MedTech Industry Outlook in the GCC Countries

Post-Covid-19 MedTech Industry Growth Analysis in the GCC Countries

The Covid-19 outbreak has severely impacted the global economy. Like other countries, the GCC countries have also experienced a significant impact on various industries including the MedTech sector. It has hampered the demand of the patients and customers for medical devices and services. While the demand for the PPEs, COVID 19 diagnostic kits, telemedicine, and remote engagement services, has touched a new height.

To support the MedTech industry, governments in the GCC have initiated several measures such as launching social infrastructure projects, the introduction of smart monitors and AI-associated medical devices, adoption of wearable technologies among patients, providing access to the COVID-19 combating devices, ease in guidelines related to medical devices, and introduction to innovative electronic platforms, among several others.

Analyzing the trend over the past few years before Covid-19, the GCC countries have made rapid advancements in the MedTech industry. During the Covid-19 also, to cater to the need of the patients, the countries have observed the growth of various digital start-ups, such as Altibbi, Vezeeta, HeyDoc, Medicus AI, Sihatech, Health at Hand, Nala, SaayaHealth, Yodawy, AlemHealth, Meddy, and Cura among others.

As the situation is getting normalized and more & more people are getting vaccinated, the MedTech industry is expected to gain growth in the near future. Increasing spending in the healthcare sector is one of the most welcome steps by the governments in the region that is likely going to improve the overall healthcare scenario. Similarly, the introduction of innovative technologies in the medical device segment, establishing the local manufacturing companies, geographical diversification, optimization in supply chains, an increase in investments for upcoming MedTech options, are some of the meticulous moves by the manufacturers, anticipated to provide momentum to the MedTech industry. The post-Covid-19 MedTech Industry Market prospects in the GCC countries look promising. Some of the key factors such as rising incidences of conventional diseases, growth in the geriatric population, rise in demand for alternative approaches, and technological innovations are expected to stimulate the MedTech industry growth. Similarly, the rising demand and favorable policies by the government will also create the avenue for the MedTech sector to bounce back in the coming years.