Oncology Drugs - Mongolia

Mongolia

In Mongolia, the Oncology Drugs market is anticipated to witness a significant growth in revenue, projected to reach US$9.14m by 2024.
This projection is based on an estimated annual growth rate (CAGR 2024-2029) of 6.39%.
As a result, the market volume is expected to reach US$12.46m by 2029.
In terms of global comparison, it is noteworthy that United States is expected to generate the highest revenue in this market, with an estimated value of US$103,900.00m in 2024.
Mongolia is witnessing a growing demand for innovative oncology drugs, driven by increasing cancer prevalence and a rising awareness of the importance of early diagnosis and treatment.

Key regions: France, Europe, United Kingdom, Brazil, India

Market

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Currency

Analyst Opinion

The Oncology Drugs market in Mongolia has been steadily growing in recent years.

Customer preferences: Mongolian customers prefer imported drugs due to the perceived higher quality and effectiveness. This has led to a dominance of foreign pharmaceutical companies in the market, with local companies struggling to compete.

Trends in the market: The market has seen an increase in demand for targeted therapies and immunotherapies, as they are seen as more effective and have fewer side effects compared to traditional chemotherapy. However, the high cost of these drugs has limited their accessibility to a small portion of the population.

Local special circumstances: Mongolia has a high incidence of cancer, with lung cancer being the most prevalent. This is due to a combination of factors, including high rates of smoking and exposure to air pollution from mining activities. The country also has a lack of oncologists and cancer treatment facilities, leading to long waiting times for patients.

Underlying macroeconomic factors: Mongolia's economy has been heavily reliant on mining, which has experienced fluctuations in recent years due to changes in global demand and prices. This has led to uncertainty in the healthcare sector, with the government struggling to allocate sufficient funds for cancer treatment and prevention programs. Additionally, the country's geographical location and harsh climate make it difficult to transport and store certain types of drugs, leading to supply chain challenges.

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.