Wed 02-10-2019 16:23 PM
DUBAI, 2nd October, 2019 (WAM) -- Latest research figures released by Colliers International Healthcare Analysis, revealed that healthcare spending in the UAE is expected to reach US$2.4 billion by 2025 and $3.6 billion by 2030.
The results were revealed at Arab Health, an exhibition for the healthcare and trade professio in the MENA region, which saw $824 million in business generated by exhibitors during the 2019 edition of the show, a year-on-year (YoY) increase of 5.9 percent.
According to the Colliers reseearch, healthcare spending in the UAE alone has grown at a Compound Annual Growth Rate, CAGR, of 8.8 percent between 2011 and 2019, and is expected to reach $2.4 billion by 2025 and $3.6 billion by 2030. Saudi markets are predicted to show more pronounced growth, with CAGR reaching 12 percent during the same period, with the Kingdom's healthcare expenditure predicted to top $160 billion by 2030.
Commenting on the figures, Ross Williams, Exhibition Director of Arab Health, said, "Business confidence in the healthcare sector in the GCC and broader MENA region is understandably buoyant. Increases in healthcare spending from private and public sources are the most significant drivers, closely followed by rapid market and infrastructural growth. Furthermore, an increased focus on medical tourism and mandatory medical insurance, which will continue to encourage spending and contribute to a more integrated health system, are spearheading exponential growth over the coming years.
"The 2020 edition of Arab Health, which will be the first mega-event to be held in the region during the Expo 2020 year, will showcase the very latest market insights, trends and innovations in healthcare. From state-of-the-art imaging equipment to the most cost-effective disposables, to developments in surgery to advances in prosthetics, Arab Health continues to be at the forefront of healthcare in the Middle East."