BMI View: We forecast that t he market will experience moderate growth . T he instability o f the political environment, declining oil prices and a lack of healthcare facilities are likely to affect market competitiveness . As there is very little domestic production, the market is heavily reliant on imports, which have experienced strong growth in recent years but declined in 2015 .
|Total ( USDmn )||Per Capita (USD)||Total (Local Currency mn )||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates and Key Forecasts
In US dollar terms, the market will expand at a 2014-2019 CAGR of 6.0%, ranging from 3.0% for other medical devices to 9.7% for diagnostic imaging. The market will increase from USD536.2mn in 2014 to USD716.2mn in 2019. The instability of the political environment and declining oil prices will have a negative effect on market growth.
The market relies heavily on imports, but we expect ongoing political instability and falling oil prices to impact on imports in the near future. Using monthly mirror trade data, imports decreased by 42.0% in US dollar terms to USD353.0mn in the 12 months to August 2015. Import growth, however, was strong between 2009 and 2014, increasing by a CAGR of 25.6% in US dollar terms.
We expect exports to remain weak over the forecast period, therefore the trade balance will remain negative. Using monthly mirror trade data, exports increased by 54.7% in US dollar terms to USD0.7mn in the 12 months to August 2015,. Exports, however, fell by a CAGR of -10.1% in US dollar terms between 2009 and 2014.
Budgetary constraints and the poor state of the healthcare system will continue to weigh on market growth, with resources focused on fighting rebels, leaving the government struggling to provide essential healthcare services. In January 2016, the government cancelled its free healthcare system, instructing hospitals to collect fees from patients to cover treatment costs, blaming the war against IS and the sharp decline in oil prices for mounting deficits within the healthcare system.
The Iraq Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Iraq provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Iraq Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Iraq, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Iraq.
- Target Business Opportunities in the Iraq Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Iraq.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.