By Sarah Townsend
Sector to grow by 60 percent in next five years, research claims
The UAE’s healthcare market is set to surge to more than AED103 billion ($28 billion) by 2021 – reperesenting 60 percent growth over the next five years, according to a report.
Expected improvements in the quality of healthcare provision, together with rising demand for preventative care and digital medical services will help to fuel massive growth of the industry, the study by MENA Research Partners (MRP) said.
Increased investor interest in emerging sectors such as the cutting-edge medical device market will also play a role in expanding the current AED64 billion ($17 billion) market, as will medical tourism and the roll-out of mandatory health insurance.
The country’s Vision 2021 National Agenda aims to achieve a world-class healthcare system to help tackle and prevent lifestyle illnesses such as heart disease and diabetes that are prevalent in the region.
The MRP report reveals that the healthcare market has been growing at over 10 percent year-on-year since 2015, but there will be an upsurge of 15 to 25 percent in some industry subsectors over the next five years.
Anthony Hobeika, CEO at MENA Research Partners, said: “The healthcare sector in the UAE is witnessing structural shifts and changing fast to adapt to the demands of a younger, more health-conscious population asking for preventive rather than curative care and is more engaged in its own wellbeing.
“Being digitally savvy, the new generation is redrawing the blueprints of the future of healthcare in the UAE – looking for a more personalised and specialist healthcare…aided by the ever-growing digital technology in the sector.”