GCC Digital Health Market is expected to witness a double-digit growth by 2027 : Growing Investment Opportunities in KSA and UAE

Digital health refers to the utilization of advanced digital technologies to manage illnesses, diseases and health risks and to enhance the segment of wellness. An emerging scope of digital health includes various healthcare segment such as Telehealth, mHealth Apps, Connected Medical Devices & Services, Electronic Health Records (EHRs), Electronic Medical Records (EMRs), Healthcare Analytics, Digital Therapeutics, etc.

Emerging Government Support and Foray of Several Health Tech Startups Triggers the Growth of the GCC Digital Health Market

Saudi Arabia accounts for nearly 60% of the GCC countries healthcare expenditure and healthcare still remains a major priority for the Saudi government. In the Budget of 2023, Saudi Arabia intends to further invest USD 50.4 billion (SR189 billion) in Healthcare and Social Development. A large part of the budget is projected to be allocated for digital health to improve accessibility, efficiency, and transparency within the whole healthcare system.

The Saudi government is emphasizing majorly on preventive healthcare services and plans to digitalize 70% of its patient activities by 2030, to decrease its total dependency on hospital care.

In an endeavor, to enhance healthcare and artificial intelligence (AI) in Saudi Arabia and other GC regions, in May 2023, King Faisal Specialist Hospital and Research Centre (KFSH&RC) introduced the Strategic Partner in Innovation & Excellence (SPInE). The initiative plans to establish an open, interoperable platform which gathers all healthcare data, tools, and algorithms. It is most likely to enhance the applications of AI in diagnostic imaging, genetics, preventive care, and population health and promote partnerships between healthcare specialists, researchers, and technology users.

The emergence of several health tech startups such as Cura Healthcare, Nala Health, Altibbi, Ynmodata, Labayh, among others in KSA and UAE is driving the growth of the GCC digital health market. Advanced digital tools and technologies such as Artificial Intelligence, the Internet of Things (IoT), and Big Data Analytics are being integrated into the healthcare services to predict, prevent and manage illnesses and diseases effectively.

UAE is implementing the electronic health records in its healthcare system. It maintains an easy, integrated, and paperless health record “Wareed” which reduces all the medication errors and hospital visits, which was enriched with the introduction of the new service ‘ClinicalKey‘. UAE is negotiating discussions with private database providers such as Cerner Corporation, Epic Systems, InterSystems to unify and create an integrated medical record with all public and private information linked. The UAE government is also supporting telemedicine and has introduced various telemedicine facilities and has collaborated with leading private healthcare companies. The Telecommunications Regulatory Authority (TRA) of UAE has given its green signal to leading healthcare companies to provide telemedicine solutions.

Rapid Growth in the GCC Digital Health Market Post Covid-19 Pandemic

Due to strict government norms on social distancing during the COVID-19 pandemic, GCC countries had seen a quick surge in the application of virtual care solutions, such as online doctor consultations, online e-prescriptions, online pharmacies, remote patient monitoring solutions, etc. which is estimated to be the upcoming trend in the Arab segment. COVID-19 pandemic had created a fertile environment for all digital health startups. GCC region had seen the emergence of many digital health startups post Covid-19 pandemic.

“Post Covid-19 Pandemic, in order to improve the patient experience and enhance the quality of patient care, the adoption of digital health increased in leading GCC regions such as Saudi Arabia and UAE. Growing number of Saudi-based companies such as Nala Health (Acquired by Integrative Health) and Cura Healthcare which provides instant online consultations to tailored digital care programs are key examples. Also, to reduce the need for physical hospital visits, Saudi Arabia’s Ministry of Health (MoH) has launched various apps such as Mawid, Tabaud, and Seha, which provides virtual online consultations.”-Partner, UAE-based Venture Capital Firm

Positive Funding Environment Triggers the Growth of the GCC Digital Health Market

In recent few years, the GCC regions has seen a rapid surge in the fundings for digital health startups which is further projected to boost the growth of the GCC Digital Health Market.

For instance,

  • In June 2022, WEMA Health, a digital health startup, launched its services in UAE after raising $3.50 million in a seed funding round led by Dawn Health, Europe’s leading digital health company. The company offers a virtual obesity programme to help its members lose up to 20% of their body weight.

Competitive Landscape Analysis: GCC Countries Digital Health Market

Some of the top and emerging players operating in the GCC Digital Health Market are listed below: -

·        3M Health Information Systems

·        GE Healthcare

·        Philips Healthcare

·        InterSystems

·        Cerner Corporation

·        Epic Systems

·        Altibbi

·        Cura Healthcare

·        Integrative Health (Acquired Nala Health)

·        Ynmodata

·        Labayh

·        AlemHealth

·        Okadoc

·        Vezeeta

·        GluCare.Health

The GCC Digital Health Market is poised to gain a constant momentum in the coming years due to an emerging digital healthcare environment, rising demand for telehealth, virtual visits, mHealth and remote patient monitoring services, online pharmacies and prescriptions, online fitness classes, diet-management apps, patient condition-management, mental well-being apps, global adoption of wearable medical devices, increasing investments in Healthcare-IT, rapdi and recent product developments by leading market players, and aggressive growth strategies adopted by the top and emerging market players.

Get More Detailed Insights on GCC Digital Health Market with a FREE Sample Report @ https://meditechinsights.com/gcc-countries-digital-health-market/

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