Hospitals - Mongolia

Mongolia

The Hospitals market in Mongolia is projected to reach a revenue of US$251.20m by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 3.27%, resulting in a market volume of US$295.00m by 2029.
When compared globally, in the United States is expected to generate the highest revenue of US$1,501.00bn in 2024.
In relation to the total population figures, per person revenues of US$71.92 are generated in 2024.
In Mongolia, hospitals are increasingly adopting telemedicine technologies to overcome the challenges of providing healthcare services in remote areas.

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

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Analyst Opinion

The healthcare industry in Mongolia has experienced significant growth in recent years, with the hospitals market being a key contributor to this expansion.

Customer preferences: Mongolian customers have shown an increasing demand for high-quality healthcare services, which has led to a rise in private hospitals and clinics. Patients are willing to pay a premium for better facilities and services, such as shorter waiting times, access to advanced medical equipment, and specialized treatments.

Trends in the market: One of the major trends in the Mongolian hospitals market is the increasing focus on medical tourism. The country's unique geography and culture make it an attractive destination for foreign patients seeking affordable medical treatments. This has led to the development of specialized hospitals and clinics that cater specifically to medical tourists.Another trend is the adoption of telemedicine technologies, which allow patients in remote areas to access medical consultations and treatments without having to travel long distances. This is particularly important in Mongolia, where a significant portion of the population lives in rural areas with limited access to healthcare services.

Local special circumstances: Mongolia's healthcare system faces several challenges, including a shortage of medical professionals, inadequate infrastructure, and limited funding. These factors have led to a reliance on foreign aid and investment to support the development of the healthcare industry.

Underlying macroeconomic factors: The Mongolian economy has been growing rapidly in recent years, driven by mining and other resource-based industries. This has led to an increase in disposable income and a growing middle class, which has in turn fueled demand for better healthcare services. However, the country's dependence on these industries also makes it vulnerable to fluctuations in commodity prices and other external factors.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. 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.

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.