Research specialists Fitch Solutions, the content partners of Arab Health 2021, have estimated that the UAE’s medical device market will reach US$15bn by 2025, with an annual compound growth rate (CAGR) of 4.4% from 2020-2025
According to the Q2 2021 Fitch Solutions UAE Medical Device report, the market will benefit from an overall strong economic performance over the next five years. Key market drivers, including population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation, and new technologies, will underpin growth.
The medical device market includes any product used in healthcare for the diagnosis, prevention, monitoring or treatment of illness or handicap, other than drugs such as consumables, diagnostic imaging, dental products, orthopaedic and prosthetic products, and patient aids.
Ross Williams, exhibition director at Arab Health, said, “Arab Health has for the last 45 years been instrumental in the growth of the medical device sector by providing a platform to connect and do business with the global healthcare industry. In line with the UAE’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects, we expect to play a pivotal role in the continued growth.
“This will be supported by a strong economic recovery post-2021, Dubai’s hosting of the World Expo which will have an encouraging impact of the healthcare sector, as well as urban expansion and the UAE retirements visa.”
As part of the Arab Health 2021 live event, the exciting healthcare star-up competition, Innov8 Talks, returns. A stand will be dedicated to showcasing 32 start-ups and their pitches, each dedicated to improving healthcare with the latest unique and innovative solutions in prevention, management, operations and diagnostics, amongst others.
Innovations include smart inhaler technology for drug delivery in respiratory issues by FindAir; a non-invasive wearable glucometer using laser light by GlucoActive; Angelo, the first hospital bed with artificial intelligence by Valiamo; and prodROBOT by Prodromus, manufacturers and suppliers of high-quality rehabilitation devices aimed at children, with a real-time biofeedback system. Further underscoring Arab Health’s commitment to supporting innovators within the healthcare sector, a star-up zone has been created and will feature a host of regional and international companies showcasing their latest innovations.
Elsewhere on the show floor, companies including Draeger, Philips, Fujifilm, Honeywell, and Canon, will showcase their latest medical equipment advances.
A series of dedicated online focus days have taken place and will be available until 22 July. These are designed to outline the latest products and technological advancements in the industry through a series of informative sessions covering oncology, imaging and diagnostics, paediatrics, critical care, patient monitoring, endoscopy, wellness, orthopaedics, surgery, consumables, and medical furniture. Devices including the Aesculap Aeos by B.Braun, a new Robotic-assisted Digital Surgical Microscope Platform for neurosurgery, or the Fluorescence guided minimally invasive liver surgery by Richard Wolf Gmbh, have been featured.
“We’ve brought together a series of industry heavyweights at the forefront of innovation and technology in the healthcare sector. Now, more than ever, advances in medical devices are going to play a critical role in global recovery post-COVID-19,” added Williams.