1. UAE Health-Tech Market has grown at a CAGR of 57 % in 2021 and was fuelled by the Covid-19 pandemic
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The UAE Health-Tech market witnessed a quite robust growth in recent years. A steady uptick can be seen over the period 2018-2021. The overall market grew at a CAGR of 57.2% with a major portion of the market being dominated by the Healthcare IT systems. The main growth drivers were:
- COVID-19 has led to a change in consumer preference and priority for Health tech products in the UAE.
- Abu Dhabi Health Services is implementing an electronic Medical Record across 14 hospitals and 65 clinics. Patient Data will drive efficiency and reduce duplicate procedures
- Fuelled by the development of integrated technologies traditionally found in the clinic, e.g. blood pressure, blood sugar or wound management tools that are connected electronically to the PHR or EMR.
- Increasing tendency of self-diagnosis among the population and higher affordability over the online platforms with inclusive tax relaxations, and subscription based benefits further drives the growth of the UAE e-pharmacy market.
2. The Health Tech market is yet to experience the entry of multiple domestic and international players and is expected to mature and consolidate in the near future
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Various segments of UAE Health tech market such as E-pharmacy, Online consultation & Health IT Solutions vary between being highly concentrated to moderately concentrated. When it comes to e-pharmacy, smartphones are expected to act as point-of-care and home health diagnostic tools for conditions such as urinary tract infections or diabetic eye disease while IoT connected devices, cloud based algorithms, and quantum computing can enable real-time diagnosis and insights. In online consultation, development of holistic platforms which are expected to cover a wide range of services including doctor consultation, prescription and report management, diagnostics, e-pharmacy, wellness and disease management services is also going to be seen. Moreover, in Health IT solutions, improved data storage and handling, data ownership, liability of various stakeholders are some probable future trends.
3. Telemedicine, AR & VR, blockchain, Artificial Intelligence, machine learning, and the use of data are some of the trends that are going to shape the health-tech market in the coming years
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The UAE Health-Tech Market is expected to witness a steady, robust growth over the next few years, driven mostly by technological innovations like artificial intelligence, machine learning & data usage. Emergence of the teleconsultation platform ecosystem enabled by mobile medical units and intermediaries for access, adoption and scalability, AI will prove to be a vital tool in identify patterns which will generate more insights and make health tech companies more efficient in terms of handling and manufacturing & VR environments that help train people to deal with mental health issues such as Bipolar Disorder, Post Traumatic Stress Disorder & stroke patients resolve motor deficits are some key trends that will most probably shape the future. Healthcare IT Solutions is expected to hold the largest market share while online consultation will probably hold the smallest share.