Mental Health - Mongolia

Mongolia

Revenue in the Mental Health market is projected to reach US$9.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.87%, resulting in a market volume of US$10.23m by 2028.
In global comparison, most revenue will be generated in the United States (US$11,730.00m in 2024).
In relation to total population figures, per person revenues of US$42.39 are generated in 2024.

Key regions: United States, China, Japan, Canada, France

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Analyst Opinion

The Mental Health market in Mongolia is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Mongolia are increasingly recognizing the importance of mental health and are seeking out services and products to improve their well-being. There is a growing awareness of the impact of mental health on overall health and quality of life. As a result, individuals are more willing to invest in mental health services and products to address their specific needs.

Trends in the market: One major trend in the Mental Health market in Mongolia is the increasing demand for therapy and counseling services. As people become more open about their mental health struggles, the demand for professional help has risen. This trend is driven by the recognition that seeking therapy can lead to better mental health outcomes and improve overall well-being. Another trend in the market is the growing popularity of mindfulness and meditation practices. Mongolians are embracing these practices as a way to reduce stress, improve focus, and enhance overall mental well-being. This trend is in line with the global movement towards holistic approaches to mental health and the increasing popularity of mindfulness practices worldwide.

Local special circumstances: Mongolia has a unique cultural context that influences the development of the Mental Health market. Traditional Mongolian beliefs and practices, such as shamanism, play a significant role in the perception and treatment of mental health issues. While modern mental health services are gaining acceptance, there is still a preference for traditional healing methods in some communities. This creates a market for both traditional and modern mental health services in Mongolia.

Underlying macroeconomic factors: The economic growth and development in Mongolia have contributed to the expansion of the Mental Health market. As the country's economy continues to grow, individuals have more disposable income to spend on mental health services and products. Additionally, the increasing urbanization and lifestyle changes have led to higher stress levels and mental health concerns among the population. These factors drive the demand for mental health services and products in Mongolia. In conclusion, the Mental Health market in Mongolia is experiencing growth and development due to increasing customer preferences for mental health services and products. The demand for therapy and counseling services, as well as mindfulness and meditation practices, is on the rise. Mongolia's unique cultural context, with a blend of traditional and modern healing methods, further contributes to the market's development. The underlying macroeconomic factors, such as economic growth and lifestyle changes, also play a significant role in driving the market's expansion.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on companies' revenues, international institutes data, and global consumer survey data. Revenues refer to the retail value and include sales taxes.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports and third-party data. Next, we use relevant key market indicators and data from country-specific associations such as healthcare spending per capita, medical product spending per capita, and gross domestic product per capita. This data helps us to 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, S-Curve function, ARIMA time series model and exponential curve function. Data is modeled using current exchange rates.

Additional Notes:

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. GCS data is reweighted for representativeness.