Key regions: Europe, Australia, United Kingdom, Germany, South Korea
The OTC Products (Pharmacies) market in Armenia is experiencing steady growth and development.
Customer preferences: Armenian consumers have shown a growing preference for over-the-counter (OTC) products in recent years. This can be attributed to several factors, including increased awareness about self-care and the convenience of purchasing medications without a prescription. Additionally, the affordability and accessibility of OTC products make them an attractive option for consumers seeking relief from common ailments.
Trends in the market: One of the key trends in the OTC Products market in Armenia is the increasing demand for vitamins and dietary supplements. As consumers become more health-conscious, there has been a surge in the popularity of these products. The desire for overall wellness and preventive healthcare has led to a growing market for OTC vitamins and dietary supplements. Another notable trend is the rising demand for OTC pain relief medications. With the hectic pace of modern life, many individuals are seeking quick and effective solutions for common ailments such as headaches, muscle pain, and fever. OTC pain relief medications provide a convenient and accessible option for consumers to manage these symptoms.
Local special circumstances: Armenia has a well-established pharmaceutical industry, with a number of local manufacturers producing OTC products. This has contributed to the availability and affordability of these products in the market. Additionally, the country's healthcare system places a strong emphasis on self-care and encourages individuals to take responsibility for their own health. This cultural mindset further drives the demand for OTC products.
Underlying macroeconomic factors: Armenia's growing economy and increasing disposable income levels have played a significant role in the development of the OTC Products market. As consumers have more purchasing power, they are able to allocate a portion of their budget towards healthcare and wellness products. Furthermore, the government's efforts to improve healthcare infrastructure and promote preventive healthcare have also contributed to the growth of the OTC Products market. In conclusion, the OTC Products (Pharmacies) market in Armenia is witnessing growth and development driven by customer preferences for self-care, increasing demand for vitamins and dietary supplements, and the convenience of OTC pain relief medications. The local special circumstances, including the presence of local manufacturers and the cultural emphasis on self-care, further contribute to the market's expansion. The underlying macroeconomic factors, such as the growing economy and increasing disposable income levels, provide a favorable environment for the OTC Products market to thrive in Armenia.
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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