Iraq Healthcare Market is Expected to grow at a CAGR of 7.8% from 2014 to 2022

Iraq holds a place of importance within the Middle East and North Africa Market healthcare industry. According to a report published by Transparency Market Research, the Iraq healthcare (surgical procedures) market stood at a valuation of US$320.3 mn in 2013, and displaying a 7.8% CAGR between 2014 and 2022, is expected to rise to US$530.3 mn in 2022. With a population of 32 mn (2014) rising at approximately 2.9% per year, Iraq holds an array of opportunities for growth. The TMR report is titled, “Iraq Healthcare (Surgical Procedures) Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”

The healthcare system in Iraq works in a centralized fashion, wherein the public hospitals form the core of preventive and curative healthcare services. The capital intensive model has been developed under the aegis of Iraq’s Ministry of Health (MoH), which is also the key healthcare provider in the country. However, that hasn’t stopped the growth of a parallel private healthcare sector in the country.

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Healthcare services in the public healthcare (surgical procedures) market are dispensed through public hospitals and have extremely affordable price points. That’s because the country’s constitution stipulates that the government provide citizens free healthcare through public hospitals and clinics. Any medical device, drug, or laboratory equipment that is imported or commercially distributed in the country requires the approval of Marketing Drugs and Medical Appliances (KIMADIA) – a government owned company under the Iraqi ministry of health.

The most widely conducted surgical procedures in the Iraq healthcare market are: cardiac procedures, orthopedic surgeries, general surgeries, reconstructive, and neurosurgeries. Of these, the highest revenue generation was credited to cardiac procedures in 2013 at over US$100 mn. In Iraq, as in many other countries across the world, cardiovascular diseases are on the rise and patients need intervention at many levels. The spread of diabetes in the country has also indirectly boosted the demand for cardiovascular surgeries in the country.

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The report studies the Iraq healthcare (surgical procedures) market from the competitive perspective. The findings of the report indicate that the industry is highly fragmented in nature, making it extremely competitive, too. The number of medical device manufacturers based out of Iraq has only grown in recent years and, in relation to this growth, the number of suppliers has increased too. The space is defined by the presence of both regional and international players.

Leading companies—both suppliers and manufacturers—that have been studied in the Iraq healthcare (surgical procedures) market are: Al Assad Scientific Bureau, Applied Medical Corporation, Albanna Group, Ismailiya Medical Co., Aesculap, Inc., Maquet Holding B.V. & Co. KG, Koninklijke Philips N.V., Munir Sukhtian Group Company, Medtronic, Inc., Siemens Healthcare, Rudolf Riester GmbH, Stryker Corporation, St. Jude Medical, Inc., and TeknoMed Company. This indicates that the competitive landscape in the country is a mix of both regional and global companies, creating competition at different levels but helping keep innovation a constant in the market.

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