Market Insights Health OTC Pharmaceuticals

Digestives & Intestinal Remedies - Mongolia

Mongolia

In Mongolia, the Digestives & Intestinal Remedies market market generated a revenue of US$4.26m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.39% (CAGR 2024-2029).
In terms of global comparison, in China leads the way with a revenue of US$4,408.00m in 2024.
When considering the population, the per person revenue in Mongolia for 2024 amounts to US$1.22.
Due to Mongolia's traditional reliance on herbal medicine, there is a growing demand for natural and herbal digestive remedies in the country's OTC Pharmaceuticals market.

Key regions: Canada, United States, Australia, Brazil, Japan

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Analyst Opinion

The Digestives & Intestinal Remedies market in Mongolia has been experiencing steady growth in recent years.

Customer preferences: Customers in Mongolia have shown a growing interest in digestive and intestinal remedies due to an increasing awareness of the importance of gut health. Digestive issues, such as indigestion and bloating, are common among Mongolians, and they are actively seeking remedies to alleviate these symptoms. Additionally, the aging population in Mongolia has also contributed to the demand for digestive and intestinal remedies, as older individuals are more prone to digestive problems.

Trends in the market: One of the key trends in the Digestives & Intestinal Remedies market in Mongolia is the rising popularity of natural and herbal remedies. Mongolian consumers are becoming more health-conscious and are seeking products that are perceived as natural and safe. They are increasingly opting for herbal remedies that are believed to have fewer side effects compared to conventional medications. This trend is also influenced by the global movement towards natural and alternative medicine.Another trend in the market is the increasing availability of digestive and intestinal remedies through online channels. E-commerce platforms have gained popularity in Mongolia, providing consumers with convenient access to a wide range of products, including digestive and intestinal remedies. This has opened up new opportunities for both local and international brands to reach a larger customer base in the country.

Local special circumstances: Mongolia's unique geography and climate present certain challenges for the Digestives & Intestinal Remedies market. The country has a harsh winter season, which can lead to a limited availability of fresh produce and an increased reliance on preserved and processed foods. This can contribute to digestive problems among the population and drive the demand for digestive and intestinal remedies.Additionally, Mongolia has a nomadic tradition, with a significant portion of the population living in rural areas. Access to healthcare facilities and pharmacies may be limited in these remote regions, making it necessary for individuals to rely on over-the-counter remedies for their digestive issues.

Underlying macroeconomic factors: The economic development in Mongolia has also played a role in the growth of the Digestives & Intestinal Remedies market. As the country's economy has been expanding, disposable incomes have increased, allowing consumers to spend more on healthcare products. This has led to a greater affordability of digestive and intestinal remedies, contributing to the market's growth.Furthermore, the government's focus on improving healthcare infrastructure and services in Mongolia has also positively impacted the market. Increased access to healthcare facilities and the availability of a wider range of healthcare products have made it easier for consumers to address their digestive issues.In conclusion, the Digestives & Intestinal Remedies market in Mongolia is experiencing growth due to customer preferences for natural and herbal remedies, the increasing availability of products through online channels, the unique local circumstances of Mongolia, and the underlying macroeconomic factors of economic development and improved healthcare infrastructure.

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.