Pharmaceuticals - Mongolia

Mongolia

The Pharmaceuticals market in Mongolia is anticipated to achieve a revenue of US$58.00m by the year 2024.
among the various markets, the largest market within the Pharmaceuticals market industry is Oncology Drugs, which is projected to have a market volume of US$9.14m by 2024.
It is expected that the revenue will experience a Compound Annual Growth Rate (CAGR) of 3.42% between 2024 and 2029, resulting in a market volume of US$68.63m by the year 2029.
In terms of global comparison, United States is forecasted to generate the most revenue, amounting to US$630.30bn in 2024.
Pharmaceutical companies in Mongolia are investing heavily in research and development to meet the growing demand for quality healthcare products.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceuticals market in Mongolia has been experiencing steady growth in recent years.

Customer preferences: Mongolian consumers have been increasingly seeking out pharmaceutical products that are affordable, effective and easily accessible. Due to the country's geographical location, many consumers in rural areas have limited access to healthcare facilities, which has led to a rise in demand for over-the-counter medications. Additionally, there has been a growing preference for traditional medicines, which has resulted in an increase in the production and consumption of herbal supplements.

Trends in the market: One of the major trends in the Mongolian pharmaceuticals market is the increasing focus on research and development. Domestic manufacturers are investing heavily in R&D to develop new drugs and improve existing ones. This has led to an increase in the number of locally-made pharmaceutical products, which has helped to reduce the country's dependence on imports. Another trend is the growing popularity of online pharmacies, which offer consumers a convenient way to purchase medicines from the comfort of their homes.

Local special circumstances: Mongolia is a landlocked country with a relatively small population, which has posed challenges for the pharmaceuticals market. Limited infrastructure and a lack of skilled professionals have made it difficult for manufacturers to distribute their products throughout the country. However, the government has been taking steps to address these issues, such as investing in healthcare infrastructure and promoting the development of the pharmaceuticals industry.

Underlying macroeconomic factors: The Mongolian economy has been growing steadily in recent years, which has helped to boost the pharmaceuticals market. The government has also been implementing policies to encourage foreign investment in the country, which has led to an increase in the number of multinational pharmaceutical companies operating in Mongolia. Additionally, the country's aging population has resulted in a higher demand for healthcare services and pharmaceutical products.In conclusion, the Mongolian pharmaceuticals market is expected to continue growing in the coming years, driven by factors such as increasing investment in R&D, the popularity of online pharmacies, and government initiatives to improve healthcare infrastructure. However, challenges such as limited infrastructure and a small population will need to be addressed in order to fully realize the market's potential.

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.