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How is the Healthcare Market Positioned in UAE? The healthcare market in the country has been immensely driven by the rising High prevalence of diabetes and obesity, aging population in the country, rising medical tourism, government support to build advanced healthcare infrastructure, mandate health insurance policy in Abu Dhabi & Dubai, and accelerating self-caring attitude among the people. The pharmaceuticals segment has experienced a substantial growth in the last five years majorly due to increased prevalence of chronic diseases among the UAE residents and large number of medical tourists entering into the UAE for their treatment purpose. There are several factors which have led to this growth such as increased prevalence of obesity and diabetes, increased expenditure by government on healthcare facilities towards its strategy Medical tourism hub – Dubai, increased per capita income of people in UAE, & implementation of mandate health insurance in Dubai and Abu Dhabi. The medical tourism in the country has increased at a rapid pace during the last five years, and is anticipated to experience high growth during the forecast period. The government of the UAE is working hard to achieve its target of ~ medical tourists in Dubai in 2020 as a part of 'Dubai, a Global Destination for Medical Tourism' project launched by His Highness Shaikh Hamdan bin Mohammad bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai. The government strategy is expected to achieve laurels by 2020 as the number of medical tourists in the nation is increasing every year. Year 2014 and 2015 welcomed ~ and ~tourists in UAE respectively which is further expected to increase to ~ in 2016 and ~ in 2020, generating revenue of approximately USD ~ million and USD ~ million respectively. What factors have Led to the High Imports of Medical Devices in the UAE? UAE is an import driven market in context to medical devices. The imports of medical devices and accounted for a lion share of ~% from the total revenue market in 2015 in both the segments. Expanding healthcare infrastructure in the country is the major factor which is driving medical devices market in the UAE . On the basis of applications, medical devices market is differentiated into diagnostic imaging products, medical consumables, dental products, assistive devices, orthopedic and implants, and others. Diagnostic imaging products dominated the market with revenue share of ~% in 2015 owing to the rising number of diagnostic centers and increased demand for diagnostic procedures to cater rising incident rate of chronic diseases in the country. Household demand for medical devices is on rise in the UAE. The segment experienced the growth of ~% over the span of six years. Rising availability of medical devices to undergo procedures at home, economic affordability of home- use devices, and pressure of work prohibiting individuals to visit healthcare centers and hospital for procedures are the major factors which have escalated the household demand. Institutional demand however, is dominating the market with revenue share of ~% in 2015. Large number of procedures, high demand for technologically advanced equipment with rapidly developing healthcare infrastructure in the country and the economic stability of the government to purchase innovative and expensive medical devices has helped the segment in gaining dominance in market, in terms of revenue in UAE. Abu Dhabi dominated the UAE Medical Devices market in the year 2015, with the revenue share of ~%. Presence of large number of hospitals in the region to cater high population is the major factor which has led to the dominance of the region with respect to sales of medical devices. Dubai incarcerated second position with the revenue share of ~% in 2015. Rising number of healthcare settings owing to the elevating medical tourism in the emirate has driven the market for Dubai. What is the role of Increased Investment in Healthcare Sector in UAE Medical Devices Market? Rising investment on healthcare infrastructure is the major trend which has resulted in increased demand for medical devices in the UAE. In 2015, the Ministry of Health, UAE gave licenses to ~ health facilities including three hospitals, four day surgery centers, ~ polyclinics, ~ pharmacies, four diagnostic centers, and ~ other healthcare facilities. Additionally, many healthcare providers are opening new avenues in the country. For instance, Vital Poly Clinic is opening new centers of skin clinic for providing solutions for different skin diseases ranging from acne to HIV related skin issues. Similarly, Medstar Day Surgery Center is in plans to invest around USD ~ million for setting day surgery center in the UAE. Dubai Health Authority had also announced that the government agency would be establishing three new hospitals and~ health centers by 2025 in Dubai. All these newly established centers would demand for medical devices. Gulf Drug LLC, Abu Dhabi International Medical Services, Modern Pharmaceutical Company, and Atlas Medical are major importers in the market who are working as exclusive partners for medical devices manufacturers. Gulf Drug LLC dominated the market with revenue share of ~% in 2015.
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