Eye Care - Mongolia

Mongolia

Highlights

Revenue in the Eye Care market amounts to US$1.33m in 2024. The market is expected to grow annually by 2.97% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.38 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Mongolia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in Mongolia have shifted towards a greater emphasis on preventive care and overall eye health.

Customers are becoming more aware of the importance of regular eye exams and are seeking out products and services that can help maintain good eye health. This has led to an increased demand for eyeglasses, contact lenses, and other vision correction products. Additionally, there is a growing interest in natural and organic eye care products, as customers become more conscious of the potential side effects of certain chemicals and ingredients.

Trends in the market include the adoption of advanced technologies and treatments for eye care. Mongolia has seen an increase in the availability of advanced diagnostic equipment and surgical procedures, such as LASIK surgery and cataract surgery. These advancements have made eye care more accessible and effective, leading to an overall improvement in the quality of eye care services in the country.

Furthermore, there is a growing trend towards online shopping for eye care products, with customers opting for the convenience and variety offered by online retailers. Local special circumstances in Mongolia, such as the harsh climate and high levels of air pollution, have also contributed to the development of the Eye Care market. The extreme weather conditions in Mongolia, including cold winters and strong winds, can have a detrimental effect on eye health.

As a result, customers are more inclined to invest in protective eyewear and products that can help alleviate symptoms of dryness and irritation. Additionally, the high levels of air pollution in certain areas of Mongolia have increased the prevalence of eye conditions, such as allergies and conjunctivitis, leading to a higher demand for eye care products and services. Underlying macroeconomic factors, such as the growing middle class and increasing disposable income, have further fueled the growth of the Eye Care market in Mongolia.

As the economy continues to expand, more individuals are able to afford eye care products and services. This has led to an increase in the overall demand for eye care, as well as a greater willingness to invest in higher quality and more innovative products. Furthermore, the government's focus on healthcare and the promotion of preventive care has also contributed to the growth of the Eye Care market, with initiatives and subsidies in place to encourage regular eye exams and the use of eye care products.

In conclusion, the Eye Care market in Mongolia is developing rapidly, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The emphasis on preventive care, adoption of advanced technologies, and the impact of local climate and pollution are all contributing to the growth and expansion of the market. With the increasing focus on eye health and the availability of innovative products and services, the Eye Care market in Mongolia is expected to continue its upward trajectory in the coming years.

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.