Healthcare Industry Update for Q4, 2014
The healthcare industry is a booming business. Life expectancy has increased from 68.2 years in 1950 to 76.6 years and is expected to soar to 83.9 years by 2050. But the healthcare industry has changed dramatically over the past five years. People are requiring more healthcare services than ever. 25% of the world’s population will be over 60 years of age by 2025. Of that population, approximately 70% will suffer from at least one chronic disease.
It is estimated that total health-care spending in the region will reach US$60 billion in 2025, up from US$12 billion today. No other region in the world faces such rapid growth in demand with the simultaneous need to realign its health-care systems to be able to treat the disorders of affluence. This, coupled with the unsatisfactory availability and care at government run hospitals, it ensures that the healthcare industry will continue to build into the future.
So far this year, signs have shown no different, with strong year-to-date returns for the industry, the sector goes into Q4 in a favourable position.
The UAE continues to appeal to businesses thanks to its growing economy, driven largely by the non-oil sector. Its healthcare infrastructure makes it an appealing region for pharmaceutical companies while the net wealth also means there are plenty of opportunities available. Watch out for the state intervention on drug pricing as it sets to become more heavy-handed as the GCC attempts to unify drug pricing over the next 5 years.
Saudi Arabia’s economic, demographic, epidemiological and political factors all contribute to the continued strength of its countries health care system. Spending will be boosted by government incentives with new health projects, providing revenue earning opportunities for drug makers, medical device companies and healthcare service providers. According to the market research’s 2014 Q4 forecast “The government’s planned privatisation of the healthcare industry will increase investment in the sector, with greater transparency attracting foreign companies.”
In the Asian markets, Singapore’s small population will limit the markets overall growth potential, as well as the ageing population and the regulation of pharmaceuticals in Australia seems to be of main concern affecting growth. Despite this, the healthcare forecast has seen an 8.3% rise (USD) in singapore since 2013.
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