Healthcare spending in the GCC forecast to reach USD 99.6 billion in 2023
Dubai Healthcare City Authority (DHCA), the governing body of Dubai Healthcare City (DHCC), launched a major whitepaper titled ‘Emerging Opportunities In Middle East Healthcare’ at Arab Health. The study underlines the growth of the GCC and wider MENA healthcare landscape over the past decade and shines light on the opportunities for investors.
Key findings from the whitepaper forecast healthcare spending in the GCC will grow at a CAGR of 4.9 percent to USD 99.6 billion in 2023 from USD 86.2 billion in 2020, with the UAE and Saudi Arabia commanding approximately 80 percent share of the total spending.
The report highlights a renewed focus on healthcare as a holistic rather than symptomatic issue, further amplifying opportunities in the preventive medicine sector, especially as the governments are increasingly aligned with World Health Organisation’s approach. Additionally the whitepaper acknowledges recent regulatory changes in Dubai’s healthcare sector to improve efficiencies, and an increasing focus on private-public partnership projects, which Dubai Healthcare City is leading the way on, as a primary enabler of industry growth.
Salim Dahman, Marketing and Communication Director, DHCA, said: “Since 2002, we have dedicated our efforts to realise Dubai’s goals of becoming a global leader in healthcare and wellness. To be able to address market demand, it is vital to understand its realities; and this whitepaper will help us to cater to the needs of our partners and the wider healthcare industry.”
Additional key findings shows that despite pandemic-related restrictions on global travel, Dubai doubled the number of health tourists in 2021, wherein spending by international patients during the year reached nearly USD 198 million.
Underling DHCC’s role as a key contributor to the emirate’s diverse economic growth, the paper revealed that the free zone contributed AED 2.8 billion to Dubai’s GDP in 2021, a figure expected to reach AED 3.4 billion by 2030. It has emerged as a catalyst for the healthcare job market, as it has now facilitated the creation of 15,760 jobs in Dubai.