Pharmacies - Iraq

Iraq

In Iraq, the Pharmacies market is expected to experience significant growth in the coming years.
By 2024, the projected revenue for this market is estimated to reach US$2.82bn.
This growth is expected to continue with an annual growth rate (CAGR 2024-2029) of 5.70%, resulting in a market volume of US$3.72bn by 2029.
When compared globally, it is worth noting that United States is expected to generate the highest revenue in the Pharmacies market, with projections of US$387.30bn in 2024.
This highlights the strong market presence and economic significance of the United States in this sector.
In terms of per person revenues, in 2024, each individual in Iraq is expected to generate US$60.68 in revenue.
This figure reflects the contribution of the Pharmacies market to the overall economy and the purchasing power of the population.
Despite ongoing challenges, the pharmacy market in Iraq is experiencing a steady growth due to increased demand for healthcare services and a growing population.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmacies market in Iraq has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater demand for pharmaceutical products and services, leading to an expansion of the market. This trend can be attributed to several factors, including an increasing population, rising healthcare awareness, and improved access to healthcare services. Customer preferences in the Pharmacies market in Iraq have been influenced by a growing population. With a population of over 38 million people, there is a higher demand for healthcare services, including pharmaceutical products. As the population continues to grow, the demand for pharmacies is expected to increase further. Additionally, there has been a rise in healthcare awareness among the Iraqi population. People are becoming more conscious of their health and are seeking out pharmacies for advice, medication, and other healthcare products. This shift in customer preferences has led to an increase in the number of pharmacies in Iraq, as well as the range of products and services they offer. Improved access to healthcare services has also contributed to the growth of the Pharmacies market in Iraq. The government has been working to improve healthcare infrastructure and increase the availability of healthcare services across the country. This has resulted in a greater number of pharmacies being established in both urban and rural areas, making healthcare more accessible to the population. In addition to customer preferences, there are local special circumstances that have influenced the development of the Pharmacies market in Iraq. The country has been recovering from years of conflict and instability, which has had a significant impact on the healthcare sector. The demand for pharmacies has increased as the population seeks to address the health issues arising from the aftermath of the conflict. Underlying macroeconomic factors have also played a role in the growth of the Pharmacies market in Iraq. The country has experienced economic growth in recent years, which has led to an increase in disposable income. As a result, people have more money to spend on healthcare products and services, further driving the growth of the market. Overall, the Pharmacies market in Iraq is experiencing growth due to customer preferences for pharmaceutical products and services. Factors such as a growing population, rising healthcare awareness, improved access to healthcare services, local special circumstances, and underlying macroeconomic factors have all contributed to this trend. As the market continues to develop, it is expected to provide more opportunities for both local and international players in the pharmaceutical industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.