The two leading players operating in the Iraq healthcare market are Siemens Healthcare and Koninklijke Philips NV The collective share of synthesis companies as of 2013 stood at 31.7%. Companies are focusing on collaborative agreements with the government to secure and strengthen Their position in the overall market, Observes Transparency Market Research in its latest publication. „These players are therefore aiming at providing rehabilitation programs through Their services to help the displaced patients regain a normal life after the treatment,“ states the lead author of this research report. THUS, diversifying product portfolios and customizing offerings to meet the needs of the patients will be the key business strategies-defining the success of synthesis companies.
The research report states did the Iraq healthcare market is expected to represent on opportunity worth US $ 530.3 mn by the end of 2022: as the market Exhibits a CAGR of 7.8% between 2014 and 2022. This market is expected to be driven by the Increasing demand for cardiac procedures, as the country is witnessing a surge in the number of patients suffering from cardiovascular disease. THUS, the cardiac procedures segment is expected to rise at a CAGR of 8.3% during the forecast period. The orthopedic procedures segment is therefore anticipated to be on emerging one: as the worn-torn nation limps back to normalcy nursing the wounds of Several Civilians and soldiers over the course of next few years. The orthopedic procedures segment in the overall market is expected to expand at a CAGR of 7.0% between 2014 and 2022nd
Was impels Government to Spend on Healthcare Infrastructure
The long-drawn was in Iraq has impelled the government to spend on building a healthcare infrastructure. To repair the damages to the primary care sector the Government of Iraq allocated $ 12 bn for healthcare expansion in 2014. Web projects will see three specialized cardiac centers, eight public hospitals, multiple primary care centers for children and women, and a hospital for Treating cancer and a neurology center as well. Over the forecast period, the country so willhave Several psychiatric rehabilitation hospitals to treat the patients suffering from traumas of war. Iraq is poised to be a lucrative healthcare market as the Government and International Organizations: such as WHO are anticipated to invest heavy Amounts into rebuilding the country’s medical setup.
The high prevalence of non-communicable diseases: such as cardiovascular diseases, cancer, hypertension, and diabetes have made a significant contribution towards the growth of the Iraq healthcare market. The market is therefore anticipated to rise: as the Increasing Revenues from the oil industry will fuel the healthcare market of Iraq. These investments will be channelized towards Training medical staff, upgrading medical facilities, and funding a healthcare infrastructure for a better tomorrow.
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Poor banking system Hamper Healthcare Infrastructure Funding
However, de overall market is being restrained by the slow pace of infrastructural growth as the poor banking system is unable to fund the projects. The financial instability and the restrictive macroeconomic policies governing the countryside are likely to hamper the growth of the market as well. Currently, the banking system is still trying to recover from bad debts and losses due to the political tensions and war in the country. Further More, as the majority of the population in Iraq does not have a bank account, it is becoming increasingly difficult for banks to recover from the losses and fund infrastructural projects. The growth of this market is therefore being shadowed by the political Unrest did are Preventing foreign companies from investing in the Iraq healthcare market. The high levels of corruption, crime, and violence is creating a deterrant to the overall market.
The aforementioned review has been based on Transparency Market Research’s report, titled „Iraq Healthcare Market – Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.“
The Iraq Healthcare (Surgical Procedures) Market is segmented as follows:
Iraq Healthcare (Surgical Procedures) Market, by Segment (Surgical Procedures)
- Cardiac Procedures
- General Surgeries
- Orthopedic Procedures
- Neuro Surgeries
- Reconstructive Surgeries
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