OTC Pharmaceuticals - Mongolia | Statista Market Forecast

Revenue in the OTC Pharmaceuticals market amounts to US$53.44m in 2024. The market is expected to grow annually by 5.86% (CAGR 2024-2029).
The market's largest segment is the segment Other OTC Pharmaceuticals with a market volume of US$19.97m in 2024.
In global comparison, most revenue is generated United States (US$41bn in 2024).
In relation to total population figures, per person revenues of US$15.30 are generated in 2024.
In the OTC Pharmaceuticals market, 3.2% of total revenue will be generated through online sales by 2024.

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.

Natural and synthetic agents
Analgesics (e.g. Asprin, Paracetamol)
Cough & Cold remedies (e.g. Vicks VapoRub)
Vitamins and Minerals
Skin treatment products

Prescription medicines
Homeopathic remedies

The OTC Pharmaceuticals market in Mongolia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the OTC Pharmaceuticals market have shifted towards self-medication and convenience.

With increasing awareness about health and wellness, consumers are more inclined to take charge of their own healthcare and seek over-the-counter remedies for common ailments. This shift in preference is driven by the convenience of purchasing OTC medications without a prescription, as well as the cost savings associated with not having to visit a doctor for minor health issues. Trends in the market also play a significant role in the development of the OTC Pharmaceuticals market in Mongolia.

One notable trend is the growing demand for natural and herbal remedies. Consumers are increasingly seeking alternative and holistic approaches to healthcare, leading to an increase in the availability and popularity of herbal and natural OTC products. This trend is in line with the global shift towards natural and organic products, reflecting a growing concern for the environment and personal well-being.

Another trend in the OTC Pharmaceuticals market in Mongolia is the rise of e-commerce. The convenience of online shopping has made it easier for consumers to access a wide range of OTC medications from the comfort of their own homes. This trend has been further accelerated by the COVID-19 pandemic, which has led to an increase in online shopping across various industries.

The convenience and safety of online shopping have made it a preferred channel for purchasing OTC medications in Mongolia. Local special circumstances also contribute to the development of the OTC Pharmaceuticals market in Mongolia. The country has a relatively small population and a vast territory, with many rural areas lacking access to healthcare facilities.

This has led to an increased reliance on OTC medications for self-care and minor health issues. Additionally, the high cost of prescription medications and limited availability of healthcare services in some areas further drive the demand for OTC pharmaceuticals. Underlying macroeconomic factors also play a role in the development of the OTC Pharmaceuticals market in Mongolia.

The country has been experiencing steady economic growth, which has led to an increase in disposable income and improved living standards. As a result, consumers are more willing to spend on healthcare products, including OTC medications. Furthermore, the government's efforts to improve healthcare infrastructure and promote self-care have also contributed to the growth of the OTC Pharmaceuticals market.

In conclusion, the OTC Pharmaceuticals market in Mongolia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards self-medication, the demand for natural and herbal remedies, the rise of e-commerce, and the limited access to healthcare facilities in rural areas are all contributing to the growth of the market. Additionally, the country's economic growth and government initiatives are further driving the demand for OTC medications in Mongolia.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.