Anti-Diabetes Drugs - Mongolia

Mongolia

The Anti-Diabetes Drugs market in Mongolia is anticipated to witness a substantial increase in revenue, with projections indicating that it will reach US$5.31m by 2024.
Furthermore, the market is expected to demonstrate a steady growth rate of 6.81% annually between 2024 and 2029, culminating in a market volume of US$7.38m by the end of 2029.
When compared globally, it is noteworthy that United States will generate the highest revenue in this market, amassing a staggering US$37,840.00m in 2024.
Mongolia's anti-diabetes drug market is witnessing a surge in demand due to the increasing prevalence of diabetes among its population.

Key regions: India, Australia, Italy, Europe, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Mongolia has been growing steadily in recent years.

Customer preferences: Mongolians are becoming increasingly health-conscious, leading to a growing demand for anti-diabetes drugs. Additionally, the aging population in Mongolia has contributed to the rise in diabetes cases and subsequent demand for treatment.

Trends in the market: The Anti-Diabetes Drugs market in Mongolia is largely dominated by multinational pharmaceutical companies, with a few local players also present. The market is primarily driven by the sale of oral drugs, with insulin injections also being used in more severe cases. However, there is a growing trend towards the use of alternative therapies, such as traditional Mongolian medicine, for diabetes treatment.

Local special circumstances: Mongolia's healthcare system is still developing, with limited access to healthcare services in rural areas. This has led to a reliance on self-medication and traditional medicine in some parts of the country. Additionally, the harsh climate and nomadic lifestyle of many Mongolians can make it difficult for them to access healthcare services regularly.

Underlying macroeconomic factors: Mongolia's economy has been growing steadily in recent years, with a focus on mining and agriculture. However, the country still faces challenges such as high levels of poverty and unemployment. The government has made efforts to improve healthcare services, but there is still a significant need for investment in this sector. The Anti-Diabetes Drugs market in Mongolia is likely to continue growing as the population ages and demand for healthcare services increases.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.