Vaccines - Mongolia

Mongolia

The Vaccines market in Mongolia is estimated to achieve a revenue of US$8.19m by the year 2024.
It is anticipated that the revenue will experience an annual growth rate of -6.13% between 2024 and 2029, leading to a market volume of US$5.97m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue of US$29,120.00m in 2024.
With its remote and sparsely populated regions, Mongolia faces unique challenges in distributing and administering vaccines to its nomadic population.

Key regions: Australia, Italy, France, South Korea, Brazil

Market

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Analyst Opinion

The Mongolian healthcare industry has been developing in recent years, with the government investing in the sector and private healthcare providers emerging. The Vaccines market in Mongolia has also been on the rise, driven by a combination of factors.

Customer preferences: Mongolian customers are increasingly aware of the importance of vaccination in preventing diseases and are willing to pay for vaccines. The government has also been promoting vaccination programs, which has increased awareness and demand for vaccines.

Trends in the market: The Vaccines market in Mongolia has been growing steadily in recent years, with both domestic and international vaccine manufacturers expanding their presence in the country. The market is dominated by vaccines for infectious diseases such as Hepatitis B, Influenza, and Measles, Mumps, and Rubella (MMR).

Local special circumstances: Mongolia is a vast country with a low population density, which presents challenges in terms of vaccine distribution and administration. However, the government has been investing in improving the healthcare infrastructure, including cold chain facilities for storing and transporting vaccines.

Underlying macroeconomic factors: The Mongolian economy has been growing steadily in recent years, with a focus on diversifying the economy beyond the mining sector. This has led to increased investment in the healthcare sector, including the Vaccines market. Additionally, the government has been implementing policies to increase access to healthcare services, which has contributed to the growth of the Vaccines market.In conclusion, the Vaccines market in Mongolia has been growing steadily in recent years, driven by increasing customer awareness and demand, government promotion of vaccination programs, and investment in the healthcare infrastructure. While challenges such as the vast geography of the country remain, the underlying macroeconomic factors suggest that the market is poised for continued growth.

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.