Key regions: United States, Germany, Australia, India, United Kingdom
The Sleep Aids (Pharmacies) market in Mongolia is experiencing significant growth, driven by changing customer preferences and local special circumstances.
Customer preferences: In recent years, there has been a growing awareness of the importance of sleep health and the negative impact of sleep disorders on overall well-being. As a result, customers are increasingly seeking sleep aids to help them improve the quality of their sleep. This trend is not unique to Mongolia, as it is observed in many countries worldwide.
Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Mongolia is the increasing demand for natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of synthetic sleep aids and are seeking safer alternatives. This trend is in line with the global shift towards natural and organic products in various industries. Another trend in the market is the rising popularity of over-the-counter (OTC) sleep aids. Customers are looking for convenience and accessibility when purchasing sleep aids, and OTC options provide them with the flexibility to buy these products without a prescription. This trend is observed in many countries, as it allows customers to take control of their sleep health without the need for a doctor's visit.
Local special circumstances: Mongolia has a unique set of circumstances that contribute to the development of the Sleep Aids (Pharmacies) market. The country experiences extreme weather conditions, with long and harsh winters. This can lead to increased cases of sleep disorders, as individuals may struggle with seasonal affective disorder (SAD) or difficulty adjusting to the shorter daylight hours. As a result, there is a higher demand for sleep aids during these periods.
Underlying macroeconomic factors: The growing Sleep Aids (Pharmacies) market in Mongolia is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, leading to an increase in disposable income. As people's income levels rise, they are more willing to spend on products that improve their quality of life, including sleep aids. Additionally, the expanding middle class in Mongolia has access to a wider range of healthcare products, contributing to the growth of the Sleep Aids (Pharmacies) market. In conclusion, the Sleep Aids (Pharmacies) market in Mongolia is developing due to changing customer preferences, including a preference for natural and OTC sleep aids. The local special circumstances, such as extreme weather conditions, also contribute to the market's growth. Moreover, underlying macroeconomic factors, such as economic growth and an expanding middle class, further drive the development of the market.
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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