Other Pharmaceuticals - Iraq

Iraq

In Iraq, the revenue in the market Other Pharmaceuticals market is projected to reach US$0.52bn in 2024.
Looking ahead, it is expected that the revenue will show an annual growth rate (CAGR 2024-2029) of 3.91%.
This would result in a market volume of US$0.63bn by 2029.
When comparing globally, it is worth noting that United States is expected to generate the highest revenue, with US$260.50bn in 2024.
The demand for specialized pharmaceutical products in Iraq is on the rise, driven by an increasing need for advanced medical treatments in the country.

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

Market

Region

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Currency

Analyst Opinion

The Other Pharmaceuticals market in Iraq is experiencing a steady growth due to various factors contributing to its development.

Customer preferences: Iraqi consumers are becoming more health-conscious, leading to an increase in demand for pharmaceutical products. The preference for locally manufactured products is also on the rise, as it is perceived to be more affordable and readily available.

Trends in the market: The Other Pharmaceuticals market in Iraq is witnessing an increase in the number of local manufacturers, leading to a rise in competition. The market is also experiencing a shift towards generic drugs as they are more affordable than branded drugs. With the increasing prevalence of chronic diseases, the demand for drugs that treat these conditions is also on the rise.

Local special circumstances: Iraq has been facing political instability and security concerns for several years, which has had a significant impact on the country's economy. The healthcare sector has also been affected by this instability, with limited access to healthcare facilities in some parts of the country. However, the government has been taking steps to improve the healthcare system by increasing the budget allocation for healthcare and encouraging private sector investment in the sector.

Underlying macroeconomic factors: The Iraqi economy is heavily dependent on oil exports, which has been affected by fluctuations in global oil prices. The government has been diversifying the economy by encouraging investment in other sectors, including healthcare. The country's population is also growing, leading to an increase in demand for healthcare services and pharmaceutical products. The government has been investing in infrastructure development, including healthcare facilities, to meet the growing demand.

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.