Market Insights Health Medical Technology

Medical Devices - Mongolia

Mongolia

The projected revenue in the Medical Devices market market in Mongolia is expected to reach US$61.91m in 2024.
Among the various markets within this market, Cardiology_Devices is the largest, with a projected market volume of US$9.48m in the same year.
Looking ahead, the revenue is anticipated to display a compound annual growth rate (CAGR 2024-2029) of 5.07%, resulting in a market volume of US$79.26m by 2029.
In global comparison, the United States is expected to generate the highest revenue in this market, amounting to US$181.00bn in 2024.
The demand for medical devices in Mongolia is growing rapidly, driven by an aging population and increasing government investment in healthcare infrastructure.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Mongolia has been experiencing steady growth in recent years, driven by increasing demand for healthcare services and advancements in medical technology. Customer preferences in the Medical Devices market in Mongolia are influenced by several factors. Firstly, there is a growing awareness and emphasis on healthcare and wellness among the population. As a result, there is an increasing demand for medical devices that can help diagnose and treat various health conditions. Additionally, customers in Mongolia are becoming more conscious about the quality and reliability of medical devices, leading to a preference for products from reputable and trusted brands. Trends in the market are largely driven by global and regional developments in the healthcare industry. Technological advancements in medical devices, such as the development of more advanced imaging systems and minimally invasive surgical tools, are driving the demand for these products in Mongolia. Furthermore, the increasing prevalence of chronic diseases, such as cardiovascular diseases and diabetes, is also contributing to the growth of the Medical Devices market in Mongolia. Local special circumstances in Mongolia also play a role in shaping the Medical Devices market. The country has a relatively small population compared to other countries in the region, which means that the market size is limited. However, the government of Mongolia has been investing in the healthcare sector, which has created opportunities for the growth of the Medical Devices market. Additionally, the country's geographic location and climate present unique challenges for the delivery of healthcare services, which further drives the demand for innovative medical devices. Underlying macroeconomic factors also contribute to the development of the Medical Devices market in Mongolia. The country's economic growth and increasing disposable income levels have led to a rise in healthcare spending. As a result, more individuals are able to afford medical devices and seek better healthcare services. Furthermore, the government's focus on improving healthcare infrastructure and expanding access to healthcare services has also contributed to the growth of the Medical Devices market. In conclusion, the Medical Devices market in Mongolia is developing due to increasing customer preferences for quality healthcare products, global and regional trends in medical technology, local special circumstances, and underlying macroeconomic factors. As the healthcare sector continues to evolve, the demand for medical devices in Mongolia is expected to further increase in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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.

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.