Pharmacies - Mongolia

Mongolia

In Mongolia, the revenue in the Pharmacies market is forecasted to reach US$148.10m by the year 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 4.85%, leading to a market volume of US$187.70m by 2029.
When compared globally, United States is projected to generate the highest revenue of US$387.30bn in 2024.
In terms of per person revenues, in Mongolia is estimated to generate US$42.40 in 2024.
Despite being a developing country, Mongolia has seen a significant rise in the number of modern pharmacies, offering a wide range of pharmaceutical products and services to its population.

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

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Analyst Opinion

The Pharmacies market in Mongolia has been experiencing significant growth in recent years.

Customer preferences: Customers in Mongolia have shown a growing preference for pharmacies as a convenient and accessible source for medications and healthcare products. Pharmacies provide a wide range of over-the-counter and prescription drugs, as well as other healthcare products such as vitamins, supplements, and personal care items. The convenience of being able to purchase these products in one location, along with the expert advice and guidance provided by pharmacists, has contributed to the popularity of pharmacies among Mongolian consumers.

Trends in the market: One of the key trends in the Pharmacies market in Mongolia is the increasing demand for pharmaceutical products. This can be attributed to several factors, including the rising prevalence of chronic diseases, an aging population, and increasing healthcare awareness among consumers. As the population in Mongolia continues to grow and age, the demand for medications and healthcare products is expected to further increase. Another trend in the market is the expansion of pharmacy chains. In recent years, several local and international pharmacy chains have entered the Mongolian market, providing consumers with more options and increasing competition in the industry. These pharmacy chains often offer a wider range of products and services, including online ordering and home delivery, which appeal to the convenience-seeking customers.

Local special circumstances: Mongolia has a unique geography and population distribution that presents challenges for access to healthcare services, particularly in rural areas. The concentration of pharmacies in urban centers has led to limited access to medications and healthcare products in remote regions. However, efforts are being made to improve access to healthcare services in these areas, such as the establishment of mobile pharmacies and telemedicine initiatives.

Underlying macroeconomic factors: The growth of the Pharmacies market in Mongolia can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in increased disposable income and improved living standards for many Mongolian consumers. This has led to a greater willingness to spend on healthcare products and services, including medications from pharmacies. Additionally, the government of Mongolia has implemented policies to improve the healthcare system and increase access to medications. This includes initiatives to expand the coverage of the national health insurance program, which provides subsidized healthcare services and medications to eligible individuals. These policies have contributed to the growth of the Pharmacies market by increasing the affordability and accessibility of medications for Mongolian consumers. In conclusion, the Pharmacies market in Mongolia is experiencing growth due to customer preferences for convenient and accessible healthcare products, as well as underlying macroeconomic factors such as economic growth and government policies. The increasing demand for pharmaceutical products, the expansion of pharmacy chains, and efforts to improve access to healthcare services in rural areas are all contributing to the development of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.