GCC Medical Devices Market
The GCC region has an overall strong demand for medical devices , the demographic factors drive increasing demand for healthcare due to chronic disease burden associated with the ageing populations and unhealthy lifestyles, Kuwait as example is the highest obesity rate in the world , With some of the richest economies in the world ,rapid population growth and rapid increase in health care expenditure,including mega project ,make it one of the most attracted region in medical device. According to the latest GCC Construction Intelligence report issued by BNC Network, 445 projects worth $51.9bn (AED190.47bn) are hospital projects.The remaining 262 projects are worth $9bn (AED33bn) are medical clinics or research centres.
Mandatory health insurance scheme, that is gradually bringing the entire population of the GCC under medical insurance cover will continue to support inevestment in healthcare.
Saudi Arabia represented 58.5% of the region’s healthcare market with CHE of US$ 37.7 billion in 2015
The average annual spend on healthcare in the region was US$ 1,234, higher than the global average, but much below that in the UK, the US and Germany.
The GCC countries have one of the highest prevalence of diabetes and obesity in the world, the region is home to over 700 hospitals accommodating more than 103,000 beds. Saudi Arabia had 470 hospitals with 70,844 beds by end-2016, representing nearly 70% of the region’s bed capacity. The UAE followed with a capacity of 12,540 beds, of which nearly 55% is held by the private sector. On the other hand, the public sector share ranges between 75% to 90% of the hospital beds in the other GCC countries. With the dramatic fall in oil prices, the governments are encouraging the private sector to play a greater role in addressing the rising demand for healthcare services.
The GCC bed density at 1.9 beds per 1,000 people is lower than that in the other developed countries like the US, the UK and Singapore.
GCC Medical devices geographic breakdown comparison to MENA region