The Prescription Drugs (Pharmacies) market in Armenia has been experiencing steady growth in recent years. Customer preferences have shifted towards a greater reliance on pharmacies for their prescription drug needs. This trend can be attributed to several factors, including increased access to healthcare services, changing demographics, and evolving consumer behavior.
Customer preferences: Armenian consumers have shown a growing preference for obtaining prescription drugs from pharmacies. This can be attributed to the convenience and accessibility offered by pharmacies, as well as the professional advice and guidance provided by pharmacists. Additionally, the increasing prevalence of chronic diseases and the aging population have contributed to the rising demand for prescription drugs in the country.
Trends in the market: One notable trend in the Prescription Drugs (Pharmacies) market in Armenia is the increasing use of e-prescriptions. This digitalization of the prescription process has streamlined the purchasing and dispensing of medications, making it more efficient for both healthcare providers and patients. This trend is likely to continue as technology continues to advance and digital healthcare solutions become more widespread. Another trend in the market is the growing demand for generic prescription drugs. Generic drugs offer a more affordable alternative to branded medications, making them a popular choice among cost-conscious consumers. The government of Armenia has also implemented policies to promote the use of generic drugs, further driving their demand in the market.
Local special circumstances: Armenia has a universal healthcare system, which provides its citizens with access to prescription drugs at subsidized prices. This has contributed to the increased affordability and accessibility of prescription drugs in the country. Additionally, the government has implemented regulations to ensure the quality and safety of pharmaceutical products, further enhancing consumer confidence in the market.
Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Armenia can be attributed to several underlying macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income and improved living standards. This has, in turn, allowed consumers to allocate a larger portion of their budget towards healthcare expenses, including prescription drugs. Furthermore, the Armenian government has implemented policies to promote the development of the pharmaceutical industry, including tax incentives and investment opportunities. This has attracted both domestic and foreign pharmaceutical companies to invest in the country, leading to increased competition and a wider range of prescription drugs available in the market. In conclusion, the Prescription Drugs (Pharmacies) market in Armenia is developing due to shifting customer preferences, including a greater reliance on pharmacies for prescription drugs. This trend is driven by increased access to healthcare services, changing demographics, and evolving consumer behavior. The market is also characterized by the growing use of e-prescriptions and the demand for generic drugs. Local special circumstances, such as the universal healthcare system and government regulations, contribute to the market's growth. Underlying macroeconomic factors, including stable economic growth and government policies, further support the development of the market.
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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