Market Insights Health OTC Pharmaceuticals

Other OTC Pharmaceuticals - Mongolia

Mongolia

In 2024, the revenue generated in the Other OTC Pharmaceuticals market in Mongolia amounts to US$19.97m.
It is projected that the market will experience an annual growth rate of 1.47% (CAGR 2024-2029).
When compared to other countries globally, the in the United States generates the highest revenue in this market, with US$7,171.00m in 2024.
In terms of per person revenues, in Mongolia generates US$5.72 in 2024.
With an increasing demand for alternative medicine, Mongolia is witnessing a surge in the consumption of traditional OTC pharmaceuticals.

Key regions: Europe, Germany, United States, Brazil, Australia

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Analyst Opinion

The Other OTC Pharmaceuticals market in Mongolia has experienced steady growth in recent years, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.Customer preferences in Mongolia have played a significant role in the development of the Other OTC Pharmaceuticals market. Customers in Mongolia have shown a growing interest in self-medication and the availability of over-the-counter (OTC) pharmaceutical products. This preference for OTC products can be attributed to factors such as convenience, affordability, and the desire for quick relief from common ailments. Additionally, the increasing awareness of the benefits of OTC medications and the ease of access to these products have further fueled the demand in the market.Trends in the market have also contributed to the growth of the Other OTC Pharmaceuticals market in Mongolia. One prominent trend is the rising demand for natural and herbal remedies. Customers are increasingly seeking alternative and holistic approaches to healthcare, leading to a surge in the consumption of herbal and natural OTC products. This trend can be attributed to the perception that natural remedies have fewer side effects and are more sustainable in the long run. As a result, companies in the market are introducing a wider range of natural and herbal OTC products to cater to this growing demand.Local special circumstances have also shaped the development of the Other OTC Pharmaceuticals market in Mongolia. The country's healthcare system is characterized by limited access to healthcare facilities, particularly in rural areas. This has led to an increased reliance on self-medication and OTC products as a primary means of healthcare. Additionally, the high cost of prescription medications and the limited availability of healthcare professionals have further propelled the demand for OTC pharmaceuticals in the market.Underlying macroeconomic factors have also played a role in the growth of the Other OTC Pharmaceuticals market in Mongolia. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income and purchasing power. This has enabled consumers to afford OTC pharmaceutical products and contribute to the growth of the market. Furthermore, the government's efforts to improve healthcare infrastructure and promote the use of OTC medications have also positively impacted the market.In conclusion, the Other OTC Pharmaceuticals market in Mongolia has witnessed growth driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for self-medication, the rising popularity of natural and herbal remedies, limited access to healthcare facilities, and steady economic growth have all contributed to the development of the market. As the market continues to evolve, it is expected to offer new opportunities for both domestic and international players in the pharmaceutical industry.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.