Healthcare industry on course to grow by $563.59b

DUBAI: The global healthcare industry is expected to grow by $563.59 billion during 2023-2027, accelerating at a CAGR of 25.8% during the forecast period. Healthcare market opportunities, especially new hospital projects in the Middle East and Africa region are also set to grow to $68.8 billion in the coming year.

“The UAE is an important market for healthcare in the region. As one of the most economically developed and diversified markets in the Middle East, the UAE has a strong healthcare infrastructure driven by robust technologies. In addition, the government’s commitment to digital healthcare is one of the key drivers of growth within the country’s healthcare market,” said Dani Tabbara, COO of Al Tamimi Investments, a leading investments firm in the UAE.

The market for digital health technologies, particularly Artificial intelligence (AI), machine learning (ML) tools in healthcare is forecast to top $20 billion in 2023. According to Residence Research, the global Ai-in-healthcare market has reached $15.1 billion in 2022 and is expected to hit $20.65 billion in 2023. And by 2030, the market will reach $187.95 billion (with an annual growth rate of 37% from 2022 to 2030). In addition, telemedicine, health wearables, and neurotechnology will push med-tech companies to spend more in the next few years.

“The year 2023 will see the healthcare sector adopt new digital technologies. Healthcare companies in the UAE are commited to use cutingedge health technologies that offer unparallel service excellence and best treatment plans for their patients,” added Tabbara.