Key regions: France, Australia, India, South Korea, Germany
The Other OTC Pharmaceuticals (Pharmacies) market in Mongolia has been experiencing significant growth in recent years.
Customer preferences: Customers in Mongolia have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience and accessibility of OTC drugs compared to prescription medications. Customers appreciate the ability to self-diagnose and treat minor ailments without having to visit a doctor or obtain a prescription. Additionally, OTC drugs are often more affordable than prescription medications, making them a popular choice among price-conscious consumers.
Trends in the market: One of the key trends in the Other OTC Pharmaceuticals (Pharmacies) market in Mongolia is the increasing demand for vitamins and dietary supplements. As consumers become more health-conscious, they are seeking out products that can support their overall well-being. Vitamins and dietary supplements offer a convenient way for individuals to meet their nutritional needs and address specific health concerns. This trend is expected to continue as awareness about the benefits of these products grows. Another trend in the market is the rising popularity of herbal and traditional medicines. Mongolian consumers have a long history of using traditional remedies for various health conditions. With a renewed interest in natural and alternative therapies, there has been an increased demand for herbal and traditional medicines. This trend is driven by the perception that these products are safer, more effective, and have fewer side effects compared to synthetic drugs.
Local special circumstances: Mongolia's healthcare system is still developing, with limited access to healthcare facilities, especially in rural areas. As a result, many individuals rely on pharmacies as their primary source of healthcare. Pharmacies in Mongolia play a crucial role in providing essential medications and healthcare advice to the population. This reliance on pharmacies has contributed to the growth of the Other OTC Pharmaceuticals market in the country.
Underlying macroeconomic factors: The growing economy and increasing disposable income levels in Mongolia have also contributed to the development of the Other OTC Pharmaceuticals market. As individuals have more money to spend on healthcare products, they are more likely to purchase OTC drugs and supplements. Additionally, the expanding middle class in Mongolia has led to a higher demand for quality healthcare products and services, including OTC pharmaceuticals. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Mongolia is experiencing growth due to customer preferences for convenience, accessibility, and affordability. Trends such as the demand for vitamins and dietary supplements, as well as the popularity of herbal and traditional medicines, are driving the market forward. The local special circumstance of limited access to healthcare facilities and the role of pharmacies as primary healthcare providers further contribute to the market's development. The underlying macroeconomic factors of a growing economy and increasing disposable income levels also play a significant role in the market's growth.
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.
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