2022 Round Up
2022 was the year that saw rising demand for healthcare services, an increasing focus on preventative care and wellness, and greater collaboration between the public and private sectors in the Middle East region. With the increasing demand for personalized and specialty care and changes in healthcare regulation and policy, the region saw growing investments in digital health technologies (Cloud, 5G, IoT, and so on), value-based care, and an increasing focus on sustainability and environmental health.
Top 5 Trends to watch out for in 2023
- Focus on MedTech Domestic Manufacturing: MedTech sector domestic manufacturing will gradually take over in the GCC region, driving the diagnostic and patient monitoring devices market growth to 9%-10%.
- Digital Transformation: Gulf Cooperation Council (GCC) countries will witness 30% hospital investments in digital health infrastructure over the next decade. KSA & UAE will be the frontrunners with a well-aware consumer base.
- Pharma Investments & Localization: Focus on localization (vision 2030 in KSA & MoHAP UAE) alongside expedited drug approval in the GCC region will attract greater investments from Pharma MNCs.
- Focus on AI Value Addition in Radiology: Artificial intelligence (AI) in the radiology value chain will be driven by ~30% of overall hospital investments in GCC, further bolstering AI usage in precision imaging for diagnostics and therapeutics.
- De-centralization of IVD: As IVD moves towards decentralized testing, there will be an increasing demand for respiratory pathogen panel testing in the GCC region.
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- Outlook 2023: Top 10 Growth Opportunities for MedTech
- Outlook 2023: Top 10 Growth Opportunities for Digital Health