The UAE’s medical device market is expected to reach AED5.6 billion ($1.5bn) by 2025, with an annual compound growth rate (CAGR) of 4.4 percent from 2020, according to new research.
The market will benefit from an overall strong economic performance over the next five years with key drivers including population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation, and new technologies underpinning growth.
That’s according to the Q2 2021 Fitch Solutions UAE Medical Device report which has been published ahead of Arab Health being held in Dubai next week.
The medical device market includes any product used in healthcare for the diagnosis, prevention, monitoring or treatment of illness or handicap, other than drugs.
Ross Williams, exhibition director at Arab Health, said: “Arab Health has for the last 45 years been instrumental in the growth of the medical device sector by providing a platform to connect and do business with the global healthcare industry. In line with the UAE’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects, we expect to play a pivotal role in the continued growth.
“This will be supported by a strong economic recovery post-2021, Dubai’s hosting of the World Expo which will have an encouraging impact of the healthcare sector, as well as urban expansion and the UAE retirements visa.”
As part of the Arab Health 2021 live event, the healthcare start-up competition, Innov8 Talks, returns. A stand will be dedicated to showcasing 32 start-ups and their pitches, each dedicated to improving healthcare.
Innovations include smart inhaler technology for drug delivery in respiratory issues by FindAir; a non-invasive wearable glucometer using laser light by GlucoActive; Angelo, the first hospital bed with artificial intelligence by Valiamo; and prodROBOT by Prodromus, manufacturers and suppliers of high-quality rehabilitation devices aimed at children, with a real-time biofeedback system.
Elsewhere on the show floor, companies including Draeger, Philips, Fujifilm, Honeywell, and Canon, will showcase their latest medical equipment advances.
“We’ve brought together a series of industry heavyweights at the forefront of innovation and technology in the healthcare sector. Now, more than ever, advances in medical devices are going to play a critical role in global recovery post-Covid-19,” added Williams.
Arab Health expects to welcome 2,000 exhibiting companies and over 24,500 attendees from 170 countries. A total of 12 medical conferences will take place between June 21-24.
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