www.bahrainthismonth.com 82 April 2023 commerce World Health Day is seen as a day to focus on healthcare, its challenges, and successes every year. Following the pandemic, there’s no denying that a well-developed healthcare infrastructure is essential – a realisation that has led to the monumental expansion of the health sector. This month, Pria Masson explores the top three factors that she believes will be a big part of this thriving industry. I have been watching regional versions of Shark Tank lately. Recent episodes had a spate of health-based products. There were health technology, mental health and AI, wellness and even healthy snack options. It got me thinking about how the greater the problems there are in an industry, the larger the opportunity. Data from 2021 shows that global spending on health innovation reached USD44 billion, double the amount in 2020. In 2021, the acquisition of health and health-tech companies rose by 50 percent. In the GCC, healthcare expenditure in 2020 ranged from 7.6 percent of GDP to 4.8 percent of GDP as against the global average of 10.3 percent of GDP. Medical Devices – A Key Area of Focus The Middle East and Africa (MEA) medical devices market is expected to reach USD 21.8 billion by 2027. The key countries contributing to this growth are expected to be the UAE, Saudi Arabia and South Africa. The healthcare sector in the region has been witnessing collaborations to shift manufacturing to the region. In 2022, the UAE government signed MoU’s worth over USD70 million between major pharmaceutical and medical devices companies in the UAE. As per Frost and Sullivan, the MedTech sector domestic manufacturing will gradually take over in the GCC region, driving the diagnostic and patient monitoring devices market growth to nine or ten percent.
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