GCC Countries Digital Health Market is set to witness a healthy and double-digit growth by 2027 : Emerging Growth Opportunities and Increasing Investments in Saudi Arabia & UAE

Digital health refers to the use of digital technologies (information and communications technologies) to manage illnesses and health risks and to promote wellness. The broad scope of digital health includes various categories such as Telehealth, mHealth Apps, Connected Medical Devices & Services, Electronic Health Records (EHRs)/Electronic Medical Records (EMRs), Healthcare Analytics, Digital Therapeutics, among others.

Favorable Government Support and Foray of Health Tech Startups Fuels the Demand of the GCC Countries Digital Health Market

Saudi Arabia accounts for ~60% of the GCC countries healthcare expenditure and healthcare remains a top priority for the Saudi Arabian government. In Budget 2023, Saudi Arabia plans to invest $50.4 billion (SR189 billion) in Health and Social Development. A major chunk of this budget is expected to be directed toward digital health initiatives to enhance accessibility, efficiency, and transparency within the healthcare system.

The Saudi government is focusing more on preventive health services and intends to digitalize 70% of patient activities by 2030 in order to reduce its dependency on hospital care.

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

The foray of several health tech startups such as Cura Healthcare, Nala Health (Acquired by Integrative Health), Altibbi, Ynmodata, Labayh, among others in Saudi Arabia and UAE is also fueling the digital health market in the region. Digital tools such as artificial intelligence, the Internet of Things (IoT), and big data analytics are increasingly being integrated into healthcare services to predict, prevent and manage diseases more effectively.

The UAE is also aggressively implementing electronic health records. It maintains a comprehensive, integrated, and paperless health record "Wareed" that minimizes medication errors and hospital stays, which was further enhanced with the introduction of the new service 'ClinicalKey'. The country 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 actively supporting telemedicine and has introduced several telemedicine facilities and has collaborated with several private healthcare companies. The Telecommunications Regulatory Authority (TRA) of UAE has also given its green signal to several companies to offer telemedicine solutions in the country.

As a part of the Public-Private Partnership (PPP) Model, GE Healthcare, the Ministry of Health and Prevention, and Abu Dhabi International Medical Services have collaborated to form 'Unison' - UAE's first public sector teleradiology capability to bring about instrumental changes in the UAE healthcare system.

The Ministry of Health and Prevention in the United Arab Emirates (UAE) plans to launch a comprehensive "Smart Digital Health" regulatory framework by the end of the year 2023, which will require all healthcare providers in the country to offer at least one form of remote service. These include consulting, prescribing medications, monitoring patients, or performing robotic surgeries.

Significant Rise in GCC Countries Digital Health Market Post Covid-19 Pandemic

Due to strict government regulations on social distancing during the COVID-19 pandemic, GCC countries witnessed a significant increase in the utilization of virtual care solutions, such as online doctor consultations, e-prescriptions, online pharmacies, remote patient monitoring (RPM), among others which is expected to be the new normal in the Arab world. The COVID-19 pandemic has also created a fertile environment for all digital health startups. The region witnessed the emergence of several health tech startups during post Covid-19 pandemic.

"Post Covid-19 Pandemic in order to enhance patient experiences and improve the quality of care, the adoption of digital health increased manifolds in key markets such as Saudi Arabia. The growing prominence of Saudi-based companies such as Nala Health (Acquired by Integrative Health) and Cura Healthcare that offer instant consultations to tailored digital care programs are key examples. Also, to eliminate the need for physical hospital visits, Saudi Arabia's Ministry of Health (MoH) has launched apps like Mawid, Tabaud, and Seha, which offer virtual consultations."-Partner, UAE-based Venture Capital Firm

Favourable Funding Environment Fuels the Growth of the GCC Countries Digital Health Market

In the recent years, the GCC region has witnessed an increase in fundings for digital health startups which in turn is expected to bolster the growth of the GCC Countries Digital Health Market.

For instance,

In June 2022, WEMA Health, a digital health startup, launched its services in the UAE after raising $3.50 million in a seed funding round led by Dawn Health, Europe's digital health company. The firm provide a virtual obesity programme to help its members lose up to 20% of their body weight by deploying in-house experts.

Competitive Landscape Analysis: GCC Countries Digital Health Market

Some of the key and well-established players operating in the GCC Countries 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, among others.

Organic and Inorganic Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in GCC Countries Digital Health Market

All key players operating in the GCC Countries digital health market are adopting organic and inorganic growth strategies such as launching new products and services and entering into collaborations to garner higher market share.

For instance,

In March 2023, King Faisal Specialist Hospital and Research Centre (KFSH&RC) inked a non-binding Memorandum of Understanding (MoU) with Oracle to accelerate the application of electronic medical records technology and improve digital transformation in the Saudi healthcare sector.

The GCC Countries Digital Health Market is expected to gain further momentum in the upcoming years with a growing digitalized healthcare environment, an increasing demand for telehealth, virtual visits, mHealth and remote patient monitoring (RPM), online pharmacies, online fitness classes & diet-management apps, condition-management & mental well-being apps, growing adoption of wearable medical devices, investments in the healthcare-IT sector, increasing product developments by key players, and aggressive organic and inorganic growth strategies followed by the market players.

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

Ruta Halde
Associate, Medi-Tech Insights
121/7E Avenue Franklin Roosevelt,
1050 Brussels, Belgium
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.