Recent technology and scientific development afford endless opportunities for augmenting the health care sector. Yet this sector is still facing many provocations like spiraling costs, the advancement favoring value-based care, and a rise in chronic conditions. Bound in with more cautioned and linked customers and the swift move favoring digitization, the health sector in the Middle East region is sustaining major alteration to dispatch centric care, with better health sequel at more budget and workable costs.
The current pandemic and probability of future outbreaks have questioned healthcare organizations. It boasts more flexibility and workable models forging opportunities for current models of care. Also, it grabs digital alteration, inspecting of new finance models, and in prevalent a closer connection between the public and private sectors.
The health care sector in the Middle East is achieving an interesting grip on account of several factors, along with government resources to stimulate medical tourism, developing health insurance protocols, and expanding tendency amid the local population to devour digital health facilities. Global healthcare ventures realize that there is a major development in this sector and are trying to sense the exact business model.
As the potential of the healthcare ventures is developing the procedures, so does their connection with the IT solution contributors, particularly when the technology has become the essential part of the healthcare funds and conveyance. While the market shareholders are figuring out the various options, industry experts feel that this is the favorable time to blend in this angle on this arising opportunity. To strengthen the HLS ITS market encounter and explore the abilities to examine the market beyond five key proportions. They are:
- Key growth drivers
- Key markets and major players
- Market opportunities
- Market challenges
- Role of IT service providers
Key shifts and changes in the Middle East healthcare market:
Some of the observations in this research are:
- The Middle East health care market is developing at a fast rate of about 10%, which is twice as speedy as the global health care market.
- Five countries: Saudi Arabia, Iran, Israel, Egypt, and UAE mainly influenced the healthcare market. They cover over 85% of the Middle East market.
- It is found out that various factors contribute to the health care market, like governments sector in the Middle East is categorizing healthcare in their yearly budgets with healthcare occupying 5.5% of the GDP as compared to 4% previously, and also rising occasion of lifestyle connected diseases merging with expanding materialism that has additionally fueled the development of the healthcare market in the Middle East.
- Alternatively, the government allowing various initiatives such as tax-exempt zones, business welfare, and compulsory insurance to report many overseas entities are also financing in the Middle East market
- The main juncture in this market is financing in medical tourism, growth of the aspect in the health care hub, development of long-term potential, and embracing technology-powered healthcare.
- Though the broadening may seem promising, there are yet some challenges that require control, like the foreign affairs uncertainty, administrative and polished differences and absence of talented professionals.
- The key priority for health care providers is particularly technology-related health care funding, thus IT service contributors raise profits given the chance.
- IT service contributors based on US healthcare experience are in a powerful position, as healthcare data quality and development are ensuring the US formats.
- It is a must that they should associate with a local player and grasp the PPP model, as the governments in the region have encouraged it.
The Government has increased the scale of investments even in rural areas and that has become an advantage for growth opportunities. It also has promoted an increase of excessive income in urban areas. Also, it was found out that there was an increase in preference for personalized treatment at home. People have realized care testing devices.
Recent research in the MENA region healthcare market is a fragment into the following categories:
- Testing, screening, & monitoring products
- Therapeutic products
- Mobility care products
- Home Telehealth Monitoring Devices,
- Home Telehealth Services
- Home Telehealth Software
- Rehabilitation Therapy Services
- Infusion Therapy Services
- Unskilled Care Services
- Respiratory Therapy services
- Pregnancy Care Services
- Skilled Nursing Care services
- Palliative Care Services
- Agency Software
- Clinical Management Systems
- Hospice Solutions
Topographically, it is believed that GCC countries are awaiting a promising development in the MENA home healthcare market. They predicted that these countries have a market size of USD 102 billion in 2024. In the UAE, healthcare is a rapidly developing sector, having about 79% market share. Alternatively, countries like Oman, Kuwait, and Qatar have substantial market shares in the future.
Key Market Participants:
Some companies that play a major role in the MENA healthcare market are Almost Family Inc., Amedisys Inc., General Electric Company (GE)., Kinnser Software Inc., Linde Group, Omron Corporation, Roche Holding AG, Philips Healthcare, McKesson Corporation, LHC Group Inc., Kindred Healthcare, Fresenius Se & Co Kgaa, Abbott Laboratories, and Apria Healthcare Group.