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Pharmaceuticals and Digital Health Account for Around 75% of Revenue and Drive Growth
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GCC accounts only for 1.2% of the global HC revenue, but it is the region that saw the highest growth rate in the last decade. GCC has opened doors to global suppliers and moved beyond US imports, which is likely to be the game changer in the 2020s. Technology and digitization are in higher demand than ever before because of higher awareness and the shortage of skilled resources. The growth of domestic manufacturing and investment in start-ups will open doors for the competition and make healthcare affordable and available for all. The development of a sustainable supply chain in the 2020s will drive the penetration and adoption of healthcare products in the region. The region promoted local production of generics in 2019, thereby increasing the pharmaceutical revenue in the region by 5% to 10% annually. This is likely to have been driven by KSA and UAE. In the IVD market, NGS technology will be the key driver and is likely to see a double-digit growth rate. UAE, KSA, and Kuwait were key contributors for this growth. AI that enables imaging services has seen high adoption from the last quarter of 2018. We expect it to be the key focus for tertiary hospitals. GCC digital health market is likely to grow significantly to capture 4% to 6% of the global market. Medtech vendors have grown their market by supporting the private sector’s growth in the region, and it is only likely to grow further with a higher double-digit growth rate. This study has been developed to support investors, healthcare companies, and other GCC organizations to understand the growth potential, opportunities in this rapidly changing industry. The base year for the study is 2018; the forecast is for 2020.
Key Issues Addressed
Global Orthopedics Growth Opportunities
GROWTH OPPORTUNITIES IN SYNTHETIC BIOLOGY, AI AUGMENTED DIAGNOSTICS, MICROBIOME ENABLERS, BIOMARKER DISCOVERY, AND LAB AUTOMATION
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