Healthcare expenses in the UAE may increase by as much as 9 percent in prediction of a quickly aging population and because of above average medical variation rates and the implementation of compulsory health insurance, as per the new report from Alpen Capital.
In its GCC healthcare industry report, Alpen Capital stated that the GCC’s current healthcare expenditure (CHE) is predicted to reach $104.6 billion in 2022, registering a compound yearly growth rate (CAGR) of 6.6 percent from an calculated $76.1 billion in 2017.
As per Alpen Capital, the growth is being piloted by expanding populations, a high commonness of non-communicable diseases, increasing treatment costs and the expanding penetration of health insurance.
In addition, the report stated that the outpatient market size in the region is predicted to increase at an average rate of 7.4 percent every year, to $32 billion between 2017 and 2022. The restless market is forecast to expand at a CAGR of 6.9 percent to $45.4 billion.
On a country-by-country basis, the report forecasts that CHE will extend at annual average rates of between 2.6 percent and 9.6 percent. The UAE and Oman are both forecast to experience growth rates of above 9 percent, while Saudi Arabia – the region’s biggest market – is expected to see 6.1 percent growth in CHE.
The report also mentions that the region is expected to need 12,358 new hospital beds by 2022, which translates into an calculated annual growth of 2.2 percent from 2017 to reach a total bed capacity throughout the GCC of 118,295.
The report stated that there are over 700 healthcare projects worth $60.9 billion in various stages of development throughout the GCC.
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