OTC Pharmaceuticals - Mongolia

Mongolia

In 2024, the revenue in the OTC Pharmaceuticals market in Mongolia amounts to US$53.44.
The market is projected to experience an annual growth rate of 5.06% (CAGR 2024-2029).
Among the various markets, the largest one is Other OTC Pharmaceuticals, with a market volume of US$19.97 in 2024.
When compared globally, the in the United States generates the highest revenue, amounting to US$41,240.00 in 2024.
Considering the total population, per person revenues of US$15.30 are generated in 2024.
Additionally, online sales are expected to contribute 3.18% of the total revenue in the OTC Pharmaceuticals market by 2024.
Despite limited access to healthcare services, Mongolia's OTC Pharmaceuticals market is witnessing significant growth due to the rising demand for self-medication and increasing awareness among consumers.

Key regions: United States, China, Germany, Japan, Europe

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.

Market

Region

Region comparison

Currency

Analyst Opinion

The OTC Pharmaceuticals market in Mongolia is experiencing steady growth due to increasing customer preferences for self-medication, a growing trend in the global market.

Customer preferences: Customers in Mongolia are increasingly opting for over-the-counter (OTC) pharmaceutical products for self-medication. This preference is driven by several factors, including the convenience of purchasing OTC drugs without a prescription, the ability to treat minor ailments at home, and the cost-effectiveness of OTC products compared to prescription medications. Additionally, the rising awareness of health and wellness among consumers is leading to an increased demand for OTC pharmaceuticals.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Mongolia is the growing popularity of herbal and natural remedies. Consumers are seeking alternative and holistic approaches to healthcare, and are turning to herbal and natural remedies for various health conditions. This trend is in line with the global shift towards natural and organic products, and is driving the demand for herbal OTC pharmaceuticals in Mongolia.Another trend in the market is the increasing availability of OTC pharmaceuticals in online platforms and e-commerce websites. This allows customers to conveniently purchase OTC drugs from the comfort of their homes, further driving the growth of the market. The rise of e-commerce platforms in Mongolia has made it easier for consumers to access a wide range of OTC pharmaceutical products, and has contributed to the overall growth of the market.

Local special circumstances: Mongolia has a unique healthcare system, with a significant portion of the population living in rural and remote areas. Access to healthcare facilities and medical professionals can be limited in these areas, leading to a greater reliance on self-medication and OTC pharmaceuticals. The availability of OTC drugs allows individuals in these areas to treat minor ailments without having to travel long distances to seek medical help.Furthermore, the nomadic lifestyle of some Mongolian communities also contributes to the demand for OTC pharmaceuticals. Nomadic herders often live in remote areas, far from healthcare facilities, and rely on OTC drugs to manage their healthcare needs. This has created a niche market for OTC pharmaceuticals catering to the specific needs of these communities.

Underlying macroeconomic factors: The steady economic growth in Mongolia has contributed to the growth of the OTC Pharmaceuticals market. As disposable incomes rise, consumers have more purchasing power to spend on healthcare products, including OTC pharmaceuticals. The increasing urbanization and modernization of the country have also led to a higher demand for OTC drugs, as consumers become more aware of the availability and benefits of these products.In conclusion, the OTC Pharmaceuticals market in Mongolia is growing steadily due to increasing customer preferences for self-medication, the popularity of herbal and natural remedies, the availability of OTC drugs through online platforms, and the unique healthcare needs of rural and nomadic communities. The underlying macroeconomic factors, such as economic growth and urbanization, are also contributing to the growth of the market.

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.