UAE Pharmaceutical Market at $3.7B by 2020
United Arab Emirates is second only to Saudi Arabia in terms of pharmaceutical investment in Middle East countries, with the creation of tax-exempt drug development zones helping to ensure excellent growth prospects. It states that medical tourism, straightforward regulatory guidelines and increasing healthcare expenditure will also be key factors driving the UAE's pharmaceutical market, which is forecast to be worth $3.7 billion by 2020.
In 2013, the UAE's population stood at 9 million, an increase from 8.1 million in
2008. The United Arab Emirates' pharmaceutical market was estimated to have been worth $2.4 billion in 2013 and is expected to reach $3.7 billion by 2020 at a projected Compound Annual Growth Rate (CAGR) of 5.3%. The UAE's medical device market was valued at approximately $600.2m in 2008, and $733.3m in 2013. The medical device market is estimated to reach $978.9m in 2020 at a CAGR of 4.2% from 2014. The positive trends in UAE's healthcare market can primarily be attributed to the increasing coverage of healthcare insurance and government initiatives to improve healthcare facilities.
As per the director of healthcare industry dynamics of the team that worked on
CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates research report, UAE is benefiting from the establishment of health-related free zones, such as the Dubai Biotechnology and Research Park (DuBiotech), which have encouraged global pharmaceutical players to set up regional centers in the country. The director explains "The big draw for companies located in DuBiotech is that they receive a 100% exemption on corporate and personal tax, which is guaranteed for 50 years. Expenditure on pharmaceutical research and development in the UAE is very low compared to other countries, meaning that novel medicines must be imported at a high price, but projects
such as DuBiotech may help to redress the balance."
The key companies covered in CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates research report for the pharmaceutical market are Julphar, Neopharma, Pfizer, GlaxoSmithKline and Novartis. The key players covered for the medical devices market are Medtronic, Siemens Healthcare, F. Hoffmann-La Roche, Abbott Laboratories and Boston Scientific Corporation. Order a copy of this report at http://www.reportsnreports.com/Purchase.aspx?name=297438 .
The UAE's healthcare market will also be boosted by medical tourists, of which Dubai is aiming to have more than 20 million by 2020, according to UAEinteract. The director in charge further says: "Affluent patients from across the globe are willing to travel to find the best hospitals and healthcare facilities. The UAE offers a world-class service in terms of availability and quality, and is easily accessible to the rest of the world thanks to its airline and airport infrastructure. The Dubai Health Care City is providing a platform for increased medical tourism and will bring more revenue to Dubai and the UAE, driving market growth at a much faster rate than historically."
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