Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Mongolia

Mongolia

In Mongolia, the revenue in the Cold & Cough Remedies market market is estimated to reach US$3.95 in 2024.
It is projected to experience an annual growth rate of 6.92% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to US$11,190.00 in 2024.
In terms of per person revenues, in Mongolia generates US$1.13 per capita in 2024.
Despite Mongolia's harsh winter climate, the demand for cold and cough remedies remains consistent due to high prevalence of respiratory illnesses.

Key regions: Australia, Japan, India, Brazil, Canada

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Analyst Opinion

The Cold & Cough Remedies market in Mongolia has been experiencing steady growth in recent years.

Customer preferences: Customers in Mongolia have shown a growing preference for over-the-counter cold and cough remedies. This can be attributed to the convenience and accessibility of these products, as well as the increasing awareness of the importance of self-care and prevention of common illnesses. Additionally, the affordability of these remedies compared to prescription medications has also contributed to their popularity among consumers.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Mongolia is the growing demand for natural and herbal remedies. Consumers are becoming more conscious about the ingredients used in the products they consume and are seeking natural alternatives to traditional medicines. This trend is driven by the belief that natural remedies are safer and have fewer side effects. As a result, companies in the market are introducing a wide range of natural and herbal cold and cough remedies to cater to this demand.Another trend in the market is the increasing availability of cold and cough remedies in various formats. In addition to traditional tablets and syrups, companies are now offering products in the form of lozenges, nasal sprays, and inhalers. This diversification of product formats provides consumers with more options to choose from based on their preferences and convenience.

Local special circumstances: Mongolia has a harsh climate with extremely cold winters, which often leads to an increase in the incidence of cold and cough-related illnesses. This creates a higher demand for cold and cough remedies during the winter months. Additionally, the nomadic lifestyle of some rural populations in Mongolia can limit access to healthcare facilities, making over-the-counter remedies a more convenient option for managing common illnesses.

Underlying macroeconomic factors: The growing middle class in Mongolia has contributed to the increasing demand for cold and cough remedies. As disposable incomes rise, consumers are more willing to spend on healthcare products and are seeking convenient solutions for managing common illnesses. Furthermore, the rapid urbanization in Mongolia has led to increased exposure to pollution and other environmental factors that can contribute to respiratory problems, driving the demand for cold and cough remedies.In conclusion, the Cold & Cough Remedies market in Mongolia is witnessing growth due to customer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, the availability of remedies in various formats, the harsh climate and nomadic lifestyle in certain regions, and the underlying macroeconomic factors such as the growing middle class and urbanization.

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.