Iraq Healthcare (Surgical Procedures) Market Set to Garner Staggering Revenues by 2022

The Iraq Healthcare (Surgical Procedures) Market is foreseen to be immensely competitive and fragmented because of the large presence of various medical and healthcare suppliers and manufacturers, on both regional and global level. Key players in the Iraq market including suppliers and manufacturers, both are, Albanna Group, Al Assad Scientific Bureau, Applied Medical Corporation, Ismailiya Medical Co., Aesculap, Inc., Koninklijke Philips N.V., Medtronic, Inc., Maquet Holding B.V. & Co. KG, Minas Company (a subsidiary of Goran Group, Rudolf Riester GmbH, Munir Sukhtian Group Company, Siemens Healthcare, Stryker Corporation, St. Jude Medical, Inc., and TeknoMed Company.

According to a recent research report by Transparency Market Research (TMR), the Iraq healthcare (surgical procedures) market is prognosticated to expand at a steady CAGR of 7.8%, within the forecast period from 2014 to 2022. In 2013, the market was valued around worth of US$320.3 mn, and is likely to surge around worth of US$530.3 mn by the end of 2022.

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The Iraq healthcare (surgical procedures) market is segmented broadly into general surgeries, cardiac procedures, orthopedic surgeries, reconstructive surgeries, and neurosurgeries. Among all of these, the cardiac procedures segment dominated the market, in 2013. The dominance is credited to the improvement and advancement in cardiovascular techniques along with the rise in population suffering from cardiac illnesses.

Moreover, increase in people suffering from diabetes that triggers several cardiac issues is another factor foreseen to contribute in the growth of market in Iraq. As per the American Heart Association, heart stroke and cardiovascular illnesses are the major causes of death and disability in people suffering from diabetes. As a result, the increasing number of people with diabetes or cardiovascular illnesses in Iraq are expected to fuel the demand for the above mentioned segment within the forecast period.

The Iraq healthcare system is majorly centralized, in terms of working. Here, mainly the public hospitals are the key of curative and preventive healthcare services. The nation uses the capital intensive model which was developed under government of Iraq’s Ministry of Health, also known as MoH. MoH is the leading healthcare provider in the nation. Nevertheless, it doesn’t hamper the growth of parallel growing private healthcare industry in Iraq.

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The two key firms in the Iraq health care market are the private sector and the public sector. In the latter sector, health care services are given by the help of public hospitals and basic health care centers at very low expenses. As per the national constitution, the Iraq Government is accounted to take care of free health care facilities at public clinics and hospitals for the people living in the country. The State Company for Marketing Drugs and Medical Appliances (KIMADIA), which is a company owned by the Iraq government, and is managed by MoH, Iraq. This firm deals with the distribution and import of various medical tools and devices, lab equipment, pharmaceuticals, and equipments to all public health care services in Iraq.