Market Insights Health Medical Technology

Medical Devices - Iraq

Iraq

In Iraq, the projected revenue for the Medical Devices market market is expected to reach US$723.60m by 2024.
Among the various markets in this market, Cardiology_Devices is anticipated to be the largest, with a projected market volume of US$113.30m in the same year.
The market is expected to exhibit a compound annual growth rate (CAGR) of 6.81% between 2024 and 2029, resulting in a market volume of US$1,006.00m by 2029.
It is worth noting that in terms of global comparison, the United States is expected to generate the highest revenue in the Medical Devices market market, with a projected amount of US$179.80bn in 2024.
Despite the challenges faced by the healthcare system in Iraq, there is a growing demand for advanced medical devices to improve patient care and outcomes.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Iraq has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Medical Devices market in Iraq have been shifting towards more advanced and innovative products. With the increasing awareness about healthcare and the availability of medical technology, customers are demanding devices that offer better accuracy, efficiency, and convenience. This has led to a rise in the demand for high-tech medical devices such as imaging systems, diagnostic equipment, and surgical instruments. Trends in the market indicate a growing need for medical devices in Iraq. The country has been investing heavily in its healthcare infrastructure, with the construction of new hospitals and medical centers. This has created a demand for a wide range of medical devices to equip these facilities. Additionally, the government has been focusing on improving healthcare services and expanding access to medical care, which has further fueled the demand for medical devices. Local special circumstances also play a role in the development of the Medical Devices market in Iraq. The country has a young and growing population, which has led to an increased demand for healthcare services. Furthermore, Iraq has been recovering from years of conflict and instability, which has resulted in an increased focus on rebuilding and improving the healthcare sector. The government has been taking steps to attract foreign investment and encourage local manufacturing of medical devices, which has contributed to the growth of the market. Underlying macroeconomic factors have also influenced the development of the Medical Devices market in Iraq. The country's economy has been growing steadily, driven by an increase in oil production and exports. This has resulted in higher disposable incomes and increased healthcare spending. Additionally, the government has been implementing healthcare reforms and investing in healthcare infrastructure, which has created a favorable environment for the growth of the medical devices market. In conclusion, the Medical Devices market in Iraq has been experiencing significant growth due to customer preferences for advanced and innovative products, trends in the market such as increased healthcare infrastructure and access to medical care, local special circumstances including a young population and post-conflict recovery, and underlying macroeconomic factors such as economic growth and healthcare reforms. These factors have created a favorable environment for the development of the market and are expected to continue driving its growth in the future.

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.