News

Healthcare

Staff Reporter

, United Arab Emirates

Published:

1 year ago

UAE to report CAGR growth of 6.3% over 2022-2027

The market will take a value of AED5.2b (USD1.4b) by 2027.

The UAE will keep attracting domestic and multinational medical device manufacturers supported by a conducive regulatory environment, according to Fitch Solutions' BMI research.

"The UAE's medical device market will record a mid-single-digit compound annual growth rate(CAGR) over the next five years, benefitting from increasing healthcare budget allocations," read the report.

Specifically, the medical device market growth will be backed by increasing government health budget allocations and private health sector investments.

In 2024, the health budget is expected to reach AED5.2bn (USD1.4bn), an 8.3% increase from 2023, focusing on advancing universal health coverage, expanding the digital health space, boosting domestic pharmaceutical manufacturing and strengthening healthcare personnel.

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