Prescription Drugs - Mongolia

Mongolia

The Prescription Drugs market in Mongolia is expected to witness substantial growth in the coming years.
By 2024, the market revenue is projected to reach US$56.51m.
This growth is estimated to continue at an annual growth rate of 3.59% from 2024 to 2029, resulting in a market volume of US$67.40m by 2029.
When compared globally, it is noteworthy that United States is anticipated to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
This indicates the significant market potential and dominance of the United States in this sector.
In terms of per capita revenue, in Mongolia is expected to generate US$16.18 per person in 2024.
This demonstrates the economic impact of the Prescription Drugs market on the country's population.
The prescription drug market in Mongolia is experiencing a surge in demand for traditional Mongolian medicines.

Key regions: Japan, China, Europe, Australia, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Prescription Drugs (Pharmacies) market in Mongolia has been experiencing significant growth in recent years.

Customer preferences: Customers in Mongolia have shown a growing demand for prescription drugs, which has contributed to the expansion of the pharmacies market. This can be attributed to several factors, including an aging population and an increasing prevalence of chronic diseases. As people age, they are more likely to require prescription medications to manage their health conditions. Additionally, the rising incidence of chronic diseases such as diabetes and cardiovascular disorders has also led to a greater need for prescription drugs.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Mongolia is the increasing adoption of online pharmacies. With the advancement of technology and the widespread use of smartphones, more and more customers are turning to online platforms to purchase their prescription medications. This trend is driven by the convenience and ease of online shopping, as well as the availability of a wider range of products. Online pharmacies also offer the advantage of discreet packaging and home delivery, which is particularly appealing to customers who may feel uncomfortable purchasing certain medications in person. Another trend in the market is the growing focus on generic drugs. Generic drugs are less expensive than their branded counterparts, making them a more affordable option for customers. This is particularly important in a country like Mongolia, where healthcare costs can be a burden for many individuals. The government has also taken steps to promote the use of generic drugs by implementing policies that encourage their prescription and dispensing.

Local special circumstances: Mongolia has a unique geography and population distribution that presents certain challenges for the Prescription Drugs (Pharmacies) market. The country has a relatively small population spread across a vast area, with a significant portion residing in rural and remote areas. This can make access to healthcare services, including pharmacies, difficult for some individuals. To address this issue, the government has been working to improve healthcare infrastructure in rural areas and increase the availability of pharmacies in these regions.

Underlying macroeconomic factors: The growth of the Prescription Drugs (Pharmacies) market in Mongolia is also influenced by underlying macroeconomic factors. Mongolia has experienced steady economic growth in recent years, which has led to an increase in disposable income and improved living standards for many individuals. As a result, people are able to afford a wider range of healthcare services, including prescription medications. The government has also made efforts to improve healthcare services and increase access to affordable prescription drugs, which has further contributed to the growth of the market. In conclusion, the Prescription Drugs (Pharmacies) market in Mongolia is developing due to customer preferences for prescription drugs, the adoption of online pharmacies, the focus on generic drugs, local special circumstances such as geographic challenges, and underlying macroeconomic factors such as economic growth and government initiatives. These factors are driving the expansion of the market and shaping its future trajectory.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.