Pharmaceuticals - Iraq

Iraq

The Pharmaceuticals market in Iraq is expected to witness significant revenue growth in the coming years.
By 2024, the projected revenue is estimated to reach US$1,252.00m.
The market's largest segment, Oncology Drugs, is anticipated to contribute significantly to this growth, with a projected market volume of US$216.70m in 2024.
Furthermore, the Pharmaceuticals market is expected to demonstrate a steady annual growth rate of 5.13% from 2024 to 2029.
This growth trajectory is projected to result in a market volume of US$1,608.00m by 2029.
In terms of global comparison, United States is forecasted to generate the highest revenue in the Pharmaceuticals market.
In 2024 alone, United States is projected to generate an impressive US$630.30bn in revenue.
This showcases the dominance of the United States in the global Pharmaceuticals market.
Iraq's pharmaceutical market is experiencing a surge in demand for essential medicines due to the country's growing population and increased healthcare awareness.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Next generation therapies are also part of the Pharmaceuticals market and include gene therapy, cell therapy, and nucleic acid therapy. Cell therapies involve the use of living cells to replace or repair damaged tissues within the patient's body, or to modify cells to perform specific functions. Gene therapies focus on altering a patient’s genetic material to regulate the production of certain proteins. Nucleic acid therapies use short strands of DNA or RNA to inhibit the production of harmful proteins associated with diseases and promote the generation of therapeutic proteins. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

Market

Region

Region comparison

Currency

Analyst Opinion

The pharmaceuticals market in Iraq has experienced significant growth in recent years, driven by a number of factors.

Customer preferences: Iraqi consumers have become increasingly health-conscious in recent years, leading to a growing demand for pharmaceutical products. Additionally, the country's aging population has contributed to the rising demand for healthcare services and medication.

Trends in the market: One of the key trends in the Iraqi pharmaceuticals market is the increasing availability of generic drugs. This has been driven by government efforts to reduce healthcare costs and improve access to affordable medication. As a result, many multinational pharmaceutical companies have started to focus on developing generic versions of their drugs for the Iraqi market.Another trend in the market is the growing importance of local pharmaceutical manufacturers. These companies have benefited from government support and incentives, as well as a growing demand for locally-produced medication. This has led to increased competition in the market, as well as a greater emphasis on quality and innovation.

Local special circumstances: The pharmaceuticals market in Iraq is heavily regulated, with strict rules governing the import, manufacture, and sale of medication. This has created significant barriers to entry for foreign companies, and has also led to a shortage of certain types of medication in the country.In addition, the ongoing conflict in Iraq has had a significant impact on the pharmaceuticals market. Many healthcare facilities have been damaged or destroyed, and access to medication and other essential healthcare services has been severely limited in some areas.

Underlying macroeconomic factors: The Iraqi pharmaceuticals market is heavily influenced by a number of macroeconomic factors, including government policies, healthcare spending, and the overall economic climate. The government's focus on reducing healthcare costs and improving access to medication has been a major driver of growth in the market, as has the country's growing population and increasing healthcare needs.At the same time, the ongoing conflict in Iraq has had a negative impact on the pharmaceuticals market, particularly in areas that have been heavily affected by the conflict. The overall economic climate in the country has also been challenging in recent years, with low oil prices and political instability contributing to a difficult business environment for many companies.

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.