Iraq Healthcare (Surgical Procedures) Market to Expand at a Rapid CAGR of 7.8% from 2014 to 2022

According to a new industry assessment published by Transparency Market Research - “Iraq Healthcare (Surgical Procedures) Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, the Iraq Healthcare (Surgical Procedures) market was valued at USD 320.3 million in 2013 and is expected to grow at a CAGR of 7.8% during the forecast period from 2014 to 2022 to reach USD 530.3 million in 2022.

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Iraq has a centralized health care system, which utilizes public hospital-based capital intensive model of curative and preventive care. The Ministry of Health (MoH) is considered the major health care provider in Iraq. The two main players within the health care industry in Iraq are the public sector and the private sector. In the public sector, health care services are provided through primary health care centers and public hospitals at minimal charges. According to the national constitution, the Government of Iraq is responsible for providing free health care through hospitals and public clinics to the population. The State Company for Marketing Drugs and Medical Appliances (KIMADIA), a government owned public company managed by the Ministry of Health (Iraq), is responsible for import and distribution of all medical appliances, pharmaceuticals, laboratory equipment, and medical equipment for all public health care facilities in Iraq. Within MENA, Iraq is the key emerging health care destination, with population of 32 million in 2014, increasing at a rate of 2.9% per year.

Cumulatively, cardiac procedures, general surgeries, orthopedic surgeries, neurosurgeries and reconstructive surgeries have been considered for analyzing the Iraq healthcare (surgical procedures) industry; among which cardiac procedures appeared as the leader in terms of revenue (generating over USD 100 million) in 2013. Primary factor attributed to the growth of the cardiovascular procedures segment is the growing base of target patient population suffering from various cardiovascular diseases. Additionally, rise in the diabetic population is expected to augment the risk of cardiovascular diseases among the population of Iraq. According to the American Heart Association, cardiovascular diseases and stroke are the leading causes of disability and death among people with diabetes. Thus, the escalating cases of cardiovascular and diabetic diseases in Iraq would exponentially accelerate the growth of this segment during the forecast period.

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The Iraq healthcare (surgical procedures) industry is highly fragmented and competitive in nature due to the large presence of several medical device manufacturers and suppliers that commonly range from regional to global enterprises. Major market players (inclusive of both manufacturers as well as suppliers) considered for this study are Al Assad Scientific Bureau, Albanna Group, Applied Medical Corporation, Aesculap, Inc., Ismailiya Medical Co., Koninklijke Philips N.V., Maquet Holding B.V. & Co. KG, Medtronic, Inc., Minas Company (a subsidiary of Goran Group, Munir Sukhtian Group Company, Rudolf Riester GmbH, Siemens Healthcare, St. Jude Medical, Inc., Stryker Corporation, and TeknoMed Company.

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