Market Insights Health OTC Pharmaceuticals

Eye Care - Mongolia

Mongolia

In Mongolia, the revenue in the Eye Care market market for the year 2024 reaches US$1.33m.
It is projected that the market will experience an annual growth rate of 2.98% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, amounting to US$1,256.00m in 2024.
Looking at the per person revenues in relation to the total population, in Mongolia generates US$0.38 in 2024.
In Mongolia, there is a growing trend of using traditional herbal remedies for eye care, reflecting a preference for natural and holistic approaches to healthcare.

Key regions: Europe, Australia, Brazil, China, United States

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Analyst Opinion

The Eye Care market in Mongolia is experiencing significant growth and development, driven by various factors such as increasing customer preferences for quality eye care services, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Mongolia are increasingly valuing quality eye care services, including regular eye exams, prescription glasses, contact lenses, and other vision correction treatments. This shift in customer preferences is driven by a growing awareness of the importance of maintaining good eye health and the desire for improved vision and overall well-being. Additionally, customers are seeking convenience and personalized services, leading to a rise in demand for online and mobile eye care platforms.

Trends in the market: One of the notable trends in the Eye Care market in Mongolia is the increasing adoption of advanced technologies and treatments. This includes the use of digital imaging techniques for more accurate eye examinations, the availability of advanced surgical procedures for vision correction, and the use of telemedicine for remote consultations. These trends are driven by advancements in medical technology and the desire to provide more efficient and effective eye care services to a wider population.Another trend in the market is the growing popularity of fashionable eyewear. Customers in Mongolia are increasingly considering eyeglasses and contact lenses as fashion accessories, leading to a demand for trendy and stylish designs. This trend is influenced by global fashion trends and the desire for self-expression through personal style.

Local special circumstances: Mongolia's geographical location and climate contribute to unique challenges and opportunities in the Eye Care market. The country experiences extreme weather conditions, including harsh winters and high levels of air pollution, which can impact eye health. As a result, there is a need for specialized eye care services to address these specific challenges and provide appropriate treatments and preventive measures.Additionally, Mongolia has a large rural population, with limited access to healthcare facilities, including eye care services. This creates a demand for mobile eye care clinics and outreach programs to ensure that individuals in remote areas have access to quality eye care.

Underlying macroeconomic factors: The Eye Care market in Mongolia is also influenced by underlying macroeconomic factors. The country's economic growth and rising disposable incomes have contributed to an increase in healthcare spending, including eye care services. As individuals have more financial resources, they are more likely to prioritize their health and seek professional eye care.Furthermore, government initiatives and policies promoting healthcare access and awareness have also played a role in the development of the Eye Care market. These efforts aim to improve the overall health and well-being of the population, including eye health.In conclusion, the Eye Care market in Mongolia is experiencing growth and development due to increasing customer preferences for quality eye care services, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As customers prioritize their eye health and seek convenient and personalized services, the market is responding with advanced technologies, fashionable eyewear options, and specialized treatments. The unique challenges and opportunities presented by Mongolia's geography and climate, as well as the country's economic growth and government initiatives, further contribute to the market's development.

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.