Medical Technology

The projected revenue in the Medical Technology market market in the United Arab Emirates is set to reach US$3.02bn by 2024.
The largest market within this industry is Medical Devices, with a projected market volume of US$2.60bn in 2024.
It is expected that the revenue will experience an annual growth rate of 8.56% (CAGR 2024-2029), resulting in a market volume of US$4.56bn by 2029.
When compared globally, the United States will generate the highest revenue, with US$211.10bn in 2024.
The United Arab Emirates is rapidly adopting advanced medical technology to improve healthcare outcomes and enhance patient experience.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Products for laboratoy testing (IVD)
Active medical devices (i.e., operating with electrical energy)

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in United Arab Emirates is experiencing significant growth and development.

Customer preferences: Customers in the United Arab Emirates have shown a growing demand for advanced medical technology products and services. They are increasingly seeking innovative solutions that can improve the quality and efficiency of healthcare delivery. This includes a strong preference for medical devices and equipment that are technologically advanced, reliable, and easy to use. Customers also value products that are cost-effective and provide accurate and timely diagnostic information.

Trends in the market: One of the key trends in the Medical Technology market in United Arab Emirates is the increasing adoption of digital health solutions. This includes the use of telemedicine, remote patient monitoring, and health apps. These technologies enable healthcare providers to deliver care to patients remotely, improving access to healthcare services and reducing the burden on hospitals and clinics. The COVID-19 pandemic has further accelerated the adoption of digital health solutions, as social distancing measures and travel restrictions have made remote healthcare delivery essential. Another trend in the market is the growing focus on personalized medicine. With advancements in genomics and molecular diagnostics, healthcare providers in United Arab Emirates are increasingly able to tailor treatments to individual patients based on their genetic makeup and specific health needs. This personalized approach to medicine allows for more targeted and effective treatments, leading to better patient outcomes.

Local special circumstances: The United Arab Emirates has a well-developed healthcare infrastructure and is known for its high standards of healthcare delivery. The government has been actively investing in the development of healthcare facilities and services, which has created a favorable environment for the growth of the Medical Technology market. Additionally, the country has a large expatriate population, which has contributed to the demand for advanced medical technology products and services.

Underlying macroeconomic factors: The United Arab Emirates has a strong economy and is one of the wealthiest countries in the Middle East. The government has been diversifying its economy away from oil and investing in sectors such as healthcare and technology. This has created opportunities for the growth of the Medical Technology market, as the government has been supportive of innovation and has implemented policies to encourage investment in the sector. Furthermore, the country has a young and growing population, which is driving the demand for healthcare services and medical technology products. In conclusion, the Medical Technology market in United Arab Emirates is experiencing significant growth and development. Customer preferences for advanced and innovative solutions, along with the adoption of digital health and personalized medicine, are driving the market forward. The country's well-developed healthcare infrastructure, favorable government policies, and strong economy are also contributing to the growth of the market. With these factors in place, the Medical Technology market in United Arab Emirates is expected to continue to expand in the coming years.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.