GCC health services to grow at 12% in 2019: study

GCC countries will represent 13 per cent of global revenues for healthcare products in 2019, with services growing at 12 per cent, said growth partnership company Frost & Sullivan in a new report.

The region is witnessing increasing demand for healthcare services, largely driven by increased prevalence of chronic diseases and improved healthcare.

While turmoil in oil prices continues, public health expenditure remains a priority for governments. The private sector will play a key role by entering into public-private partnerships. The rising demand for better healthcare services in the region and global advancements in medical technologies have opened up a number of opportunities for information technology (IT) organisations to tap into this growing sector. Technologies such as blockchain, wearables, internet of medical things and artificial intelligence will play a key role in the future of the sector.

“Local production of generic pharmaceuticals is expected to create major opportunities, thereby boosting the regional economy through job creation, reduced unemployment, and increased export capacity in the GCC countries,” said Reenita Das, partner & senior vice president, Transformational Health, Frost & Sullivan.

“Though digital health is still at a nascent stage, the start-up entrepreneurial culture is emerging quickly, opening up growth opportunities for telehealth and artificial intelligence”.

In this context, Frost & Sullivan will host an interactive GIL Council Meeting on April 24 and will discuss views on 2019 Healthcare Opportunities, Predictions, Outlook, and Challenges in the GCC countries. The event will be attended by CXOs and senior management from hospitals, pharmaceutical and medical technology firms across UAE. – TradeArabia News Service