Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Mongolia

Mongolia

Revenue in the Eye Care market is projected to reach US$1.29m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.92%, resulting in a market volume of US$1.64m by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.37 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

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Analyst Opinion

The Eye Care (Pharmacies) market in Mongolia is experiencing steady growth and development due to several key factors.

Customer preferences: Customers in Mongolia have shown a growing interest in eye care products and services. This can be attributed to increasing awareness about the importance of eye health and the availability of a wide range of eye care products in pharmacies. Mongolian consumers are becoming more conscious about maintaining good eye health and are seeking out products that can help them achieve this goal. Additionally, with the aging population in Mongolia, there is a growing demand for products that address age-related eye conditions such as cataracts and presbyopia.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Mongolia is the increasing demand for contact lenses. Contact lenses offer convenience and freedom from wearing glasses, which appeals to a wide range of consumers. Additionally, advancements in contact lens technology have made them more comfortable and suitable for extended wear. As a result, more customers are opting for contact lenses as a preferred alternative to traditional eyeglasses. Another trend in the market is the rising popularity of natural and organic eye care products. Mongolian consumers are increasingly seeking out products that are made from natural ingredients and are free from harsh chemicals. This trend is driven by a growing awareness of the potential harmful effects of synthetic ingredients on eye health. As a result, pharmacies in Mongolia are stocking a wider range of natural and organic eye care products to cater to this demand.

Local special circumstances: Mongolia has a unique climate and environmental conditions that can impact eye health. The country experiences extreme temperatures and high levels of air pollution, which can contribute to dry eye syndrome and other eye-related issues. As a result, there is a higher demand for products that can alleviate these symptoms and protect the eyes from environmental factors. Pharmacies in Mongolia are responding to this demand by offering a variety of eye drops, lubricants, and protective eyewear.

Underlying macroeconomic factors: The overall economic growth in Mongolia has contributed to the development of the Eye Care (Pharmacies) market. As the economy continues to expand, consumers have more disposable income to spend on healthcare products and services. This has led to an increase in the demand for eye care products and services, driving the growth of the market. Additionally, the government of Mongolia has been actively promoting healthcare and wellness initiatives, which has further fueled the growth of the Eye Care (Pharmacies) market. In conclusion, the Eye Care (Pharmacies) market in Mongolia is witnessing growth and development due to increasing customer preferences for eye care products, such as contact lenses and natural/organic eye care products. The unique local circumstances, such as extreme temperatures and air pollution, also contribute to the demand for eye care products. Furthermore, the underlying macroeconomic factors, including economic growth and government initiatives, play a significant role in driving the growth 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.