Medical Technology - Iraq

Iraq

The projected revenue in the Medical Technology market market in Iraq is expected to reach US$831.70m in 2024.
Within this market, the largest market is Medical Devices, which is projected to have a market volume of US$713.40m in 2024.
It is anticipated that the revenue will grow at an annual rate of 6.38% (CAGR 2024-2029), resulting in a market volume of US$1,133.00m by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, reaching US$211.10bn in 2024.
Despite challenges, Iraq is witnessing a growing demand for advanced medical technology to improve healthcare services.

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

Market

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Analyst Opinion

The Medical Technology market in Iraq is experiencing significant growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Technology market in Iraq are shifting towards advanced and innovative medical devices and equipment. With an increasing focus on improving healthcare infrastructure and services, customers are demanding cutting-edge technology that can enhance the quality of medical care. This includes a preference for state-of-the-art imaging equipment, advanced surgical instruments, and high-tech diagnostic devices. Additionally, there is a growing demand for telemedicine solutions, as customers seek convenient and accessible healthcare services, especially in remote areas. The market is also witnessing several trends that are driving its growth. One of the key trends is the increasing adoption of digital health technologies. This includes the use of electronic health records, mobile health applications, and remote patient monitoring systems. These technologies enable healthcare providers to deliver more efficient and personalized care, while also improving patient outcomes. Furthermore, there is a growing emphasis on preventive healthcare, with an increased focus on early detection and intervention. This has led to a rise in demand for diagnostic devices and screening tools. Local special circumstances in Iraq are also contributing to the development of the Medical Technology market. The country has been facing significant challenges in its healthcare system due to years of conflict and instability. As a result, there is a pressing need to rebuild and modernize healthcare infrastructure. The government is investing heavily in the sector, providing opportunities for medical technology companies to enter the market and contribute to its growth. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is driving the demand for medical devices and equipment. Underlying macroeconomic factors are also playing a role in the development of the Medical Technology market in Iraq. The country has a young and growing population, which is increasing the demand for healthcare services. Additionally, rising disposable incomes and an expanding middle class are enabling more people to afford advanced medical treatments and technologies. Furthermore, the government's focus on diversifying the economy and reducing dependence on oil revenues is leading to increased investments in the healthcare sector. In conclusion, the Medical Technology market in Iraq is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for advanced medical technology is driving the market, with a focus on digital health solutions and preventive healthcare. The government's investment in healthcare infrastructure and the increasing prevalence of chronic diseases are also contributing to the market's growth. With a young population and rising disposable incomes, the market is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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.

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.