1. UAE is the fourth largest medical device market in the Middle East, growing @~8% CAGR during 2015-2020, and is poised to grow more in the next five years.
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The medical device industry of UAE has registered positive growth during the review period of 2015-2020. Here, UAE’s increasing budget allocation for the healthcare sector and ongoing healthcare development projects has played a pivotal role in the continued growth. Moreover, the increasing disease burden of chronic diseases and growing medical tourism are also helping the industry to expand. Besides it, the rising demand for Radiography devices, and telehealth services will drive the growth of the market in the future. Presently, the medical device market is expected to expand at a CAGR of ~6% between 2020 and 2025F.
2. Medical Consumables, Diagnostic Imaging Products, Respiratory Products, are some of the major contributors to the overall revenue of the medical devices sector in USA.
The UAE medical device sector is continuously growing with Medical Consumables dominating the segment followed by Diagnostic imaging products, respiratory products, and Dental and orthopedic products. The Medical Consumables, Dental, and Orthopedic Products are highly expected to showcase highest growth in the coming years as many local manufacturers are entering into the market with their products. The demand for such products will be driven by rising demand for more sophisticated and modern medical products, increase in ageing population and deaths in the country along with increased government support and increased expenditure on healthcare.
3. Presently, the UAE medical device market relies heavily on foreign imports due to the underdevelopment of domestic medical device industry.
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Large MNC’s in UAE lead the high technology end of the Medical Devices market with extensive service networks and local manufacturers producing products in the lower end of the technology value chain. This is because the medical equipment sector of UAE is highly price-sensitive and import-driven market with advanced medical devices being imported from countries such as Germany, Japan and China.
The local companies majorly deal in surgical gloves, bandages, hospital hollowware and other equipment. Also, the other reason for the lower share of domestic production is majorly due to the lack of capabilities and fewer numbers of local manufacturing companies in the UAE. Further, around 50% and 25% margins are charged by distributors on Medical Consumables and Equipment’s respectively.
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