering platforms, mobile apps, and electronic health records. These technological advancements not only improve the overall customer experience but also enable pharmacies to streamline their operations and enhance efficiency. Additionally, the COVID-19 pandemic has accelerated the adoption of technology in the pharmacies sector, with an increased focus on contactless transactions and remote consultations. Local special circumstances in Armenia also contribute to the development of the Pharmacies market. The country has a rapidly aging population, which increases the demand for healthcare services, including pharmaceutical products. The government has also implemented various healthcare reforms to improve access to medications and healthcare services, further driving the growth of the Pharmacies market. Underlying macroeconomic factors, such as the overall economic growth and stability of Armenia, also play a role in the development of the Pharmacies market. A stable economy provides consumers with more disposable income, enabling them to spend more on healthcare products and services. Additionally, the government's focus on healthcare and the pharmaceutical industry through policies and investments create a favorable environment for the growth of the Pharmacies market. In conclusion, the Pharmacies market in Armenia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for convenience and accessibility, the popularity of generic drugs, the integration of technology, the aging population, and the government's healthcare reforms and investments are all contributing to the growth of the Pharmacies market in Armenia.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.