QATAR'S HEALTHCARE SECTOR SET TO GROW
Development of the healthcare sector has taken centre stage in the GCC countries, as they witness an era of demographic transition accompanied by the rising prevalence of lifestyle-related diseases. In order to ease the growing pressure on the healthcare system, the GCC governments are injecting huge funds as well as encouraging private sector participation to build hospitals and clinics, upgrade the existing infrastructure, and match the quality of services offered in developed countries. They are also investing heavily in technological advancements as well as rolling out mandatory health insurance schemes in all the countries to further accelerate the growth of the healthcare sector. Qatar is no exception.
The Qatari healthcare market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.7% from 2015 to reach $8.8 billion (QR32 billion) in 2020. The outpatient market is projected at $5.9 billion (QR21.5 billion) by the end of the forecast period, while the inpatient market is forecasted to touch $2.9 billion (QR10.5 billion). The country's hospital bed requirement is likely to grow at a 2.9% CAGR between 2015 and 2020 to nearly 3,300 beds.
DOUBLE-DIGIT GROWTH IS ON THE BOOKS FOR THE COUNTRY'S BOOMING HEALTHCARE MARKET WITH SUSTAINED GOVERNMENTLED INVESTMENTS AND INCREASED PRIVATE SECTOR PARTICIPATION.
The Qatari population is forecasted to grow at a CAGR of 2.9% between 2015 and 2020. A rise in lifestyle-related diseases is likely to add to healthcare expenses as well as augment the need for specialised care centres and doctors. As the healthcare costs grow in line with the increasing population, most of the GCC governments, including Qatar, have introduced mandatory health insurance and this increased coverage is likely to drive the healthcare market.