Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Armenia has been witnessing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Other OTC Pharmaceuticals (Pharmacies) market in Armenia have played a crucial role in its growth. Consumers in Armenia have shown a strong preference for self-medication and over-the-counter (OTC) medications. This can be attributed to the convenience and accessibility of OTC products, as well as the increasing awareness and knowledge about the effectiveness of these medications. Additionally, the affordability of OTC medications compared to prescription drugs has also influenced customer preferences in Armenia. Trends in the market have further fueled the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Armenia. One notable trend is the increasing availability and variety of OTC medications in pharmacies across the country. Pharmacies in Armenia have expanded their product offerings to cater to the growing demand for OTC medications. This includes a wide range of products such as pain relievers, cold and flu medications, digestive aids, and vitamins and supplements. The availability of these products has made it easier for consumers to find the medications they need without a prescription. Local special circumstances have also contributed to the development of the Other OTC Pharmaceuticals (Pharmacies) market in Armenia. The country has a well-established healthcare system, with a strong network of pharmacies that are easily accessible to the population. This has created a favorable environment for the growth of the OTC market, as consumers have easy access to OTC medications and can seek advice from trained pharmacists. Additionally, the government of Armenia has implemented regulations and policies to ensure the quality and safety of OTC medications, further boosting consumer confidence in these products. Underlying macroeconomic factors have also played a role in the growth of the Other OTC Pharmaceuticals (Pharmacies) market in Armenia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has allowed consumers to allocate more of their budget towards healthcare and pharmaceutical products, including OTC medications. Additionally, the aging population in Armenia has contributed to the growth of the OTC market, as older individuals often rely on OTC medications for managing chronic conditions and maintaining their health. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Armenia has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The preference for self-medication, the increasing availability of OTC medications, the accessibility of pharmacies, and the country's economic growth have all contributed to the development of the market. As these factors continue to drive the growth of the OTC market, it is expected to further expand in the coming years.
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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