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GCC Healthcare market expected to hit $70 billion this year

GCC healthcare growth
Currently, GCC is spending just around 50 percent of what mature markets invest on healthcare

The healthcare sector in the Global Cooperation Council (GCC) is expected to be worth $70 billion and is likely to rise at a compound annual growth rate (CAGR) of 5 percent.

This was indicated by analysts in the industry at a forum on the penultimate day of the four-day Arab Health 2020 conference held at Dubai in the United Arab Emirates.

At the maiden Healthcare Investment Forum, the meeting largely centred on the factors responsible for the change in healthcare investing in the region.

It also provided an opportunity for debating on the prospects of the healthcare investment scenario in the Middle East.

Speaking on the tremendous scope for expansion available in the healthcare investment sector, Jad Bitar, managing partner and director of BCG Dubai, UAE said that the GCC is currently investing just around 50 percent of what mature markets invest on healthcare.

Participants were also provided a comprehensive picture of domestic as well as international experiences of spending on healthcare technologies and futuristic startup organisations.

Ross Williams, exhibition director, Arab Health remarked that over the past couple of years in the United States itself, digital health startup firms have obtained more than $10 billion in funding across almost 1,000 transactions, as per data released by Pitchbook and Crunchbase.

Saying that it is a testimony to the emphasis presently being laid on maximising healthcare workflows, enhancing access to healthcare and providing affordable distribution models, he added that Arab Health intends to exhibit these avenues as it gears itself up for yet another year for innovation and venture investment in this industry.

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