Anti-Diabetes Drugs - Iraq

Iraq

In Iraq, the revenue in the Anti-Diabetes Drugs market is projected to reach US$110.40m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.47%, which will result in a market volume of US$158.30m by 2029.
When compared globally, United States is expected to generate the highest revenue of US$37,840.00m in 2024.
Iraq's growing demand for anti-diabetes drugs is driven by an increasing prevalence of diabetes and a rising awareness about the importance of managing the disease.

Key regions: India, Australia, Italy, Europe, Brazil

Market

Region

Region comparison

Currency

Analyst Opinion

The Anti-Diabetes Drugs market in Iraq has been experiencing steady growth in recent years.

Customer preferences: The demand for Anti-Diabetes Drugs in Iraq has been increasing due to the rising prevalence of diabetes in the country. The aging population and changing lifestyles have contributed to the growing number of diabetes cases in Iraq. Patients are increasingly seeking effective and affordable treatments to manage their condition.

Trends in the market: The Anti-Diabetes Drugs market in Iraq is dominated by multinational pharmaceutical companies that offer a range of products to manage diabetes. There has been a shift towards newer and more innovative drugs that offer better efficacy and safety profiles. The market has also witnessed an increase in the availability of generic drugs, which has led to increased competition and lower prices. Patients are increasingly opting for generic drugs due to their affordability.

Local special circumstances: The healthcare infrastructure in Iraq has been severely impacted by years of conflict and instability. The healthcare system is underfunded and lacks the necessary resources to provide adequate care to the population. This has resulted in a shortage of healthcare professionals and a lack of access to essential medicines. The government has been working towards improving the healthcare system, but progress has been slow.

Underlying macroeconomic factors: The Iraqi economy has been heavily dependent on oil exports, which has made it vulnerable to fluctuations in oil prices. The recent decline in oil prices has led to a decrease in government revenue, which has impacted healthcare spending. The government has been forced to cut spending on healthcare, which has further strained the healthcare system. The ongoing conflict in the country has also contributed to the economic challenges faced by Iraq.In conclusion, the Anti-Diabetes Drugs market in Iraq has been growing steadily due to the rising prevalence of diabetes in the country. The market is dominated by multinational pharmaceutical companies that offer a range of products to manage diabetes. Patients are increasingly seeking effective and affordable treatments to manage their condition. However, the healthcare infrastructure in Iraq is underfunded and lacks the necessary resources to provide adequate care to the population. The government has been working towards improving the healthcare system, but progress has been slow. The economic challenges faced by Iraq, including the decline in oil prices and ongoing conflict, have further strained the healthcare system.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.