Medical Technology - Mongolia

Mongolia

In Mongolia, the revenue in the Medical Technology market market is forecasted to reach US$73.14m by 2024.
Among the various markets in this market, Medical Devices is the largest, with a projected market volume of US$61.91m in the same year.
Looking ahead, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.66%, resulting in a market volume of US$91.83m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in this sector, amounting to US$211.10bn in 2024.
The Medical Technology market market in Mongolia holds significant potential and is poised for growth in the coming years.
Despite being a developing country, Mongolia has witnessed a significant rise in the adoption of advanced medical technologies in recent years, revolutionizing the healthcare sector.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in Mongolia is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Mongolia are increasingly seeking advanced medical technology solutions to improve healthcare outcomes. They are looking for innovative products and services that can provide accurate diagnosis, effective treatment, and improved patient care. With a growing awareness of the benefits of medical technology, customers are willing to invest in these solutions to enhance the quality of healthcare services in the country.

Trends in the market: One of the major trends in the Medical Technology market in Mongolia is the adoption of telemedicine. Telemedicine allows healthcare professionals to remotely diagnose and treat patients, reducing the need for in-person visits and improving access to healthcare services, especially in rural areas. This trend is driven by the increasing availability of high-speed internet connectivity and the need to overcome geographical barriers in Mongolia. Another trend in the market is the growing demand for medical imaging technology. As the healthcare sector in Mongolia continues to expand, there is a need for advanced imaging solutions such as MRI, CT scans, and ultrasound systems. These technologies enable accurate and early diagnosis of various medical conditions, leading to better treatment outcomes. The demand for medical imaging technology is also driven by the increasing prevalence of chronic diseases and the aging population in Mongolia.

Local special circumstances: Mongolia is a vast country with a relatively small population, and the distribution of healthcare facilities is uneven. Many rural areas lack access to quality healthcare services, leading to disparities in healthcare outcomes. The development of the Medical Technology market in Mongolia is crucial in bridging this gap and improving healthcare accessibility and quality across the country. The government of Mongolia has recognized the importance of medical technology and has taken initiatives to promote its adoption and development.

Underlying macroeconomic factors: The economic growth and increasing healthcare expenditure in Mongolia are contributing to the development of the Medical Technology market. As the country's economy expands, there is a greater ability to invest in healthcare infrastructure and technology. The government is also focusing on healthcare reforms and initiatives to improve healthcare services, which further drives the demand for medical technology solutions. In conclusion, the Medical Technology market in Mongolia is witnessing growth and development due to customer preferences for advanced healthcare solutions, the adoption of telemedicine, the demand for medical imaging technology, local special circumstances, and underlying macroeconomic factors. As the healthcare sector continues to evolve and expand in Mongolia, the market for medical technology is expected to further flourish 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.