In the federal budget year 2022–26, the UAE government has committed AED 4.9 B (8.4%of the overall budget) to healthcare and community protection. According to Dani Tabbara, chief operating officer of Al Tamimi Investments, a renowned investment business in the UAE, the UAE spends around 3.5% of its GDP on healthcare, with roughly 70% coming from public spending and only 30% coming from private sector.
“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,” said Tabbara.
“In addition, the government’s commitment to digital healthcare is one of the key drivers of growth within the country’s healthcare market.”
According to the expert, the market for digital health technology, notably artificial intelligence (AI) and machine learning (ML) tools in healthcare, is expected to exceed $20 B by 2023. The worldwide healthcare sector is predicted to increase by $563.59 B between 2023 and 2027 at a compound annual growth rate (CAGR) of 25.8%. According to Tabbara, healthcare industry potential, particularly new hospital projects in the Middle East and Africa area, are expected to reach $68.8 B in the following year. According to Residence Research, the worldwide AI-in-healthcare market was anticipated to reach $15.1 B in 2022 and $20.65 B in 2023. By 2030, the market will have grown to $187.95 B (with an annual growth rate of 37% from 2022 to 2030).
Furthermore, telemedicine, health wearables, and neurotechnology will drive med-tech spending in the next years. “2023 will see the healthcare sector adopt new digital technologies. Healthcare companies in the UAE are committed to use cutting-edge health technologies that offer unparallel service excellence and best treatment plans for their patients. This will not only fast track the growth of the industry in the country, but also power its healthcare ambitions,” added Tabbara.
He highlighted that the UAE’s rapid infrastructure growth, strong governing agenda to protect patients, increased emphasis on preventive care, privatisation, and digital transformation all play essential roles in enhancing the healthcare industry. “In addition, foreign direct investment (FDI) is another important element driving the growth of the industry,” said the expert, according to Khaleej Times.
Foreign direct investment (FDI) into the healthcare industry is increasing, entirely owned by foreigners. The UAE’s expanding status as an innovation hub is also drawing global businesses and entrepreneurs. This is demonstrated by investments in areas like home nursing, telemedicine, virtual care, genomics, and customized medicine.
The UAE is the first country in the world to have more than 200 accredited health facilities, including hospitals, medical laboratories, specialised centres, primary health centres, and home health care facilities, according to Joint Commission International (JCI), a US organisation that approves healthcare organisations and programmes. With the government embarking on an ambitious progress journey in 2023, the patient’s well-being will be at the center of its ambitions, aided by high-tech solutions.
