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UAE Pharmaceutical Market at $3.7B by 2020: Healthcare Industry in United Arab Emirates Forecast to Show Significant Growth Potential

CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates is a 266 pages, 2014 market research report now available with ReportsnReports.com. This research says the United Arab Emirates (UAE) is second only to Saudi Arabia in terms of pharmaceutical investment in Middle East countries, with the creation of tax-exempt drug development zones helping to ensure excellent growth prospects. It states that medical tourism, straightforward regulatory guidelines and increasing healthcare expenditure will also be key factors driving the UAE's pharmaceutical market, which is forecast to be worth $3.7 billion by 2020.

In 2013, the UAE's population stood at 9 million, an increase from 8.1 million in 2008. The United Arab Emirates' pharmaceutical market was estimated to have been worth $2.4 billion in 2013 and is expected to reach $3.7 billion by 2020 at a projected Compound Annual Growth Rate (CAGR) of 5.3%. The UAE's medical device market was valued at approximately $600.2m in 2008, and $733.3m in 2013. The medical device market is estimated to reach $978.9m in 2020 at a CAGR of 4.2% from 2014. The positive trends in UAE's healthcare market can primarily be attributed to the increasing coverage of healthcare insurance and government initiatives to improve healthcare facilities.

As per the director of healthcare industry dynamics of the team that worked on CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates research report, UAE is benefiting from the establishment of health-related free zones, such as the Dubai Biotechnology and Research Park (DuBiotech), which have encouraged global pharmaceutical players to set up regional centers in the country. The director explains "The big draw for companies located in DuBiotech is that they receive a 100% exemption on corporate and personal tax, which is guaranteed for 50 years. Expenditure on pharmaceutical research and development in the UAE is very low compared to other countries, meaning that novel medicines must be imported at a high price, but projects such as DuBiotech may help to redress the balance."

The key companies covered in CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates research report for the pharmaceutical market are Julphar, Neopharma, Pfizer, GlaxoSmithKline and Novartis. The key players covered for the medical devices market are Medtronic, Siemens Healthcare, F. Hoffmann-La Roche, Abbott Laboratories and Boston Scientific Corporation.

The UAE's healthcare market will also be boosted by medical tourists, of which Dubai is aiming to have more than 20 million by 2020, according to UAEinteract. The director in charge further says: "Affluent patients from across the globe are willing to travel to find the best hospitals and healthcare facilities. The UAE offers a world-class service in terms of availability and quality, and is easily accessible to the rest of the world thanks to its airline and airport infrastructure. The Dubai Health Care City is providing a platform for increased medical tourism and will bring more revenue to Dubai and the UAE, driving market growth at a much faster rate than historically."

Scope of CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - United Arab Emirates 2014 research report includes:

Overview of the pharmaceutical and medical device markets, including size, segmentation and key drivers and barriers
Profile and SWOT analysis of the major players in the pharmaceutical and medical devices market. The key players covered for the pharmaceutical market are Julphar, Neopharma, Pfizer, GlaxoSmithKline and Novartis. The key players covered for the medical devices market are Medtronic, Siemens Healthcare, F. Hoffmann-La Roche, Abbott Laboratories and Boston Scientific Corporation.
An insightful review of the reimbursement and regulatory landscape, covering the healthcare reimbursement process, regulatory agencies, and the approval processes for new drugs and medical devices
Detailed analysis of the political and economic environment, including economic indicators, demographics, healthcare infrastructure and healthcare expenditure
An overview of the opportunities for and challenges to growth in the healthcare market

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