Market Insights Health OTC Pharmaceuticals

Analgesics - Iraq

Iraq

In 2024, the revenue in the Analgesics market in Iraq amounts to US$128.60m.
The market is projected to experience an annual growth rate of 4.07% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, amounting to US$7,243.00m in 2024.
Looking at the per person revenues in relation to the total population, in 2024, each individual in Iraq generates US$2.76.
Despite the challenging economic conditions in Iraq, the demand for analgesics in the OTC Pharmaceuticals market remains steady.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Iraq has been experiencing steady growth in recent years, driven by various factors such as changing customer preferences, emerging market trends, and local special circumstances. Customer preferences in the Analgesics market in Iraq have been shifting towards a preference for over-the-counter (OTC) medications. This is primarily due to the convenience and accessibility of OTC drugs, which do not require a prescription. Additionally, customers in Iraq are becoming more health-conscious and are seeking out medications that provide quick and effective relief from pain. As a result, there has been an increased demand for analgesics that are specifically formulated to target different types of pain, such as headaches, muscle aches, and joint pain.Trends in the market indicate a growing demand for natural and herbal analgesics in Iraq. This can be attributed to the increasing awareness and preference for natural remedies among customers. Many individuals are seeking alternative options to traditional pharmaceutical drugs, and are turning to natural analgesics that are perceived to have fewer side effects. This trend is also driven by the rising popularity of traditional medicine and the use of herbal remedies in Iraq.Local special circumstances in Iraq have also influenced the development of the Analgesics market. The country has a relatively young population, with a significant portion of the population under the age of 30. This demographic trend has contributed to the increasing demand for analgesics, as younger individuals are more prone to engage in physical activities and are therefore more likely to experience pain and injuries. Additionally, the ongoing conflicts and instability in the region have led to an increased prevalence of stress-related conditions, resulting in a higher demand for analgesics that can provide relief from tension headaches and other stress-related pain.Underlying macroeconomic factors have also played a role in the development of the Analgesics market in Iraq. The country has witnessed economic growth in recent years, leading to an increase in disposable income among the population. This has allowed individuals to spend more on healthcare products, including analgesics. Furthermore, the government of Iraq has been taking steps to improve the healthcare infrastructure in the country, which has resulted in better access to healthcare services and medications for the population.Overall, the Analgesics market in Iraq is developing in response to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The shift towards OTC medications, the growing demand for natural and herbal analgesics, the young population, and the improving healthcare infrastructure are all contributing to the growth of the market in Iraq.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

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 data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, 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. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.