OTC Pharmaceuticals - Armenia

Armenia

Armenia's OTC Pharmaceuticals market is projected to generate a revenue of US$163.70m in 2024.
This market is expected to show an annual growth rate of 7.13% (CAGR 2024-2029).
The largest market within this market is Vitamins & Minerals, accounting for a market volume of US$42.79m in 2024.
In a global context, the in the United States leads in revenue generation with US$41,240.00m in 2024.
When considering the total population, per person revenues in Armenia are estimated at US$58.92 in 2024.
Furthermore, online sales are anticipated to contribute 2.69% of the total revenue in the OTC Pharmaceuticals market by 2024.
Armenia's OTC pharmaceutical market is witnessing a growing demand for natural and traditional remedies.

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

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
For more information on the data displayed, use the info button next to the boxes.

Market

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Analyst Opinion

The OTC Pharmaceuticals market in Armenia has been experiencing steady growth in recent years. Customer preferences in Armenia have been shifting towards self-medication and the use of over-the-counter (OTC) medications. This can be attributed to several factors, including increased awareness and education about healthcare and the availability of a wide range of OTC products. Consumers in Armenia are becoming more proactive in managing their health and are seeking convenient and affordable solutions for common ailments. OTC medications provide a convenient option for consumers to treat minor illnesses and symptoms without the need for a prescription or a visit to a healthcare professional.One of the key trends in the OTC Pharmaceuticals market in Armenia is the growing demand for vitamins and dietary supplements. As people become more health-conscious, there is a greater emphasis on preventive healthcare. Vitamins and dietary supplements are seen as a way to support overall health and well-being. The market for these products has been expanding as consumers seek to supplement their diets with additional nutrients.Another trend in the market is the increasing availability of OTC medications in pharmacies and retail outlets. Pharmacies in Armenia have expanded their product offerings to include a wider range of OTC medications, making them more accessible to consumers. This has contributed to the growth of the market as consumers have more options to choose from and can easily find the products they need.Local special circumstances in Armenia, such as the high prevalence of self-medication and the limited availability of healthcare services in rural areas, have also contributed to the growth of the OTC Pharmaceuticals market. Self-medication is common in Armenia, with many people relying on OTC medications to treat minor illnesses and symptoms. This is partly due to the limited availability and accessibility of healthcare services, particularly in rural areas. OTC medications provide a convenient and affordable option for people to manage their health without the need to visit a healthcare professional.Underlying macroeconomic factors, such as the growing economy and increasing disposable income, have also played a role in the development of the OTC Pharmaceuticals market in Armenia. As the economy continues to grow, consumers have more disposable income to spend on healthcare products, including OTC medications. This has created a favorable market environment for OTC pharmaceutical companies to expand their operations and introduce new products.In conclusion, the OTC Pharmaceuticals market in Armenia is experiencing growth due to changing customer preferences, including a shift towards self-medication and the use of OTC medications. The market is also driven by trends such as the demand for vitamins and dietary supplements and the increasing availability of OTC medications in pharmacies and retail outlets. Local special circumstances, such as the high prevalence of self-medication and limited healthcare services in rural areas, have further contributed to the growth of the market. Underlying macroeconomic factors, such as the growing economy and increasing disposable income, have also played a role in the development of the market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.