UAE is an import driven market that is rapidly growing to keep pace with the country’s expanding healthcare infrastructure. The government and private healthcare sectors are focusing on heavy investments to provide countrywide healthcare solutions to residents, expats, and medical tourists which is supporting the growth of Medical Devices in the country.
1. “Major demand:” UAE is the fourth largest medical device market in the Middle East and Africa region, growing @8.7% CAGR and market size estimated at $1.7 Billion for 2020.
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The UAE medical device market recorded $1.6 Bn revenue in 2020, with imports contributing 99.0% of the market revenues. The country’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects has played a pivotal role in the continued growth with key market drivers being increasing population, growing medical tourism industry, Healthcare infrastructure & expanding health insurance.
2. “Need rather than want:” The growing prevalence of respiratory & heart diseases amongst the UAE population has called for an urgent need to boost the healthcare industry.
The UAE population has high risk of exposures to occupational and environmental factors that lead to illnesses such as asthma, chronic bronchitis and emphysema. Prevalence of asthma in UAE is 8.6% in male and 11.8% in female young adults 20-44 years. Moreover, high prevalence of smoking, rising urbanization and pollution levels, increasing incidences of preterm births, and lifestyle changes are also the growth drivers of this market. The import requirement is therefore a need rather than want. As per data, 6.5 Mn people (71.0% of UAE Residents) have at least one major risk factor for heart diseases driving the for the growth of cardiac device market. This has led to improvement in technology related to various diseases such as cardiovascular disease & is also expected to boost market growth in the next 5 years.
3. “Healthcare independence to be the future:” UAE has been improving technology & infrastructure for a robust market without import dependence.
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The Healthcare expenditure in UAE is expected to rise from $15.5 Bn in 2019 to $ 29.2 Bn in 2029. The creation of a world-class healthcare sector is a top priority for the UAE and the healthcare sector is expected to advance and expand significantly in the next few years which will support the growth of Medical Device Market in the country. Companies are forming Strategic Partnerships in UAE to boost sales and reduce importing time for instance “Unison”, a public-private partnership between GE Healthcare, the UAE Ministry of Health and Prevention (MoHAP) and Abu Dhabi International Medical Services (ADI). Moreover, the department of Economic Development, UAE is boosting investment proposals in the medical industries sector, including facilitating procedures, giving priority to local medical products and strengthening investment partnerships which will result in the growth of Local Manufactured Products in UAE healthcare sector.
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