OTC Products - Mongolia

Mongolia

The OTC Products market in Mongolia is expected to witness substantial growth in the coming years.
According to projections, the market's revenue is set to reach US$91.61m by 2024.
Furthermore, it is anticipated that the market will maintain a steady annual growth rate (CAGR 2024-2029) of 5.60%, resulting in a market volume of US$120.30m by 2029.
When compared to global figures, it is noteworthy that China is expected to generate the highest revenue in the OTC Products market, with a staggering amount of US$74.91bn in 2024.
This demonstrates the significant market potential China.
In terms of per capita revenue, in Mongolia is projected to generate US$26.22 per person in 2024.
This figure provides an insight into the economic impact of the OTC Products market on the country's population.
Mongolia's OTC product market is witnessing a surge in demand for traditional herbal remedies and medicinal products derived from Mongolian plants.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (Pharmacies) market in Mongolia has been experiencing significant growth in recent years.

Customer preferences: Mongolian consumers have shown a growing preference for OTC products, which can be attributed to several factors. Firstly, there is an increasing awareness and emphasis on self-care and preventive healthcare among consumers. This has led to a greater demand for OTC products that can help manage common ailments and promote overall well-being. Additionally, the convenience and accessibility of OTC products have also contributed to their popularity. Consumers appreciate the ability to purchase these products without a prescription and without having to visit a healthcare professional.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Mongolia is the diversification of product offerings. Pharmacies are expanding their range of OTC products to cater to the evolving needs and preferences of consumers. This includes the introduction of new and innovative products, such as herbal remedies and natural supplements, which are gaining popularity among health-conscious consumers. Furthermore, there is a growing trend towards online purchasing of OTC products, with an increasing number of pharmacies offering e-commerce platforms to reach a wider customer base.

Local special circumstances: Mongolia's healthcare system is characterized by a shortage of healthcare professionals and limited access to medical facilities, particularly in rural areas. As a result, consumers often rely on OTC products as a first line of treatment for common ailments. This reliance on self-medication has created a strong demand for OTC products in the market. Additionally, the harsh climate and nomadic lifestyle of some Mongolian communities also contribute to the popularity of OTC products. These factors make OTC products a convenient and accessible option for healthcare management.

Underlying macroeconomic factors: The OTC Products (Pharmacies) market in Mongolia is influenced by several macroeconomic factors. The country's economic growth and rising disposable incomes have contributed to increased consumer spending on healthcare products, including OTC products. Furthermore, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also played a role in driving the growth of the OTC market. These factors, combined with changing consumer preferences and the convenience of OTC products, have created a favorable environment for the development of the OTC Products (Pharmacies) market in Mongolia.

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.