The MENA Region Is A Promising Destination for The Healthcare Industry, and this is why…
Businesses in the MENA region have grown steadily during the previous half-century. The MENA region has public and private sectors, each with unique strengths that have contributed to the region’s development. Although the private sector is smaller, it is controlled by lively and dynamic organizations, while the public sector benefits from significant foreign investment. This has encouraged many companies to generate and expand their businesses in the MENA region.
The International Position of the MENA Region
The MENA region has a strong geographical and economical position globally. Despite periods of infrastructure instability, the region has always been resilient to adversities. And we cannot deny the fact of how vibrant these markets are, aided by natural resource richness.
There are countless success stories of enterprises that have benefited from the MENA’s great trading conditions, particularly the low personal and corporate tax rates that are designed to attract new businesses.
The Healthcare Opportunities
Healthcare opportunities are booming in the Middle East. According to a recent report from the US-UAE Business Council, healthcare expenditure in the UAE is expected to grow from $17 billion in 2017 to $21.3 billion by 2021, while the UAE Healthcare Sector Outlook 2023 report predicted a compound annual growth rate (CAGR) of 8.5% between 2018 and 2023.
The medical devices market in the MENA region was recently valued at USD 19.6 billion, with growth occurring each year. The factors that are driving growth in the healthcare demand include:
- With an aging population, the total number of people aged over 60 in North Africa will increase to 20% within 40 years
- Rapid and ongoing socio-economic changes
- Lengthening life expectancies
- A shift in lifestyles is contributing to the early onset of new medical conditions
- Sedentary lifestyles that lead to an increase in obesity
- High cancer rates
- A high percentage of the population is affected by diabetes
A recent report by Export.gov found the following medical equipment items as the most in-demand:
- Diagnostic imaging equipment
- Oncology and radiology equipment
- Disposables
- Surgical and medical equipment
- ICU monitoring equipment
- Laboratory and scientific equipment
- Mobile clinics
Companies that offer such medical products have a great opportunity to take advantage of growing needs in this industry. Simultaneously, labor challenges such as a lack of competent clinical staff and a strong reliance on expatriates are growing the demand for medical technologies such as medical innovative products, digital health, artificial intelligence, and robotics to fill the gap. The market for medical technologies in the MENA region is expected to reach $31.6bn by 2025.
Why Expand in the MENA region?
Companies that are willing to expand in the MENA region can benefit from the opportunities the market offers in terms of needs. Here are the main benefits of expanding in the MENA region:
- Generate new business
- Grow your presence in the MENA region
- Increase product/service exposure
- Network with industry leaders & potential buyers
- Stay up-to-date & competitive
- Launch new products & services
- Understand your product in the market
As many organizations choose the MENA region to generate new businesses and expand their operations, the medical equipment industries benefit from the high socioeconomic growth. Mena Medical Development (MMD) develops strategic partnerships with medical solutions manufacturers and distributors in the Mena region. MMD can assist you whether you are a medical distributor trying to increase your portfolio or a manufacturer of high-quality medical equipment looking to expand your export to the MENA region.
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