Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GCC health care spending set to grow 11.4 percent  Join our daily free Newsletter

MENAFN - Arab News - 08/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The health care industry in the GCC is expected to continue its robust growth propelled by demographic and macroeconomic factors in the region.



GCC health care spending is expected to increase by a CAGR of 11.4 percent from 2010-2015

The main growth drivers of the industry include the region's fast growing population, rising income levels, increased prevalence of lifestyle diseases, growing demand for quality health care and mandatory health insurance policies

GCC governments are trying to make significant investments to support health care provision and help the industry to grow to international standard



Several GCC nations have announced plans to ramp up infrastructure to cater to rising demand, with major health care projects across the region being planned to accommodate the ever growing deman



Even though GCC governments continue to lead in health care expenditure, increased participation by private players has been seen in the GCC health care industry

Andrea Longhi, MENA advisory health care leader, EY, said: "The health care industry is driven by positive growth prospects and increased purchasing powe



The growing demand for health care services coupled with regulatory changes and emphasis on quality health care makes the GCC an important destination for both domestic and international investor



Health care spending in the region has witnessed significant growth over the past few years and we expect the growth to continue in the future with the higher incidence of lifestyle diseases and an increasing amount of GCC governments enforcing mandatory medical insurance.

With programs such as mandatory insurance, there is an increasing reliance on the private health care sector and most well established facilities are focusing to expand rapidly to create capacity for their growing market



One way of doing this is by way of an IPO and raising capital for expansio



The recent IPO of several health care facilities have set a precedent and more are to follow in the coming year



Not only this, numerous new facilities are planned in almost all GCC countries

Imad U. Bokhari, MENA transaction advisory services health care leader, EY, said: "Health care in general is now a major topic for private investors, as it weathered the recent financial crisi



The inclusion of this sector as part of the overall investment strategy for major institutions has become vita



We are at the dawn of a major expansion in the health care sector in the region, even if only few of the many planned facilities come to fruitio



Some of these health care developments are so large that they can only be called medical citie



These promise to bring more successful medical treatments, world-class health care education, significantly experienced human capital and some concepts that are entirely new to the region.

Despite the fast growth of the industry as well as the increasing demand, there are challenges facing the GCC health care secto



Considerable shortage of local physicians and qualified allied health care staff in the region poses an obstacle to the industry's growth as GCC countries are heavily depending on expatriates for health care workforce

Health care expenditure in the region as a percentage of the gross domestic product (GDP) still remains low, despite the considerable health care spending, which was witnessed over the past few year



Health care infrastructure in the GCC also continues to lag international standards, which restrains the market from expanding, given GCC's strong demand and high income per capita

"The region will need to invest in training their local talent to help build a larger pool of physicians to cater to the growing demand. As the GCC governments continue to invest in health care, we should see health expenditure as a percentage of GDP increase in the future. The new health care projects will help to attract people to the region as a medical tourism destination. Additionally, establishing research and clinical trial centers will have significant impact on retention of talent," Bokhari adde

 


Arab News




  MENA News Headlines
 May 29 2015 - Palestinian Man Dies of WoundsQatar News Agency
(MENAFN - QNA) Palestinian medical sources announced the death of a 55- year-old Palestinian man Said Annadi from Jabalia refugee camp in the northern Gaza Strip of serious wounds suffered in the ...

 May 29 2015 - Syrian opposition groups take over Idlib from gov't forcesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A group of Syrian opposition groups have assumed control of the town of Ariha in the northwestern Idlib province after fierce fighting with government forces, ...

 May 29 2015 - Qatar announces death of coronavirus-infected nationalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Supreme Council of Health (SCH) has announced that the death of a 73 year-old national after being infected by the Middle East respiratory syndrome ...

 May 29 2015 - Twin blasts rock "tightly guarded" Baghdad hotels: 10 killed, 28 woundedKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) At least 10 people have been killed and another 28 wounded in dual explosions that hit two hotels in Baghdad.An explosives-strapped car drove through the Sheraton ...

 May 29 2015 - Bahrain announces arrest of terror suspectKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Bahraini Interior Ministry announced Thursday the arrest of a fugitive terrorist and the confiscation of a large quantity of weapons in a warehouse in ...

 May 29 2015 - EU seeks stronger energy cooperation with GCC - officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A top EU energy official has stressed that the 28-member European bloc is keen in boosting its energy cooperation with the six-member Gulf Cooperation Council ...

 May 29 2015 - UN has failed to protect civilians in conflicts - Ambassador Al-OtaibiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Disputes among UN permanent member states is aggravating civilians' suffering and causing violations of human rights, said Kuwait's Permanent Delegate to the UN ...

 May 29 2015 - His Highness the Amir of Kuwait congratulates Nepal on National DayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Thursday a congratulatory cable to the President of the Federal Democratic Republic of Nepal ...

 May 29 2015 - Kuwaiti FM meets visiting counterpartsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Khalid Al-Hamad Al-Sabah met with Turkmenistan's Deputy Prime Minister and Foreign ...

 May 29 2015 - His Highness the Kuwaiti Amir congratulates Ethiopia on National DayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Thursday a congratulatory cable to President of the Federal Democratic Republic of Ethiopia ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help