Other Pharmaceuticals - Mongolia

Mongolia

In Mongolia, the revenue in the market Other Pharmaceuticals market is projected to reach US$21.79m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.71%, resulting in a market volume of US$26.14m by 2029.
When compared globally, United States is expected to generate the most revenue, with US$260.50bn in 2024.
Mongolia's Other Pharmaceuticals market is witnessing a surge in demand for traditional herbal medicines.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Other Pharmaceuticals market in Mongolia is experiencing significant growth in recent years.

Customer preferences: Mongolian customers have shown a growing preference for alternative and traditional medicines, which has led to an increased demand for Other Pharmaceuticals. Additionally, the aging population in Mongolia has resulted in a higher demand for pharmaceuticals in general, including Other Pharmaceuticals.

Trends in the market: The Other Pharmaceuticals market in Mongolia is largely driven by imports, with a majority of products coming from China and Russia. However, there has been a recent trend towards increasing domestic production of Other Pharmaceuticals. This is due to government initiatives to boost the local pharmaceutical industry and reduce reliance on imports.

Local special circumstances: Mongolia has a unique geography and climate, which can impact the availability and demand for certain pharmaceutical products. For example, the country's harsh winters and remote rural areas can make it difficult to deliver medications, which can lead to stock shortages in some regions. Additionally, Mongolia has a large nomadic population, which can also impact the availability and distribution of pharmaceuticals.

Underlying macroeconomic factors: Mongolia has experienced significant economic growth in recent years, which has led to an increase in disposable income and healthcare spending. Additionally, the government has implemented policies to improve healthcare access and quality, which has further contributed to the growth of the Other Pharmaceuticals market. However, the country still faces challenges such as limited healthcare infrastructure and a shortage of skilled healthcare professionals.

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.