Key regions: China, South Korea, Canada, India, France
The Analgesics (Pharmacies) market in Armenia has been experiencing steady growth in recent years. Customer preferences have played a significant role in shaping this market, with a growing demand for over-the-counter pain relief medication. Additionally, several trends in the market have contributed to its development. Local special circumstances and underlying macroeconomic factors have also influenced the growth of the Analgesics market in Armenia. Customer preferences in Armenia have shifted towards self-medication and the use of over-the-counter analgesics. This preference can be attributed to several factors, including convenience, accessibility, and cost-effectiveness. Consumers are increasingly seeking immediate relief from common aches and pains without the need for a doctor's prescription. As a result, the demand for analgesics in pharmacies has increased significantly. Trends in the market further support the growth of the Analgesics market in Armenia. One notable trend is the expanding range of analgesic products available in pharmacies. Pharmacies are now offering a wider variety of pain relief options, including different formulations, strengths, and brands. This trend has been driven by the increasing competition among pharmaceutical companies and the desire to cater to diverse customer needs. Another trend in the market is the rising popularity of natural and herbal analgesics. Consumers are becoming more conscious of the potential side effects of traditional analgesics and are seeking alternative options. As a result, pharmacies are stocking a range of natural pain relief products, such as herbal creams and supplements. This trend reflects the growing interest in holistic and natural remedies among the Armenian population. Local special circumstances also contribute to the development of the Analgesics market in Armenia. The country has a high prevalence of chronic pain conditions, such as arthritis and back pain. This has created a consistent demand for analgesics among the population. Additionally, the aging population in Armenia has led to an increased need for pain relief medication, further driving the growth of the market. Underlying macroeconomic factors have also played a role in the development of the Analgesics market in Armenia. The country has experienced steady economic growth in recent years, resulting in increased disposable income and improved healthcare infrastructure. This has made healthcare products, including analgesics, more affordable and accessible to the population. The growing middle class in Armenia has also contributed to the market growth, as they have more purchasing power and are willing to invest in their health and well-being. In conclusion, the Analgesics market in Armenia is developing due to customer preferences for over-the-counter pain relief medication, trends in the market such as the expanding range of analgesic products and the rising popularity of natural remedies, local special circumstances including a high prevalence of chronic pain conditions and an aging population, and underlying macroeconomic factors such as economic growth and increased disposable income.
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.
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