Services in the medical field have expanded their geographical reach
Russian Medical Laboratory Network 'Helix' Enters Armenian Market
Russian medical laboratory network 'Helix' has announced its entry into the Armenian market, marking a significant development in the country's healthcare sector. According to reports, the network plans to open a laboratory complex and at least ten diagnostic centers across Armenia, initially focusing on Yerevan.
In 2021, household spending on medicine in Armenia accounted for about 81% of current medical expenses, according to the World Bank. This high proportion highlights the potential for growth and development in the medical diagnostics market in Armenia.
The total volume of the laboratory diagnostics market in Armenia in 2024 was estimated at 18.8 billion drams (397.6 billion rubles), according to Eqiva. This figure underscores the market's potential for growth and the opportunity for 'Helix' to make a substantial impact.
The laboratory complex will perform general clinical, biochemical, immunochemical, cytological, and other tests. Some complex analyses taken in Armenia will be sent to the company's laboratory in Moscow for examination.
The entry of 'Helix' into the Armenian market comes at a time when the market for medical services in Armenia is fragmented, according to Alexander Zaitsev. This fragmentation presents an opportunity for 'Helix' to establish itself as a leading player in the market.
The average annual growth rate from 2019 to 2024 was 4.5% in the laboratory diagnostics market in Armenia. This growth rate, while modest, indicates a steady and consistent expansion of the market.
Investments in the laboratory complex will exceed 130 million rubles. This significant investment underscores the network's commitment to the Armenian market and its confidence in the market's potential for growth.
The Russian laboratory market, on the other hand, is experiencing a decrease in growth rates, primarily due to increased competition, according to an expert. However, the largest players in the Russian laboratory market are expected to see an average annual growth rate of 20% from 2024 to 2026, 16-18% year-on-year.
Laboratory players in Russia are looking for ways to diversify and find new growth drivers in these competitive conditions. The entry of 'Helix' into new markets such as Armenia, Uzbekistan, Georgia, Azerbaijan, Tajikistan, and Kyrgyzstan is part of this strategy.
Interestingly, Russian demand for genetic research has tripled, offering another potential growth area for 'Helix' in the Armenian market.
International and Russian brands are represented sparsely in Armenia. For example, 'Invitro' with four medical offices in Yerevan is one of the few international brands present in the country. The entry of 'Helix' into the Armenian market is expected to further diversify the market and offer more choices to consumers.
The decrease in growth rates in the Russian laboratory market is a challenge that 'Helix' is likely to face in the Armenian market as well. However, with its extensive experience in Kazakhstan and Belarus, and its commitment to the Armenian market, 'Helix' is well-positioned to navigate these challenges and make a significant impact in the Armenian medical diagnostics market.
Read also:
- Bee colonies in Zirndorf city have been affected by American foulbrood - a designated restriction zone has been established - no immediate threat to local residents.
- Federal Health Care Blueprint for 2026 Revealed by OPM Outlining Key Strategies and Objectives
- Unveiling the Undiscussed Issues of Earbuds: Revealing the Silent Reality
- Five residents of Halton have been diagnosed with West Nile virus.
