(MENAFN) A study by Dubai Chamber of Commerce and Industry indicated that consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE is expected to witness an increase to reach USD781.21 million by the end of 2014, Gulf News reported.
The study also forecasted that the market will continue with its growth, increasing at a Compound Annual Growth Rate (CAGR) of about 9.78 percent from 2014 to 2020, with expectations that by then the value of consumer expenditure on pharmaceutical products, medical appliances and equipment will reach USD1.36 billion.
The chamber said the increase in the value of the market is attributed to the growth in income and population, in addition to increased awareness of the importance of healthy living and the increase in demand for medical services.
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