Market Insights Health OTC Pharmaceuticals

Analgesics - Mongolia

Mongolia

In Mongolia, the revenue in the Analgesics market is recorded at US$4.83 in 2024.
It is projected to experience an annual growth rate of 7.52% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue, reaching US$7,243.00 in 2024.
Considering the total population, the per person revenue generated amounts to US$1.38 in 2024.
Despite the harsh climate and limited accessibility, Mongolia's demand for analgesics continues to rise, driven by the growing awareness of pain management and the increasing availability of over-the-counter pharmaceuticals.

Key regions: Brazil, Europe, Germany, Canada, United States

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Analyst Opinion

The Analgesics market in Mongolia has been experiencing significant growth in recent years. Customer preferences for pain relief medications, coupled with local special circumstances and underlying macroeconomic factors, have contributed to this development.Customer preferences in Mongolia have played a crucial role in shaping the Analgesics market. Mongolian consumers have shown a growing demand for pain relief medications due to various factors. One of the key factors is the increasing prevalence of chronic diseases and musculoskeletal disorders, which often require long-term pain management. Additionally, the aging population in Mongolia has also contributed to the rising demand for analgesics, as older individuals are more prone to experiencing pain and discomfort.Trends in the market reflect the changing consumer preferences in Mongolia. There has been a shift towards the use of over-the-counter (OTC) analgesics, as consumers seek convenience and accessibility. OTC analgesics are readily available in pharmacies and supermarkets, allowing consumers to easily purchase these medications without the need for a prescription. This trend is in line with global market trends, where OTC analgesics have gained popularity due to their ease of access and affordability.Local special circumstances in Mongolia have also influenced the development of the Analgesics market. Mongolia is a vast country with a relatively small population scattered across rural areas. This geographical distribution poses challenges in terms of healthcare accessibility, particularly in remote regions. As a result, many individuals rely on self-medication and OTC analgesics for pain relief, as it may be difficult for them to access healthcare facilities and obtain prescription medications.Underlying macroeconomic factors have also contributed to the growth of the Analgesics market in Mongolia. The country has experienced steady economic growth in recent years, which has led to an improvement in living standards and increased disposable income. As a result, consumers have more purchasing power to spend on healthcare products, including analgesics. This economic growth has also led to an expansion of the retail sector, with more pharmacies and supermarkets opening across the country, further increasing the availability and accessibility of analgesics.In conclusion, the Analgesics market in Mongolia is developing due to customer preferences for pain relief medications, the trend towards OTC analgesics, local special circumstances, and underlying macroeconomic factors. As the demand for pain management continues to rise, it is expected that the market will continue to grow in the coming years.

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.