UAE medical device market to top AED5.6 billion by 2025
Fitch Solutions, the content partners of Arab Health 2021, has estimated that the UAE’s medical device market will reach AED5.6 billion by 2025, with an annual compound growth rate (CAGR) of 4.4 percent from 2020-2025.
According to the Q2 2021 Fitch Solutions United Arab Emirates Medical Device report, the market will benefit from an overall strong economic performance over the next five years. Key market drivers, including population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation, and new technologies, will underpin growth.
The medical device market includes any product used in healthcare for the diagnosis, prevention, monitoring or treatment of illness or handicap, other than drugs such as consumables, diagnostic imaging, dental products, orthopedic & prosthetic products, and patient aids.
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.”
“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.
As part of the Arab Health 2021 live event, the exciting healthcare star-up competition, Innov8 Talks, returns. A stand will be dedicated to showcasing 32 start-ups and their pitches, each dedicated to improving healthcare with the latest unique and innovative solutions in prevention, management, operations and diagnostics, amongst others.
Arab Health has been developed under the show theme of ‘United by Business, driving the industry forward, with the live, in-person event expected to welcome 2,000 exhibiting companies and over 24,500 attendees from 170 countries expected during the Live, in-person event.
Over 300 speakers are expected to come together for the Arab Health Congress to improve medical practice and ultimately improve patient outcomes. A total of 12 medical conferences will take place between 21-24 June, nine of which will be Continuing Medical Education (CME) accredited, each allowing participants to network and develop international best practices.
WAM
