United Arab Emirates is known for its exceptional healthcare facilities with cutting edge innovations introducing within the sector every other day. As estimated, the total number of doctors and professionals in this sector is around 181 per 100,000 residents. However, the non-residents have to bear some steeper pricing as compared for the locals.
The Rise in Healthcare Demand
The demand for healthcare increases as the population rises. According to the statistics, the MENA population rises from 100 million in the year 1950 to 500 million in 2010. Moreover, as the estimated rise of 800 million by 2050. An important aspect of the UAE population is that the majority of the population lies between the age group of (1965-1980) which forms the Generation X. It shows two aspects, where a large group of this generation can be helpful in offering services to expanding the healthcare sector, the other half creates the majority of demand for exceptional treatments.
The Rise In Healthcare Revenues In The UAE
The UAE healthcare expenditure is expected to rise up to 9% as the population is ageing rapidly. According to the Alpen healthcare report, the expenses are expected to reach up to $104.6 billion in 2022 with an annual growth of 6.6% forming an estimated increase of $76.1 billion. The report further stated the reason for generating such increment referring it to the expanding population, increased treatment costs, and prevalence of untreatable and severe diseases. Apart from this, the outpatient market in the UAE has also shown an increase in its growth up to 7.4% generating a revenue of $32 billion from the year 2017 to 2022. Whereas the inpatient market of UAE has increased up to 6.9% producing the revenue of $45.4 billion. As per the recent report, the UAE market is expected to grow up to 8.5% from the year 2018 to 2023. As the population rises, the UAE government is taking the necessary initiative to eliminate the cause of severe health disease and forming reasonable solutions to treat and cure the patients. This has increased the tourism industry as well, where4 the tourist feel motivated to visit the regions. Apart from this, the UAE government is attracting and encouraging the private sectors as well to invest in the healthcare sector. The widespread use of technology and the capabilities it provides to bring innovation makes the healthcare industry a potential sector to generate accelerated revenues. Furthermore, over 700 potential projectshave now been established all over the UAE indicating the maximum investment of $60.9 billion in different stages of development. Not only this, in the year 2017, but 12,358 new hospital beds were also installed along with increasing the bed capacity of 118,295.
The UAE Healthcare Investments
UAE focus to create a world-class healthcare facility for its residents. Catering to the demands of its people, the country practiceshighly technological advancements in different departments of Medical treatments in Dubai. During the last few years, the growth in UAE expenditures has accelerated greatly due to the increase in its population. According to the World Health Organization, one-third of the population is suffering from obesity whereas one out four is having high diabetes. These are the two common disease found among the residents especially among the locals due to their extravagant living standards. The overall UAE’s expenditure has raised to $13.7 billion in the year 2018. By the year 2019, the figure reached almost 14.4 billion (AED 53 billion) indicating a rise of 5.4%. The total spending by the year 2023 is predicted to reach up to $18.3 billion (AED 67.2 billion). Furthermore, a decade survey to estimate future spending indicates that healthcare spending will reach up to $26 billion (AED 95.5 billion) by the year 2028. Not only this, the entire spending in the light of the country’s GPD will also reach up to 3.6% in the year 2028 as per the Business Monitor International (BMI).
The Shift From Public To Private Healthcare Providers
UAE is undoubtedly renowned as the fastest growing country in the GCC healthcare hub with its ample contribution to stabilizing the healthcare sector. According to the Al-Masiha report, in the year 2011, a total of USD 10.8 billion was invested in the sector. With the increased contribution of the private sector, the investments are likely to go beyond the estimated figure. Private healthcare companies are gradually sharing a large proportion of contribution to the department. When it comes to government investments, an equal share was split between the local and private healthcare sectors in the year 2006. However, according to the National Bureau of Statistics the share raised to 64% in the year 2011.
The Vision 2030
Vision 2030 refers to the government plan that will bridge the gap of all the healthcare deficiency to cater to the needs of the growing population and the gap that was created to the decrease in the over the last few years. As per the strategies laid don win the Vision the spending will reach out to US$3.5b by 2021.
Health Insurance Creates Enormous Opportunities
The mandatory healthcare insurance policies in the UAE have contributed to generating ample opportunities in expanding the overall growth in the sector. The compulsory healthcare laws have generated an increase in healthcare services for both the outpatient and inpatient demands.Moreover, as per the Vision 2030 plan, the expenditure allocated for private-sector covering the insurance needs is expected to reach 2021 up to US$3.5b. The revenues have increased to a huge extend. In the year 2016, it was around US$2.4b.
If you ponder on some inspiring facts about the region, you will find out how important healthcare sector is for the UAE. Dubai alone receives 326,649 medical tourists every year. Furthermore, the number is expected to reach up to 500,000 in 2020. Among the premium healthcare facilities the ophthalmology, orthopedic and dermatology receive the greatest importance and demand from patients all across the globe. Covering some of the most common to sever diseases, the UAE healthcare insurance plan facilitate hugely to all the patients. You can get the cover for maternity needs to the treating the sever cancer cells. The success of UAE’s healthcare sector lies in the strategic panning to expend to industry utilizing the manpower along with cutting edge technology. In the coming years, more innovations are expected tosurface in the industry.